Which has more room to gain, BAPR or ZAPR?

From their prices on Oct 2, 2026, BAPR can gain about 5.5% before its cap and ZAPR about 2.9%, so BAPR has more room left this period.

Which resets first, BAPR or ZAPR?

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

Which is cheaper, BAPR or ZAPR?

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

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BAPR vs ZAPR: which one stands where?

As of Oct 2, 2026 BAPR can fall 11.0% before its buffer engages and ZAPR 4.1%. Innovator U.S. Equity Buffer ETF - Apr and Innovator Equity Defined Protection ETF - 1 Yr April.

their one-year returns differ by 10.7 points; BAPR is 6.2 times larger.

	BAPR	ZAPR
Expense ratio	0.79%	0.79%
Net assets	$418m	$68m
Total return, 1 year	+16.9%	+6.2%
What it tracks	SPY	SPY
Holdings in common	not published

11.0%

BAPR can fall this far before its buffer

4.1%

ZAPR can fall this far before its buffer

5.5%

BAPR can still gain

2.9%

ZAPR 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.

ZAPRAt its cap

ZAPR: reference +18.3% since period start, fund +3.9%; buffer Floor; cap +7.3%; At its cap.

These are two different products. ZAPR 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.

ZAPR is already at its cap, so more rise in the index adds nothing to it 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, 180 days from now; ZAPR runs to Mar 31, 2027, 180 days. BAPR can still gain 5.5% before its cap, ZAPR 2.9%. A fall from here reaches BAPR’s buffer after 11.0% and ZAPR’s after 4.1%. 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	ZAPR	BAPR	ZAPR
3 months	+3.0%	+1.5%	−0.6 pts	−2.1 pts
6 months	+11.1%	+3.6%	−6.9 pts	−14.3 pts
1 year	+16.9%	+6.2%	+0.7 pts	−10.0 pts
3 years	+58.1%	not published	−31.1 pts	not published

BAPR and ZAPR 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

ZAPR

Innovator Equity Defined Protection ETF - 1 Yr April · Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 100%

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

Days left 180 180

Starting cap +18.5% +7.3%

Can still gain 5.5% 2.9%

Fall before buffer 11.0% 4.1%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +18.3% +18.3%

Fund return this period +11.8% +3.9%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $418m $68m

BAPR and ZAPR 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.

ZAPR in plain words

SPY had already risen past this fund's cap of +7.3% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.9% as the period runs out. The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BAPR or ZAPR?: From their prices on Oct 2, 2026, BAPR can gain about 5.5% before its cap and ZAPR about 2.9%, so BAPR has more room left this period.
Which resets first, BAPR or ZAPR?: BAPR ends its outcome period on Mar 31, 2027 and ZAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BAPR or ZAPR?: BAPR charges 0.79% a year and ZAPR charges 0.79%, so BAPR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs XMAR BAPR vs BJUL BAPR vs BOCT BAPR vs BSEP ZAPR vs PAPR ZAPR vs SIXO ZAPR vs UAPR ZAPR vs APOC

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

Where these figures came from

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

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

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.