Which has more room to gain, BAPR or DDFA?

From their prices on Nov 4, 2026, BAPR can gain about 5.0% before its cap and DDFA about 3.2%, so BAPR has more room left this period.

Which resets first, BAPR or DDFA?

BAPR ends its outcome period on Mar 31, 2027 and DDFA on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, BAPR or DDFA?

BAPR and DDFA both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

BAPR vs DDFA: Cap, Buffer & Days Left

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As of Nov 4, 2026 BAPR can fall 11.4% before its buffer engages and DDFA 9.0%.

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Net assets on Nov 4, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $58m for Innovator Equity Dual Directional 15 Buffer ETF - Apr.

BAPR on its own →DDFA on its own →

At a glance

11.4%

BAPR can fall this far before its buffer

9.0%

DDFA can fall this far before its buffer

5.0%

BAPR can still gain

3.2%

DDFA can still gain

BAPR Between buffer and cap

BAPR: reference +17.9% since period start, fund +12.3%; buffer 0 to −9; cap +18.5%; Between buffer and cap. Data to Nov 4, 2026.

DDFA At its cap

DDFA: reference +17.9% since period start, fund +9.3%; buffer 0 to −15; cap +13.4%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; BAPR is 7.2 times larger.

Points (pts) are percentage points.

BAPR vs DDFA: Cap, Buffer & Days Left
Measure	BAPR	DDFA
Return
Measure	BAPR	DDFA
Total return, 1 year	+16.7%	not published
Drawdown
Measure	BAPR	DDFA
Index fall to the buffer	15.1%	15.2%
Benchmark
Measure	BAPR	DDFA
What it tracks	SPY	SPY
Cost and size
Measure	BAPR	DDFA
Expense ratio	0.79%	0.79%
Net assets	$417m	$58m
Holdings
Measure	BAPR	DDFA
Holdings in common	not published

Method

Window by window

Window by window: BAPR vs DDFA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BAPR	DDFA	BAPR	DDFA
3 months	+1.6%	+1.6%	+2.0 pts	+2.0 pts
6 months	+4.8%	+3.9%	+0.3 pts	−0.6 pts
1 year	+16.7%	–	+3.2 pts	–
3 years	+55.1%	–	−21.3 pts	–
Since launchNot the same days: BAPR Apr 2019 · DDFA Apr 2026	+117.7%	+8.0%	−50.5 pts	−9.1 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

BAPR Innovator U.S. Equity Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 18.5%, over a period ending Mar 31, 2027 DDFA Innovator Equity Dual Directional 15 Buffer ETF - Apr · Absorbs the first 15% of loss on SPY and caps the gain at 13.4%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

Outcome period Mar 31, 2026 to Mar 31, 2027 Mar 31, 2026 to Mar 31, 2027

Days left 147 147

Starting cap +18.5% +13.4%

Can still gain 5.0% 3.2%

Fall before buffer 11.4% 9.0%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +17.9% +17.9%

Fund return this period +12.3% +9.3%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $417m $58m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. DDFA is a floor fund, which caps how far a holder can fall. BAPR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

DDFA is already at its cap, so more rise in the index adds nothing to it before the period ends.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BAPR resets first, on Mar 31, 2027, 147 days from now; DDFA runs to Mar 31, 2027, 147 days. BAPR can still gain 5.0% before its cap, DDFA 3.2%. A fall from here reaches BAPR’s buffer after 11.4% and DDFA’s after 9.0%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

BAPR

From its price on Nov 4, 2026, the fund can gain about 5.0% more before it reaches its cap. The fund's price can fall 11.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.1% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

DDFA

SPY had already risen past this fund's cap of +13.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 9.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BAPR or DDFA?: From their prices on Nov 4, 2026, BAPR can gain about 5.0% before its cap and DDFA about 3.2%, so BAPR has more room left this period.
Which resets first, BAPR or DDFA?: BAPR ends its outcome period on Mar 31, 2027 and DDFA on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or DDFA?: BAPR and DDFA both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs CPSP BAPR vs PJUL BAPR vs FAPR BAPR vs FJUL DDFA vs PAPR DDFA vs GMAR DDFA vs DMAR DDFA vs UAPR

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BAPR on its own →DDFA on its own →Method →Standards and sources →

Sources and dates

BAPR and DDFA filings on SEC EDGAR ↗

Innovator page for BAPR ↗

Innovator page for DDFA ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, BAPR against DDFA, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bapr-vs-ddfa

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