Which has more room to gain, BAPR or UJUL?

From their prices on Oct 2, 2026, BAPR can gain about 5.5% before its cap and UJUL about 11.6%, so UJUL has more room left this period.

Which resets first, BAPR or UJUL?

BAPR ends its outcome period on Mar 31, 2027 and UJUL on Jun 30, 2027. A new cap is set the day after each.

Which is cheaper, BAPR or UJUL?

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

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BAPR vs UJUL: which one stands where?

As of Oct 2, 2026 BAPR can fall 11.0% before its buffer engages and UJUL 7.2%, and BAPR resets 91 days sooner. Innovator U.S. Equity Buffer ETF - Apr and Innovator U.S. Equity Ultra Buffer ETF - Jul.

their one-year returns differ by 8.0 points; BAPR is 1.4 times larger.

	BAPR	UJUL
Expense ratio	0.79%	0.79%
Net assets	$418m	$302m
Total return, 1 year	+16.9%	+8.9%
What it tracks	SPY	SPY
Holdings in common	not published

11.0%

BAPR can fall this far before its buffer

7.2%

UJUL can fall this far before its buffer

5.5%

BAPR can still gain

11.6%

UJUL can still gain

BAPRBetween buffer and cap

BAPR: reference +18.3% since period start, fund +11.8%; buffer 0 to −9; cap +18.5%; Between buffer and cap.

UJULBetween buffer and cap

UJUL: reference +3.1% since period start, fund +2.1%; buffer −5 to −35; cap +14.2%; Between buffer and cap.

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

BAPR 16.5

UJUL 63.4

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

A percentile among the 294 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 →

They do not reset together. BAPR has 180 days of its period left and UJUL has 271, 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

BAPR resets first, on Mar 31, 2027, 180 days from now; UJUL runs to Jun 30, 2027, 271 days. BAPR can still gain 5.5% before its cap, UJUL 11.6%. A fall from here reaches BAPR’s buffer after 11.0% and UJUL’s after 7.2%. 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	UJUL	BAPR	UJUL
3 months	+3.0%	+2.3%	−0.6 pts	−1.3 pts
6 months	+11.1%	+7.9%	−6.9 pts	−10.0 pts
1 year	+16.9%	+8.9%	+0.7 pts	−7.3 pts
3 years	+58.1%	+48.3%	−31.1 pts	−41.0 pts

BAPR and UJUL 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

UJUL

Innovator U.S. Equity Ultra Buffer ETF - Jul · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.2%, over a period ending Jun 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 5% to 35%

Outcome period Mar 31, 2026 to Mar 31, 2027 Jun 30, 2026 to Jun 30, 2027

Days left 180 271

Starting cap +18.5% +14.2%

Can still gain 5.5% 11.6%

Fall before buffer 11.0% 7.2%

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

Index return this period +18.3% +3.1%

Fund return this period +11.8% +2.1%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $418m $302m

BAPR and UJUL on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 5.5% more before it reaches its cap. The fund's price can fall 11.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% 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. 180 days remained on Oct 2, 2026. On Mar 31, 2027 the period ends and a new cap is set.

UJUL in plain words

From its price on Oct 2, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.8% 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. 271 days remained on Oct 2, 2026. On Jun 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BAPR or UJUL?: From their prices on Oct 2, 2026, BAPR can gain about 5.5% before its cap and UJUL about 11.6%, so UJUL has more room left this period.
Which resets first, BAPR or UJUL?: BAPR ends its outcome period on Mar 31, 2027 and UJUL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or UJUL?: BAPR charges 0.79% a year and UJUL charges 0.79%, so BAPR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs FMAR BAPR vs FOCT BAPR vs GJAN BAPR vs GMAR UJUL vs DAPR UJUL vs DDFL UJUL vs DDTL UJUL vs DJAN

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

Where these figures came from

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

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 UJUL, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bapr-vs-ujul

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.