AAPR vs FLAO: Cap, Buffer & Days Left
As of Oct 9, 2026 FLAO can fall 6.3% before its buffer engages and AAPR 4.3%, and FLAO resets 366 days sooner. Net assets: $71m on Oct 9, 2026 for Innovator Equity Defined Protection ETF - Apr 2028, and $9m on Oct 8, 2026 for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF - Apr.
FLAO costs 0.05 points a year less; their one-year returns differ by 3.5 points; AAPR is 8.2 times larger.
| AAPR | FLAO | |
|---|---|---|
| Expense ratio | 0.79% | 0.74% |
| Net assets, as of Oct 8, 2026 | $71m | $9m |
| Total return, 1 year | +7.0% | +3.5% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 16.5% | 6.9% |
AAPR: reference +19.7% since period start, fund +4.0%; buffer Floor; cap +15.7%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
FLAO: reference +2.1% since period start, fund +1.0%; buffer −5 to floor; cap +7.1%; Full floor. Figures to Oct 9, 2026.
FLAO: reference +2.1% since period start, fund +1.0%; buffer −5 to floor; cap +7.1%; Full floor. Figures to Oct 9, 2026.
AAPR is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. FLAO has 173 days of its period left and AAPR has 539, so the two are not the same bet on the same months.
Where each one stands today
FLAO resets first, on Mar 31, 2027, 173 days from now; AAPR runs to Mar 31, 2028, 539 days. AAPR can still gain 10.9% before its cap, FLAO 5.7%. A fall from here reaches AAPR’s buffer after 4.3% and FLAO’s after 6.3%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | AAPR | FLAO | AAPR | FLAO |
| 3 months | +1.2% | +2.3% | −1.9 pts | −0.9 pts |
| 6 months | +2.8% | +5.3% | −11.8 pts | −9.3 pts |
| 1 year | +7.0% | +3.5% | −9.0 pts | −12.5 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
AAPR in plain words
SPY had already risen past this fund's cap of +15.7% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 10.9% as the period runs out. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.5% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 539 days remained on Oct 9, 2026. On Mar 31, 2028 the period ends and a new cap is set.
FLAO in plain words
From its price on Oct 9, 2026, the fund can gain about 5.7% more before it reaches its cap. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.9% from today's level to the point where the buffer begins. Protection left, in index points: 95.0% of the 95.0% buffer still sits below today's SPY level. 173 days remained on Oct 9, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, AAPR against FLAO, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aapr-vs-flao
ETFIQ. (Oct 9, 2026). AAPR against FLAO. Retrieved from https://etfiq.com/compare/buffer/aapr-vs-flao
[AAPR against FLAO (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/aapr-vs-flao)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.