At a glance
BAPR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $406.0M in assets, the 8th largest of that group. Over the past year it returned +16.2% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +17.5% a year. At its worst it fell 23.9% in the 2020 crash (S&P 500: 33.7%) and 15.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 7 months after the lows.
The short version
Innovator U.S. Equity Buffer ETF - April (BAPR) holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY). Over each one-year outcome period starting April 1, it aims to match SPY's gains up to a cap and absorb the first 9% of losses, before fees. Its 0.79% expense ratio ties for lowest among eight buffer funds compared. At $406 million in net assets as of July 31, 2026, it is also the smallest.
Price history
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BAPR +16.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BAPR official prospectus, to Dec 31, 2024 | — | +8.15% | — | +10.06% | — | +10.17% |
| BAPR price data to Oct 27, 2026 | +14.6% | +16.2% | +17.5% | +10.9% | — | +10.8% |
- Over the year to Oct 27, 2026, BAPR returned +16.2%, 1st of 8 among similar funds.
- Its 5-year annualized return was +10.9%.
- In the 2020 COVID crash it fell 23.9% and regained its old high 5.2 months after the low.
- Its worst full calendar year was 2022 (-7.0%); its best was 2023 (+23.2%).
- The deepest fall in its price history was 23.9% (Feb 19, 2020 to Mar 20, 2020), recovered by Aug 24, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.6% | — |
| 2025 | +8.3% | +8.15% |
| 2024 | +15.9% | +16.11% |
| 2023 | +23.2% | +22.97% |
| 2022 | -7.0% | -6.68% |
| 2021 | +12.6% | +12.09% |
| 2020 | +6.2% | +6.25% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.6% over that stretch · deepest drop along the way 23.9%, back to its old high 5.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.3% over that stretch · deepest drop along the way 15.2%, back to its old high 7.4 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.19%, -0.03%, +0.73%.
How it works
BAPR does not pick stocks. It must normally invest at least 80% of net assets in investments tied to SPY, an ETF that tracks the S&P 500. It does this with FLEX Options, which are exchange-listed options with custom strike prices and expiration dates. As of July 31, 2026, four option positions on SPY made up 99.79% of net assets and cash made up 0.28%. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser.
Each outcome period runs about a year, from April 1 through March 31. The cap is set on day one. For April 1, 2025 to March 31, 2026, the cap was 16.12% before fees, or 15.33% after the 0.79% fee. The buffer covered the first 9% of losses, or 8.21% after the fee. Losses beyond that pass through one for one. If SPY fell 20%, the fund aimed to lose about 11% before fees. When a period ends, the fund buys new one-year options and a new cap is set, which may be higher or lower.
These results apply only to shares held for the whole period. A buyer who comes in partway through may find part of the cap or buffer already used up. Innovator posts updated figures each day at www.innovatoretfs.com/bapr. The outcomes are based on net asset value, and the market price can differ. The fund is non-diversified and, through SPY, has heavy exposure to technology.
What it really costs
- BAPR charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BAPR | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It holds the S&P 500 through options that soften the first 9% of yearly losses in exchange for a cap on gains.
BAPR launched in April 2019, so it has no record from 2008. In the 2020 COVID crash it fell 23.9% from February 19 to March 20, 2020, and recovered by August 24, about five months later. In 2022 it dropped 15.2% between April 4 and October 12, and recovered by May 26, 2023, about seven months later. Its worst calendar year was 2022, at -6.68%. The buffer counts from each April 1, so a retiree who has to sell in the middle of a crash can still lose more than 9%. Capped gains can also slow long-term growth.
The fund pays no income, so taking money out means selling shares. It costs 0.79% a year, which comes to $81 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a 9% buffer on losses (before fees) and accept capped gains in each April-to-March period.
- Buyers who can invest near April 1 and hold for the full outcome period, which is when the stated cap and buffer apply as designed.
- Cost-conscious buffer investors: its 0.79% expense ratio ties for lowest among eight buffer funds compared, below the 0.86% group average.
Look elsewhere if
- Investors who need income: the fund recorded no distributions, and its options follow SPY's share price, so holders give up the dividends.
- Long-term investors who want the market's full upside, since gains are capped, for example at 16.12% before fees for April 2025 to March 2026.
- Anyone who wants deep downside protection: losses beyond 9% pass through one for one, and the fund fell 23.9% in early 2020.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BAPR this fund | 0.79% | $406.0M | +16.2% | +17.5% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is BAPR good for retirement?
BAPR may suit retirees who want stock exposure with smaller swings, but it is not a full safety net. Its worst calendar year was 2022, at -6.68%. Yet it still fell 23.9% in early 2020, when the crash hit well into an outcome period. It pays no income, so taking money out means selling shares, and its gains are capped. It costs 0.79% a year, or $978 over 10 years on $10,000 under the SEC's standard example.
How does the BAPR buffer and cap work?
For shares held through a full outcome period, which runs from April 1 to March 31, BAPR aims to match SPY's price gains up to a cap and absorb the first 9% of losses, before fees. For April 1, 2025 to March 31, 2026, the cap was 16.12% before fees, or 15.33% after the 0.79% fee. If SPY fell 20%, the fund aimed to lose about 11% before fees. A new cap is set each April 1.
Does BAPR pay dividends?
No. BAPR recorded no distributions. It gets its S&P 500 exposure through FLEX options on SPY, and its outcomes are based on SPY's share price. That means holders don't collect the dividends paid by the stocks in SPY, which gives up part of the market's long-run total return. Anyone who needs regular cash from this holding would have to sell shares or look at funds built to pay income.
What's the difference between BAPR and FJAN?
Both are single-period U.S. equity buffer ETFs that use options. They have different issuers and reset in different months. BAPR is from Innovator and resets each April 1. FJAN, the FT Vest US Equity Buffer ETF - January, is tied to January. BAPR costs 0.79% a year and FJAN costs 0.85%. As of October 27, 2026, BAPR returned 16.2% over one year versus 12.3% for FJAN, and 17.5% versus 17.4% a year over three years. Much of the gap comes from the different start dates.
Can I buy BAPR in the middle of the outcome period?
Yes. BAPR trades on an exchange every trading day, but the stated cap and buffer apply only to those who hold from April 1 through March 31. Someone buying later may find part of the cap already used up. The fund may also be above or below its starting value, which changes how much protection is left. Innovator posts updated figures daily at www.innovatoretfs.com/bapr. The market price can also differ from net asset value.