Which has more room to gain, BAPR or XBAP?

From their prices on Oct 13, 2026, BAPR can gain about 4.9% before its cap and XBAP about 3.8%, so BAPR has more room left this period.

Which resets first, BAPR or XBAP?

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

Which is cheaper, BAPR or XBAP?

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

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BAPR vs XBAP: Cap, Buffer & Days Left

As of Oct 13, 2026 BAPR can fall 11.5% before its buffer engages and XBAP 9.8%. Net assets on Oct 13, 2026: $418m for Innovator U.S. Equity Buffer ETF - Apr and $129m for Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr.

Both cost 0.79% a year; their one-year returns differ by 3.3 points; BAPR is 3.2 times larger.

Points (pts) are percentage points.

BAPR vs XBAP: Cap, Buffer & Days Left
	BAPR	XBAP
Expense ratio	0.79%	0.79%
Net assets	$418m	$129m
Total return, 1 year	+17.5%	+14.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.4%

11.5%

BAPR can fall this far before its buffer

9.8%

XBAP can fall this far before its buffer

4.9%

BAPR can still gain

3.8%

XBAP can still gain

BAPRAt its cap

BAPR: reference +19.6% since period start, fund +12.5%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 13, 2026.

XBAPAt its cap

XBAP: reference +19.6% since period start, fund +10.4%; buffer 0 to −9; cap +15.0%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

These are two different products. XBAP is a floor fund, which caps how far a holder can fall. BAPR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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; XBAP runs to Mar 31, 2027, 169 days. BAPR can still gain 4.9% before its cap, XBAP 3.8%. A fall from here reaches BAPR’s buffer after 11.5% and XBAP’s after 9.8%. 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 XBAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BAPR	XBAP	BAPR	XBAP
3 months	+3.0%	+2.6%	−0.5 pts	−0.9 pts
6 months	+7.5%	+6.4%	−4.5 pts	−5.6 pts
1 year	+17.5%	+14.2%	+0.2 pts	−3.1 pts
3 years	+56.2%	+48.9%	−24.1 pts	−31.4 pts
Since launch Not the same days: BAPR Apr 2019 · XBAP Apr 2021	+117.9%	+69.2%	−54.3 pts	−25.1 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

XBAP

Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 15.0%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 9%

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

Days left 169 169

Starting cap +18.5% +15.0%

Can still gain 4.9% 3.8%

Fall before buffer 11.5% 9.8%

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

Index return this period +19.6% +19.6%

Fund return this period +12.5% +10.4%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets $418m $129m

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 4.9% 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 16.4% 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 XBAP

SPY had already risen past this fund's cap of +15.0% 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 3.8% as the period runs out. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure.

Questions people ask

Which has more room to gain, BAPR or XBAP?: From their prices on Oct 13, 2026, BAPR can gain about 4.9% before its cap and XBAP about 3.8%, so BAPR has more room left this period.
Which resets first, BAPR or XBAP?: BAPR ends its outcome period on Mar 31, 2027 and XBAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or XBAP?: BAPR and XBAP both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BAPR on its own →XBAP on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

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

How this is computed

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 XBAP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bapr-vs-xbap

Open data

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