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Launched

Innovator U.S. Equity Buffer ETF

BAPRCboeInnovatorC

$54.46−0.15 (−0.27%)

At close: Nov 2, 2026, 4:00 PM ET

C52/ 100

Rank 33 of 77 in S&P 500 Buffer 9-12%

C52/100Rank 33 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 79 prints from 54.61 to 54.46. Range 54.46 to 54.91. Use the arrow keys to read each point.54.7054.8054.9010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$414M
1Y total return
+15.3%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
7.82K sh
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
33 of 77
Six-pillar profile for BAPR. Scores out of 100: Cost 40, Risk 59, Mission not scored, Tradability 60, Holdings not scored, Durability 82. Strongest: Durability (82). 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.
    B59 out of 100
    Rank 25 of 77

  • 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 31 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.
    A82 out of 100
    Rank 11 of 77

Our read on BAPR

ETF.net Research

In short

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

  • The 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.
  • Clean 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.
  • Trading since April 2019, so the April vintage has already run through multiple full outcome periods, including live market stress.

Worth knowing

  • The upside is capped. In a strong S&P 500 year the fund is designed to stop participating once the period's cap is reached.
  • Buffer 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.
  • 0.79% 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 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$11,526
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. BAPR $11,526. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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+13.5%
1 month−0.7%
3 months+1.4%
1 year+15.3%
3 yearsper year+15.7%
5 yearsper year+10.6%
10 yearsFund is under 10 years oldper yearNo data

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+13.5%
2025+8.3%
2024+16.0%
2023+23.1%
2022−7.0%
2021+12.6%
2020+6.2%

BAPR in the news

BAPR Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BAPR Risk

Risk pillarB59 out of 100Rank 25 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
7.9%
Annualised · 36 months to Oct 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.
1.44
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

BAPR Cost

Compare BAPR and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$10,015

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BAPR 0.79%

    $15,174

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • BAPR 0.79%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BAPR $15,174XTR $5,159

Year by year

YearBAPRXTROverpaying
10$1,405$455$950
20$5,331$1,769$3,562
30$15,174$5,159$10,015

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