Which has more room to gain, BAPR or FLAO?

From their prices on Oct 1, 2026, BAPR can gain about 5.9% before its cap and FLAO about 6.7%, so FLAO has more room left this period.

Which resets first, BAPR or FLAO?

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

Which is cheaper, BAPR or FLAO?

BAPR charges 0.79% a year and FLAO charges 0.74%, so FLAO is cheaper. Fees come from each fund's prospectus.

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BAPR vs FLAO: which one stands where?

As of Oct 1, 2026 BAPR can fall 10.7% before its buffer engages and FLAO 5.4%. Innovator U.S. Equity Buffer ETF - Apr and AllianzIM U.S. Equity Floor5 ETF - Apr.

10.7%

BAPR can fall this far before its buffer

5.4%

FLAO can fall this far before its buffer

5.9%

BAPR can still gain

6.7%

FLAO can still gain

BAPRBetween buffer and cap

BAPR: reference +17.3% since period start, fund +11.4%; buffer 0 to −9; cap +18.5%; Between buffer and cap.

FLAOFull floor

FLAO: reference 0.0% since period start, fund 0.0%; buffer −5 to floor; cap +7.1%; Full floor.

These are two different products. FLAO 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.

Where each one stands today

BAPR resets first, on Mar 31, 2027, 182 days from now; FLAO runs to Mar 31, 2027, 182 days. BAPR can still gain 5.9% before its cap, FLAO 6.7%. A fall from here reaches BAPR’s buffer after 10.7% and FLAO’s after 5.4%. 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	FLAO	BAPR	FLAO
3 months	+2.7%	+1.6%	+0.2 pts	−0.9 pts
6 months	+10.7%	+5.4%	−6.3 pts	−11.6 pts
1 year	+16.5%	+2.7%	+0.8 pts	−13.0 pts
3 years	+56.2%	not published	−28.8 pts	not published

BAPR and FLAO 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

FLAO

AllianzIM U.S. Equity Floor5 ETF - Apr · Absorbs losses from 5.0% to 100.0% on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 9% 5% to 100%

Outcome period Mar 31, 2026 to Mar 31, 2027 Oct 1, 2026 to Mar 31, 2027

Days left 182 182

Starting cap +18.5% +7.1%

Can still gain 5.9% 6.7%

Fall before buffer 10.7% 5.4%

Protection left, index points 9.0% of 9.0% 95.0% of 95.0%

Index return this period +17.3% 0.0%

Fund return this period +11.4% 0.0%

State today Open Open

Expense ratio 0.79% 0.74%

Net assets $416m $9m

BAPR and FLAO on the same fields, as of Oct 1, 2026. Source: ETFIQ.

BAPR in plain words

From its price on Oct 1, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 10.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% 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. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

FLAO in plain words

From its price on Oct 1, 2026, the fund can gain about 6.7% more before it reaches its cap. The fund's price can fall 5.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.0% from today's level to the point where the buffer begins. Protection left, in index points: 95.0% of the 95.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BAPR or FLAO?: From their prices on Oct 1, 2026, BAPR can gain about 5.9% before its cap and FLAO about 6.7%, so FLAO has more room left this period.
Which resets first, BAPR or FLAO?: BAPR ends its outcome period on Mar 31, 2027 and FLAO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or FLAO?: BAPR charges 0.79% a year and FLAO charges 0.74%, so FLAO is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs ZAPR BAPR vs APOC BAPR vs BJAN BAPR vs BJUL FLAO vs PQV FLAO vs PQX FLAO vs PQXV FLAO vs PQXX

SPY →BAPR on its own →FLAO 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 ↗FLAO filings on SEC EDGAR ↗AllianzIM page for FLAO ↗

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 FLAO, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/bapr-vs-flao

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.