BAPR
Innovator U.S. Equity Buffer ETF - April
BAPR aims for specific buffered losses and capped gains on the S&P 500 over a specific holdings period. The actively-managed fund holds options and collateral.
US
EQUITY
Active
MANAGEMENT STYLE
338.7 M
ASSETS UNDER MGMT
79 bp
EXPENSES
Fund Basics
| Fund sponsor | Innovator |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 29, 2019 |
| Assets (mns) | $339 |
| Expense ratio | 79 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| SPY 03/31/2026 5.61 C | 105.8 % |
| SPY 03/31/2026 559.4 P | 1.3 % |
| CASH & OTHER | 0.2 % |
| SPY 03/31/2026 509.06 P | -0.8 % |
| SPY 03/31/2026 649.62 C | -6.6 % |
Historical Performance
Standardized Performance (as of 08/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 4.6% | 8.6% | 13.1% | 14.3% | 10.0% | -- | -- | 9.9% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | 0.0% |
| Total Returns | 4.6% | 8.6% | 13.1% | 14.3% | 10.0% | -- | -- | 9.9% | Ann. Volatility | 16.2% | 14.2% | 11.7% | 12.0% | 11.6% | -- | -- | 13.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.70 | 98% |
| MSCI EAFE | 0.46 | 48% |
| MSCI Emg Mkts | 0.34 | 28% |
Liquidity Measures
| Avg. volume (000) | 59 |
| ADV traded (mns) | $3 |
| Turnover | 0.8% |
| Avg. Bid/Ask (% of price) | 0.18% |
Technical Indicators
| Recent close | $46.72 |
| 30d moving avg. | $46.19 |
| Annualized volatility | 10.8% |
| Relative strength (RSI) | 69 |
| Short interest | 0.3% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| BAPR (79 bp) Percentile rank | 66 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| BAPR | 79.0 | 18.0 | 97 |
| Peer Avg. | 48.9 | 19.6 | 68.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .