Data as of .
PAPR vs XBAP: which one stands where?
As of Sep 21, 2026 XBAP can fall 9.3% before its buffer engages and PAPR 8.3%.
These are two different products. XBAP is a floor fund, which caps how far a holder can fall. PAPR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PAPR resets first, on Mar 31, 2027, 191 days from now; XBAP runs to Mar 31, 2027, 191 days. PAPR can still gain 4.6% before its cap, XBAP 4.4%. A fall from here reaches PAPR’s buffer after 8.3% and XBAP’s after 9.3%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| PAPR | XBAP | PAPR | XBAP | |
| 3 months | +2.0% | +2.7% | −0.3 pts | +0.4 pts |
| 6 months | +9.1% | +9.8% | −8.9 pts | −8.3 pts |
| 1 year | +12.2% | +13.7% | −4.3 pts | −2.9 pts |
| 3 years | +38.1% | +46.3% | −40.3 pts | −32.1 pts |
| PAPR Innovator U.S. Equity Power Buffer ETF - Apr Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, 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 | 15% | 9% |
| Outcome period | Mar 31, 2026 to Mar 31, 2027 | Mar 31, 2026 to Mar 31, 2027 |
| Days left | 191 | 191 |
| Starting cap | +14.0% | +15.0% |
| Can still gain | 4.6% | 4.4% |
| Fall before buffer | 8.3% | 9.3% |
| Protection left, index points | 15.0% of 15.0% | 9.0% of 9.0% |
| Index return this period | +19.0% | +19.0% |
| Fund return this period | +8.6% | +9.8% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $960m | $128m |
PAPR in plain words
SPY had already risen past this fund's cap of +14.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.6% as the period runs out. The fund's price can fall 8.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.0% 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. 191 days remained on Sep 21, 2026. On Mar 31, 2027 the period ends and a new cap is set.
XBAP in plain words
SPY had already risen past this fund's cap of +15.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.4% as the period runs out. The fund's price can fall 9.3% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, PAPR or XBAP?
- From their prices on Sep 21, 2026, PAPR can gain about 4.6% before its cap and XBAP about 4.4%, so PAPR has more room left this period.
- Which resets first, PAPR or XBAP?
- PAPR 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, PAPR or XBAP?
- PAPR charges 0.79% a year and XBAP charges 0.79%, so PAPR is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PAPR against XBAP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/papr-vs-xbap Free to use with attribution; the underlying files are at Open data.