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Launched

Innovator U.S. Equity Buffer ETF

BAPRCboeC

$55.07−0.03 (−0.06%)

At close: Oct 13, 2026, 4:00 PM

C52/ 100

Rank 31 of 77 in S&P 500 Buffer 9-12%

C52/100Rank 31 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 46 prints from 55.10 to 55.07. Range 55.07 to 55.13. Use the arrow keys to read each point.55.0855.0955.1155.1210 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$417M
1Y total return
+18.3%
Yield · Last 12 months
—
Holdings
3
Avg volume · 30D
0M sh
NAV per share
$55.11
52W range
low $46.60high $55.14
Launched

The ETF.net BAPR Grade

Based on 4 of 6 pillars

C

Score 52 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
31 of 77
Six-pillar profile for BAPR. Scores out of 100: Cost 40, Risk 58, Mission not scored, Tradability 60, Holdings not scored, Durability 83. Strongest: Durability (83). Weakest: Cost (40). Based on 4 of 6 pillars.

Score 52 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B58 out of 100
    Rank 25 of 76

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B60 out of 100
    Rank 32 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A83 out of 100
    Rank 10 of 77

Our read on BAPR

ETF.net Research

CBuffered S&P 500 exposure on an April clock. FLEX options absorb the first 9% of a drawdown over each roughly one-year period, and the trade-off is a ceiling on the upside. Live since 2019, resetting every April 1.

Stated mandate

The Fund seeks to replicate the performance of an ETF tracking the S&P 500 over the current approximately one-year Outcome Period, subject to a cap, while buffering the first 9% of losses. It uses FLEX Options referencing the Underlying ETF.

Why people hold it

  1. 01The first 9% of an S&P 500 decline is absorbed over each roughly one-year outcome period, built from FLEX options on SPY inside a 1940 Act fund rather than a bank note.
  2. 02Clean annual reset: each April 1 starts a new twelve-month period with a fresh 9% buffer and a fresh cap, no rolling or rebalancing on your end.
  3. 03Trading since April 2019, so the April vintage has already run through multiple full outcome periods, including live market stress.

Worth knowing

  1. 01The upside is capped. In a strong S&P 500 year the fund is designed to stop participating once the period's cap is reached.
  2. 02Buffer and cap are measured from the April 1 start. Buy mid-period and the protection left and the room above you differ from the headline terms.
  3. 030.79% a year, above cheaper buffered peers such as SWAN and DMAX. It is also one of the lighter-volume buffer funds and has not been paying distributions.

BAPR Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
3
Top-10 weight
107%
Largest holding
Spy 03/31/2027 6.52 C105.4%

Sectors

  • Technology40.1%
  • Financials11.3%
  • Communication9.9%
  • Health Care9.4%
  • Consumer Discretionary8.7%
  • Industrials7.6%
  • Consumer Staples4.4%
  • Energy3.4%
  • Utilities1.9%
  • Real Estate1.7%
  • Materials1.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Spy 03/31/2027 6.52 C105.41%5,730$440M1
002—Spy 03/31/2027 650.35 P0.85%5,730$4M1
003—Us Bank Mmda - Usbgfs 9 09/01/20370.30%1,239,658$1M163

Showing 1–3 of 3 holdings

BAPR Performance

Launched Apr 1, 2019

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
BAPR$11,832
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. BAPR $11,832. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BAPR. Periods over one year show the average yearly return.
PeriodBAPR
Year to date+14.8%
1 month+1.2%
3 months+2.9%
1 year+18.3%
3 yearsper year+15.9%
5 yearsper year+11.4%
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BAPR
YearReturn barBAPR
2026 YTD+14.8%
2025+8.3%
2024+16.0%
2023+23.1%
2022−7.0%
2021+12.6%
2020+6.2%

BAPR in the news

Filtered to BAPR · S&P 500 Buffer 9-12%

BAPR Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

BAPR Risk

How much the fund’s monthly returns vary, scaled to a year.
8.1%
Annualised · 36 months to Sep 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.34
vs 3-month T-bills · to Sep 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−15.6%
Trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.64
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BAPR Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

BAPR costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.

Other funds in S&P 500 Buffer 9-12%

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