Which has more room to gain, BAPR or PNOV?

From their prices on Oct 9, 2026, BAPR can gain about 5.0% before its cap and PNOV about 0.8%, so BAPR has more room left this period.

Which resets first, BAPR or PNOV?

BAPR ends its outcome period on Mar 31, 2027 and PNOV on Oct 31, 2026. A new cap is set the day after each.

Which is cheaper, BAPR or PNOV?

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

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BAPR vs PNOV: Cap, Buffer & Days Left

As of Oct 9, 2026 BAPR can fall 11.5% before its buffer engages and PNOV 11.1%, and PNOV resets 151 days sooner. Net assets on Oct 9, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $838m for Innovator U.S. Equity Power Buffer ETF - Nov.

Both cost 0.79% a year; their one-year returns differ by 5.2 points; PNOV is 2.0 times larger.

	BAPR	PNOV
Expense ratio	0.79%	0.79%
Net assets	$417m	$838m
Total return, 1 year	+17.3%	+12.1%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%	12.4%

11.5%

BAPR can fall this far before its buffer

11.1%

PNOV can fall this far before its buffer

5.0%

BAPR can still gain

0.8%

PNOV 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.

PNOVAt its cap

PNOV: reference +14.2% since period start, fund +11.5%; buffer 0 to −15; cap +13.3%; At its cap. Figures to Oct 9, 2026.

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

BAPR 14.9

PNOV 17.3

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.

They do not reset together. PNOV has 22 days of its period left and BAPR has 173, so the two are not the same bet on the same months.

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

Where each one stands today

PNOV resets first, on Oct 31, 2026, 22 days from now; BAPR runs to Mar 31, 2027, 173 days. BAPR can still gain 5.0% before its cap, PNOV 0.8%. A fall from here reaches BAPR’s buffer after 11.5% and PNOV’s after 11.1%. 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	PNOV	BAPR	PNOV
3 months	+2.9%	+3.4%	−0.3 pts	+0.3 pts
6 months	+9.0%	+10.1%	−5.6 pts	−4.5 pts
1 year	+17.3%	+12.1%	+1.3 pts	−3.9 pts
3 years	+55.5%	+37.7%	−23.7 pts	−41.4 pts

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

PNOV

Innovator U.S. Equity Power Buffer ETF - Nov · Absorbs the first 15% of loss on SPY and caps the gain at 13.3%, over a period ending Oct 31, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

Outcome period Mar 31, 2026 to Mar 31, 2027 Oct 31, 2025 to Oct 31, 2026

Days left 173 22

Starting cap +18.5% +13.3%

Can still gain 5.0% 0.8%

Fall before buffer 11.5% 11.1%

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

Index return this period +19.7% +14.2%

Fund return this period +12.4% +11.5%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets $417m $838m

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.

PNOV in plain words

SPY had already risen past this fund's cap of +13.3% 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 0.8% as the period runs out. The fund's price can fall 11.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% 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. 22 days remained on Oct 9, 2026. On Oct 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BAPR or PNOV?: From their prices on Oct 9, 2026, BAPR can gain about 5.0% before its cap and PNOV about 0.8%, so BAPR has more room left this period.
Which resets first, BAPR or PNOV?: BAPR ends its outcome period on Mar 31, 2027 and PNOV on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, BAPR or PNOV?: BAPR and PNOV both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs FJAN BAPR vs DMAR BAPR vs DJAN BAPR vs GJAN PNOV vs BSEP PNOV vs BJUL PNOV vs BJAN PNOV vs DAPR

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

Where these figures came from

BAPR and PNOV filings on SEC EDGAR ↗Innovator page for BAPR ↗Innovator page for PNOV ↗

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 PNOV, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bapr-vs-pnov

Open data

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