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BAPR

GradeCChicago Board Options Exchange

Innovator U.S. Equity Buffer ETF

Buffered · Innovator · Inception 2019-04-01

$54.69−0.10 (−0.17%)

As of Sep 23, 2026, 2:19 PM EDT

Intraday session: down, 57 prints from 54.79 to 54.69. Range 54.64 to 54.78. Use the arrow keys to read each point.$54.65$54.7510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$416M
1Y return
+17.0%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$54.51
52W range
low $46.56high $54.83

The ETF.net BAPR Grade

C

51/ 100

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

Confidence Medium

Six-pillar profile for BAPR. Scores out of 100: Cost 40, Risk 60, Mission not scored, Tradability 55, Holdings not scored, Durability 83. Strongest: Durability (83). Weakest: Cost (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank36/77 · top 47%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 60
    Category rank24/73 · top 33%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 55
    Category rank33/77 · top 43%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 83
    Category rank11/77 · top 14%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

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 Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
107%
Largest holding
SPY 03/31/2027 6.52 C105.6%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 03/31/2027 6.52 C105.55%5,770$441M1
002—SPY 03/31/2027 650.35 P1.02%5,770$4M1
003—US BANK MMDA - USBGFS 9 09/01/20370.24%1,012,401$1M161

Showing 1–3 of 3 holdings

BAPR Performance

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

BAPR$11,699
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BAPR $11,699. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+14.2%
1 month+0.9%
3 months+3.1%
1 year+17.0%
3 years+16.0%per year
5 years+11.3%per year
10 yearsFund is under 10 years old—per 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+14.2%
2025+8.3%
2024+16.0%
2023+23.1%
2022−7.0%
2021+12.6%
2020+6.2%

BAPR in the news

ETF.net Research hasn’t filed on BAPR yet — coverage lands here as it’s written.

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.
8.5%
Annualised · 36 months to Aug 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.
1.11
vs 3-month T-bills · to Aug 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.