Which has more room to gain, BAPR or MARM?

From their prices on Oct 9, 2026, BAPR can gain about 5.0% before its cap and MARM about 2.1%, so BAPR has more room left this period.

Which resets first, BAPR or MARM?

BAPR ends its outcome period on Mar 31, 2027 and MARM on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, BAPR or MARM?

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

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BAPR vs MARM: Cap, Buffer & Days Left

As of Oct 9, 2026 BAPR can fall 11.5% before its buffer engages and MARM 4.6%, and MARM resets 12 days sooner. Net assets on Oct 9, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $107m for FT Vest U.S. Equity Max Buffer ETF - March.

BAPR costs 0.06 points a year less; their one-year returns differ by 11.0 points; BAPR is 3.9 times larger.

	BAPR	MARM
Expense ratio	0.79%	0.85%
Net assets	$417m	$107m
Total return, 1 year	+17.3%	+6.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%	16.7%

11.5%

BAPR can fall this far before its buffer

4.6%

MARM can fall this far before its buffer

5.0%

BAPR can still gain

2.1%

MARM can still gain

BAPRAt its cap

BAPR: reference +19.7% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 9, 2026.

MARMAt its cap

MARM: reference +20.0% since period start, fund +3.9%; buffer 0 to −78; cap +7.0%; At its cap. Figures to Oct 9, 2026.

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

BAPR 14.9

MARM 94.3

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

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

MARM resets first, on Mar 19, 2027, 161 days from now; BAPR runs to Mar 31, 2027, 173 days. BAPR can still gain 5.0% before its cap, MARM 2.1%. A fall from here reaches BAPR’s buffer after 11.5% and MARM’s after 4.6%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	BAPR	MARM	BAPR	MARM
3 months	+2.9%	+1.3%	−0.3 pts	−1.8 pts
6 months	+9.0%	+2.9%	−5.6 pts	−11.7 pts
1 year	+17.3%	+6.3%	+1.3 pts	−9.7 pts
3 years	+55.5%	not published	−23.7 pts	not published

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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

MARM

FT Vest U.S. Equity Max Buffer ETF - March · Absorbs the first 78% of loss on SPY and caps the gain at 7.0%, over a period ending Mar 19, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 78%

Outcome period Mar 31, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 173 161

Starting cap +18.5% +7.0%

Can still gain 5.0% 2.1%

Fall before buffer 11.5% 4.6%

Protection left, index points 9.0% of 9.0% 77.8% of 77.8%

Index return this period +19.7% +20.0%

Fund return this period +12.4% +3.9%

State today At cap At cap

Expense ratio 0.79% 0.85%

Net assets $417m $107m

As of Oct 9, 2026. Source: ETFIQ.

BAPR in plain words

SPY had already risen past this fund's cap of +18.5% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.0% as the period runs out. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.5% 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. 173 days remained on Oct 9, 2026. On Mar 31, 2027 the period ends and a new cap is set.

MARM in plain words

SPY had already risen past this fund's cap of +7.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.1% as the period runs out. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.7% from today's level to the point where the buffer begins. Protection left, in index points: 77.8% of the 77.8% buffer still sits below today's SPY level. 161 days remained on Oct 9, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BAPR or MARM?: From their prices on Oct 9, 2026, BAPR can gain about 5.0% before its cap and MARM about 2.1%, so BAPR has more room left this period.
Which resets first, BAPR or MARM?: BAPR ends its outcome period on Mar 31, 2027 and MARM on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or MARM?: BAPR charges 0.79% a year and MARM charges 0.85%, so BAPR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs SIXO BAPR vs XBAP BAPR vs APOC BAPR vs UAPR MARM vs GMAR MARM vs DMAR MARM vs PAPR MARM vs XMAR

SPY →BAPR on its own →MARM 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 ↗MARM filings on SEC EDGAR ↗First Trust page for MARM ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BAPR against MARM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bapr-vs-marm

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.