Data as of Nov 4, 2026.
TAPR vs UAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 UAPR can fall 12.9% before its buffer engages and TAPR 11.5%.
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Net assets on Nov 4, 2026: $11m for Innovator Equity Defined Protection ETF - Apr 2027 and $159m for Innovator U.S. Equity Ultra Buffer ETF - Apr.
TAPR: reference +37.0% since period start, fund +11.3%; buffer Floor; cap +15.3%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.UAPR: reference +17.9% since period start, fund +8.5%; buffer −5 to −35; cap +13.0%; At its cap. Data to Nov 4, 2026.
UAPR: reference +17.9% since period start, fund +8.5%; buffer −5 to −35; cap +13.0%; At its cap. Data to Nov 4, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 6.9 points; UAPR is 14.5 times larger.
Points (pts) are percentage points.
| Measure | TAPR | UAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.2% | +12.1% |
| Drawdown | ||
| Index fall to the buffer | 27.0% | 19.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $11m | $159m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | TAPR | UAPR | TAPR | UAPR |
| 3 months | +1.2% | +1.6% | +1.5 pts | +2.0 pts |
| 6 months | +2.6% | +3.9% | −1.9 pts | −0.6 pts |
| 1 year | +5.2% | +12.1% | −8.3 pts | −1.4 pts |
| 3 years | – | +38.4% | – | −38.0 pts |
| Since launchNot the same days: TAPR Apr 2025 · UAPR Apr 2019 | +11.0% | +46.7% | −25.7 pts | −121.5 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. TAPR is a floor fund, which caps how far a holder can fall. UAPR 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
TAPR resets first, on Mar 31, 2027, 147 days from now; UAPR runs to Mar 31, 2027, 147 days. TAPR can still gain 2.3% before its cap, UAPR 3.7%. A fall from here reaches TAPR’s buffer after 11.5% and UAPR’s after 12.9%. Both track SPY, so what separates them is where each is in its own period.
TAPR
SPY had already risen past this fund's cap of +15.3% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.3% 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 number. In index terms, SPY can fall 27.0% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
UAPR
SPY had already risen past this fund's cap of +13.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.7% as the period runs out. The fund's price can fall 12.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 19.4% 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.
Questions people ask
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How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, TAPR against UAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/tapr-vs-uapr
ETFIQ. (Nov 4, 2026). TAPR against UAPR. Retrieved from https://etfiq.com/compare/buffer/tapr-vs-uapr
[TAPR against UAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/tapr-vs-uapr)
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