Data as of .
BAPR vs FAPR: which one stands where?
As of Sep 13, 2026 BAPR can fall 10.3% before its buffer engages and FAPR 5.9%, and BAPR resets 16 days sooner.
ETFIQ Downside Cover Score: FAPR scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 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, 201 days from now; FAPR runs to Apr 16, 2027, 217 days. BAPR can still gain 6.3% before its cap, FAPR 8.5%. A fall from here reaches BAPR’s buffer after 10.3% and FAPR’s after 5.9%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BAPR | FAPR | BAPR | FAPR | |
| 3 months | +3.0% | +3.0% | −0.3 pts | −0.3 pts |
| 6 months | +12.9% | +7.1% | −3.1 pts | −8.9 pts |
| 1 year | +16.7% | +10.1% | −0.8 pts | −7.4 pts |
| 3 years | +51.3% | +44.4% | −26.6 pts | −33.5 pts |
| 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 | 201 | 217 |
| Starting cap | +18.5% | +15.2% |
| Can still gain | 6.3% | 8.5% |
| Fall before buffer | 10.3% | 5.9% |
| Protection left, index points | 9.0% of 9.0% | 10.0% of 10.0% |
| Index return this period | +17.5% | +7.6% |
| Fund return this period | +11.1% | +5.4% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.85% |
BAPR in plain words
From its price on Sep 13, 2026, the fund can gain about 6.3% more before it reaches its cap. The fund's price can fall 10.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.9% 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. 201 days remained on Sep 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.
FAPR in plain words
From its price on Sep 13, 2026, the fund can gain about 8.5% more before it reaches its cap. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.1% 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. 217 days remained on Sep 13, 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 Sep 13, 2026, BAPR can gain about 6.3% before its cap and FAPR about 8.5%, 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BAPR against FAPR, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/bapr-vs-fapr Free to use with attribution; the underlying files are at Open data.