Which has more room to gain, BAPR or FAPR?

From their prices on Oct 2, 2026, BAPR can gain about 5.5% before its cap and FAPR about 7.7%, so FAPR has more room left this period.

Which resets first, BAPR or FAPR?

BAPR ends its outcome period on Mar 31, 2027 and FAPR on Apr 16, 2027. A new cap is set the day after each.

Which is cheaper, BAPR or FAPR?

BAPR charges 0.79% a year and FAPR charges 0.85%, so BAPR is cheaper. Fees come from each fund's prospectus.

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BAPR vs FAPR: which one stands where?

As of Oct 2, 2026 BAPR can fall 11.0% before its buffer engages and FAPR 6.6%, and BAPR resets 16 days sooner. Innovator U.S. Equity Buffer ETF - Apr and FT Vest U.S. Equity Buffer ETF - April.

BAPR costs 0.06 points a year less; their one-year returns differ by 6.5 points; FAPR is 3.2 times larger.

	BAPR	FAPR
Expense ratio	0.79%	0.85%
Net assets	$418m	$1.3bn
Total return, 1 year	+16.9%	+10.4%
What it tracks	SPY	SPY
Holdings in common	not published

11.0%

BAPR can fall this far before its buffer

6.6%

FAPR can fall this far before its buffer

5.5%

BAPR can still gain

7.7%

FAPR can still gain

BAPRBetween buffer and cap

BAPR: reference +18.3% since period start, fund +11.8%; buffer 0 to −9; cap +18.5%; Between buffer and cap.

FAPRBetween buffer and cap

FAPR: reference +8.4% since period start, fund +6.1%; buffer 0 to −10; cap +15.2%; Between buffer and cap.

ETFIQ Downside Cover Score · FAPR scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BAPR 16.5

FAPR 35.9

0.2, the lowest in this set99.8, the highest

A percentile among the 294 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Where each one stands today

BAPR resets first, on Mar 31, 2027, 180 days from now; FAPR runs to Apr 16, 2027, 196 days. BAPR can still gain 5.5% before its cap, FAPR 7.7%. A fall from here reaches BAPR’s buffer after 11.0% and FAPR’s after 6.6%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	BAPR	FAPR	BAPR	FAPR
3 months	+3.0%	+3.0%	−0.6 pts	−0.6 pts
6 months	+11.1%	+6.7%	−6.9 pts	−11.3 pts
1 year	+16.9%	+10.4%	+0.7 pts	−5.9 pts
3 years	+58.1%	+50.6%	−31.1 pts	−38.6 pts

BAPR and FAPR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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

FAPR

FT Vest U.S. Equity Buffer ETF - April · Absorbs the first 10% of loss on SPY and caps the gain at 15.2%, over a period ending Apr 16, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 10%

Outcome period Mar 31, 2026 to Mar 31, 2027 Apr 20, 2026 to Apr 16, 2027

Days left 180 196

Starting cap +18.5% +15.2%

Can still gain 5.5% 7.7%

Fall before buffer 11.0% 6.6%

Protection left, index points 9.0% of 9.0% 10.0% of 10.0%

Index return this period +18.3% +8.4%

Fund return this period +11.8% +6.1%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $418m $1.3bn

BAPR and FAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 5.5% more before it reaches its cap. The fund's price can fall 11.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% 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. 180 days remained on Oct 2, 2026. On Mar 31, 2027 the period ends and a new cap is set.

FAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 7.7% more before it reaches its cap. The fund's price can fall 6.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 196 days remained on Oct 2, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BAPR or FAPR?: From their prices on Oct 2, 2026, BAPR can gain about 5.5% before its cap and FAPR about 7.7%, so FAPR has more room left this period.
Which resets first, BAPR or FAPR?: BAPR ends its outcome period on Mar 31, 2027 and FAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or FAPR?: BAPR charges 0.79% a year and FAPR charges 0.85%, so BAPR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs PJUL BAPR vs PJUN BAPR vs PMAP BAPR vs PMAR FAPR vs FOCT FAPR vs GJAN FAPR vs PDEC FAPR vs PFEB

SPY →BAPR on its own →FAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

BAPR filings on SEC EDGAR ↗Innovator page for BAPR ↗FAPR filings on SEC EDGAR ↗First Trust page for FAPR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BAPR against FAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bapr-vs-fapr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.