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BAPR vs SIXO: which one stands where?

As of Oct 1, 2026 BAPR can fall 10.7% before its buffer engages and SIXO 0.4%. Innovator U.S. Equity Buffer ETF - Apr and AllianzIM U.S. Equity Buffer10 ETF - Apr.

10.7%
BAPR can fall this far before its buffer
0.4%
SIXO can fall this far before its buffer
5.9%
BAPR can still gain
7.3%
SIXO can still gain
BAPRBetween buffer and cap
Between buffer and capBAPR: reference +17.3% since period start, fund +11.4%; buffer 0 to −9; cap +18.5%; Between buffer and cap.9 pts of buffer+17.3% gain captured−9.0% floor0% period start+18.5% capTODAY · SPY +17.3%Between buffer and capBAPR: reference +17.3% since period start, fund +11.4%; buffer 0 to −9; cap +18.5%; Between buffer and cap.9 pts+17.3% gained−9.0% floor0% start+18.5% capTODAY · SPY +17.3%

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

SIXOBetween buffer and cap
Between buffer and capSIXO: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +7.7%; Between buffer and cap.10 pts of buffer+7.7% more to the cap−10.0% floor0% period start+7.7% capTODAY · SPY 0.0%Between buffer and capSIXO: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +7.7%; Between buffer and cap.10 pts−10.0% floor0% start+7.7% capTODAY · SPY 0.0%

SIXO: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +7.7%; Between buffer and cap.

ETFIQ Downside Cover Score · SIXO scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

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, 182 days from now; SIXO runs to Mar 31, 2027, 182 days. BAPR can still gain 5.9% before its cap, SIXO 7.3%. A fall from here reaches BAPR’s buffer after 10.7% and SIXO’s after 0.4%. 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 returnGap to the reference
WindowBAPRSIXOBAPRSIXO
3 months+2.7%+2.1%+0.2 pts−0.4 pts
6 months+10.7%+8.1%−6.3 pts−8.9 pts
1 year+16.5%+8.1%+0.8 pts−7.7 pts
3 years+56.2%+34.5%−28.8 pts−50.5 pts

BAPR and SIXO 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
SIXO
AllianzIM U.S. Equity Buffer10 ETF - Apr · Absorbs the first 10% of loss on SPY and caps the gain at 7.7%, over a period ending Mar 31, 2027
Issuer Innovator AllianzIM
Reference index SPY SPY
Buffer 9% 10%
Outcome period Mar 31, 2026 to Mar 31, 2027 Oct 1, 2026 to Mar 31, 2027
Days left 182 182
Starting cap +18.5% +7.7%
Can still gain 5.9% 7.3%
Fall before buffer 10.7% 0.4%
Protection left, index points 9.0% of 9.0% 10.0% of 10.0%
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 $119m

BAPR and SIXO 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.

SIXO in plain words

From its price on Oct 1, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 0.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% 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.

Questions people ask

Which has more room to gain, BAPR or SIXO?
From their prices on Oct 1, 2026, BAPR can gain about 5.9% before its cap and SIXO about 7.3%, so SIXO has more room left this period.
Which resets first, BAPR or SIXO?
BAPR ends its outcome period on Mar 31, 2027 and SIXO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or SIXO?
BAPR charges 0.79% a year and SIXO charges 0.74%, so SIXO is cheaper. Fees come from each fund's prospectus.
Other comparisons
BAPR vs PAUGBAPR vs PBAPBAPR vs PDECBAPR vs PFEBSIXO vs EALTSIXO vs FSEPSIXO vs GSEPSIXO vs OCTP
SPY →BAPR on its own →SIXO 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 ↗SIXO filings on SEC EDGAR ↗AllianzIM page for SIXO ↗

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

Open data

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