Which has more room to gain, BAPR or UAPR?

From their prices on Oct 13, 2026, BAPR can gain about 5.0% before its cap and UAPR about 3.9%, so BAPR has more room left this period.

Which resets first, BAPR or UAPR?

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

Which is cheaper, BAPR or UAPR?

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

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BAPR vs UAPR: Cap, Buffer & Days Left

As of Oct 13, 2026 UAPR can fall 12.8% before its buffer engages and BAPR 11.5%. Net assets on Oct 12, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $160m for Innovator U.S. Equity Ultra Buffer ETF - Apr.

Both cost 0.79% a year; their one-year returns differ by 5.5 points; BAPR is 2.6 times larger.

Points (pts) are percentage points.

BAPR vs UAPR: Cap, Buffer & Days Left
	BAPR	UAPR
Expense ratio	0.79%	0.79%
Net assets, as of Oct 12, 2026	$417m	$160m
Total return, 1 year	+18.3%	+12.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.3%	20.5%

11.5%

BAPR can fall this far before its buffer

12.8%

UAPR can fall this far before its buffer

5.0%

BAPR can still gain

3.9%

UAPR can still gain

BAPRAt its cap

BAPR: reference +19.5% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 13, 2026.

UAPRAt its cap

UAPR: reference +19.5% since period start, fund +8.4%; buffer −5 to −35; cap +13.0%; At its cap. Figures to Oct 13, 2026.

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

BAPR 15.2

UAPR 9.1

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.

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

Where each one stands today

BAPR resets first, on Mar 31, 2027, 169 days from now; UAPR runs to Mar 31, 2027, 169 days. BAPR can still gain 5.0% before its cap, UAPR 3.9%. A fall from here reaches BAPR’s buffer after 11.5% and UAPR’s after 12.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BAPR vs UAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BAPR	UAPR	BAPR	UAPR
3 months	+3.2%	+2.6%	−0.6 pts	−1.2 pts
6 months	+8.3%	+5.8%	−5.1 pts	−7.6 pts
1 year	+18.3%	+12.8%	−0.8 pts	−6.3 pts
3 years	+56.3%	+39.2%	−24.0 pts	−41.1 pts
Since launch BAPR Apr 2019 · UAPR Apr 2019	+118.0%	+46.6%	−54.2 pts	−125.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

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

UAPR

Innovator U.S. Equity Ultra Buffer ETF - Apr · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 13.0%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 5% to 35%

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

Days left 169 169

Starting cap +18.5% +13.0%

Can still gain 5.0% 3.9%

Fall before buffer 11.5% 12.8%

Protection left, index points 9.0% of 9.0% 30.0% of 30.0%

Index return this period +19.5% +19.5%

Fund return this period +12.4% +8.4%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets, as of Oct 12, 2026 $417m $160m

As of Oct 13, 2026. Source: ETFIQ.

About BAPR

SPY had already risen past this fund's cap of +18.5% for the period on Oct 13, 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 16.3% 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. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About UAPR

SPY had already risen past this fund's cap of +13.0% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.9% as the period runs out. The fund's price can fall 12.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 20.5% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BAPR or UAPR?: From their prices on Oct 13, 2026, BAPR can gain about 5.0% before its cap and UAPR about 3.9%, so BAPR has more room left this period.
Which resets first, BAPR or UAPR?: BAPR ends its outcome period on Mar 31, 2027 and UAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or UAPR?: BAPR and UAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs UJUL BAPR vs BOCT BAPR vs DAPR BAPR vs BJAN UAPR vs PJUN UAPR vs PFEB UAPR vs PDEC UAPR vs POCT

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

Where these figures came from

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

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 pageCitation, APA and Markdown

ETFIQ, BAPR against UAPR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bapr-vs-uapr

Open data

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