Innovator U.S. Equity Buffer ETF
BAPR
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- Innovator U.S. Equity Buffer ETF - April (BAPR) is an exchange-traded fund managed by Innovator Capital Management, LLC that seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined annual cap while providing a buffer against the first 9% of losses in SPY over a one-year outcome period, typically from April 1 to March 31; the fund holds FLEX options on SPY and collateral with cash equivalents, rebalances annually, and can be held indefinitely with resetting outcomes. Launched on April 1, 2019, BAPR forms part of Innovator's pioneering Defined Outcome ETF suite, which includes U.S. Equity Buffer ETFs across monthly series (9%, 15%, and 20% buffers), Power Buffer ETFs with enhanced upside potential, Ultra Buffer ETFs offering up to 100% downside protection, Defined Income ETFs generating monthly distributions through credit call spreads, Laddered Allocation Buffer ETFs, Managed Floor ETFs, and specialized products such as Hedged Nasdaq-100 ETFs, Treasury Bond Buffer ETFs, and international equity buffers tracking MSCI EAFE or emerging markets; the firm oversees more than 150 such ETFs with approximately $28 billion in assets under management as of late 2025. Headquartered in Wheaton, Illinois, and founded in 2017 by ETF veterans Bruce Bond and John Southard—former creators of the PowerShares lineup—Innovator Capital Management targets retail investors, financial advisors, and institutions seeking risk-managed equity exposure with predefined outcomes amid market volatility. In a major strategic development announced on December 1, 2025, Goldman Sachs agreed to acquire Innovator Capital Management for approximately $2 billion in cash and equity, subject to performance milestones, with the transaction expected to close in Q2 2026 and integrate Innovator's ETF platform into Goldman Sachs Asset Management to expand defined outcome offerings globally; this follows Innovator's launches of new products like two Autocallable Income ETFs in September 2025 and ongoing expansions in buffer, income, and protection strategies. BAPR, with net assets exceeding $400 million and an expense ratio of 0.79%, trades on the Cboe BZX exchange and primarily allocates to U.S. large-cap equities via SPY exposure, supplemented by minimal cash holdings.