Which has more room to gain, BAPR or XMAR?

From their prices on Oct 13, 2026, BAPR can gain about 5.0% before its cap and XMAR about 2.8%, so BAPR has more room left this period.

Which resets first, BAPR or XMAR?

BAPR ends its outcome period on Mar 31, 2027 and XMAR on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, BAPR or XMAR?

BAPR charges 0.79% a year and XMAR charges 0.85%, so BAPR is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF

Open in the app Compare their flows Ask IQ about these two funds

BAPR vs XMAR: Cap, Buffer & Days Left

As of Oct 13, 2026 BAPR can fall 11.5% before its buffer engages and XMAR 8.5%, and XMAR resets 12 days sooner. Net assets on Oct 12, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $160m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March.

BAPR costs 0.06 points a year less; their one-year returns differ by 6.3 points; BAPR is 2.6 times larger.

Points (pts) are percentage points.

BAPR vs XMAR: Cap, Buffer & Days Left
	BAPR	XMAR
Expense ratio	0.79%	0.85%
Net assets, as of Oct 12, 2026	$417m	$160m
Total return, 1 year	+18.3%	+12.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.3%	16.5%

11.5%

BAPR can fall this far before its buffer

8.5%

XMAR can fall this far before its buffer

5.0%

BAPR can still gain

2.8%

XMAR 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.

XMARAt its cap

XMAR: reference +19.8% since period start, fund +8.3%; buffer 0 to −15; cap +12.2%; At its cap. Figures to Oct 13, 2026.

These are two different products. XMAR 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.

Where each one stands today

XMAR resets first, on Mar 19, 2027, 157 days from now; BAPR runs to Mar 31, 2027, 169 days. BAPR can still gain 5.0% before its cap, XMAR 2.8%. A fall from here reaches BAPR’s buffer after 11.5% and XMAR’s after 8.5%. 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 XMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BAPR	XMAR	BAPR	XMAR
3 months	+3.2%	+2.4%	−0.6 pts	−1.5 pts
6 months	+8.3%	+5.4%	−5.1 pts	−8.0 pts
1 year	+18.3%	+12.0%	−0.8 pts	−7.2 pts
3 years	+56.3%	+38.0%	−24.0 pts	−42.4 pts
Since launch Not the same days: BAPR Apr 2019 · XMAR Mar 2023	+118.0%	+47.0%	−54.2 pts	−50.7 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

XMAR

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March · Absorbs the first 15% of loss on SPY and caps the gain at 12.2%, over a period ending Mar 19, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 15%

Outcome period Mar 31, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 169 157

Starting cap +18.5% +12.2%

Can still gain 5.0% 2.8%

Fall before buffer 11.5% 8.5%

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

Index return this period +19.5% +19.8%

Fund return this period +12.4% +8.3%

State today At cap At cap

Expense ratio 0.79% 0.85%

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 XMAR

SPY had already risen past this fund's cap of +12.2% 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 2.8% as the period runs out. The fund's price can fall 8.5% 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: 15.0% of the 15.0% buffer still sits below today's SPY level. 157 days remained on Oct 13, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BAPR or XMAR?: From their prices on Oct 13, 2026, BAPR can gain about 5.0% before its cap and XMAR about 2.8%, so BAPR has more room left this period.
Which resets first, BAPR or XMAR?: BAPR ends its outcome period on Mar 31, 2027 and XMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or XMAR?: BAPR charges 0.79% a year and XMAR charges 0.85%, so BAPR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs BJUL BAPR vs DOCT BAPR vs GMAR BAPR vs GJAN XMAR vs DMAR XMAR vs PAPR XMAR vs UAPR XMAR vs FMAR

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BAPR on its own →XMAR 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 ↗XMAR filings on SEC EDGAR ↗First Trust page for XMAR ↗

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

Open data

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