Which has more room to gain, AAPR or FLAO?

From their prices on Oct 1, 2026, AAPR can gain about 11.5% before its cap and FLAO about 6.7%, so AAPR has more room left this period.

Which resets first, AAPR or FLAO?

AAPR ends its outcome period on Mar 31, 2028 and FLAO on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, AAPR or FLAO?

AAPR charges 0.79% a year and FLAO charges 0.74%, so FLAO is cheaper. Fees come from each fund's prospectus.

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AAPR vs FLAO: which one stands where?

As of Oct 1, 2026 FLAO can fall 5.4% before its buffer engages and AAPR 3.7%, and FLAO resets 366 days sooner. Innovator Equity Defined Protection ETF - Apr 2028 and AllianzIM U.S. Equity Floor5 ETF - Apr.

3.7%

AAPR can fall this far before its buffer

5.4%

FLAO can fall this far before its buffer

11.5%

AAPR can still gain

6.7%

FLAO can still gain

AAPRAt its cap

AAPR: reference +17.3% since period start, fund +3.4%; buffer Floor; cap +15.7%; At its cap.

FLAOFull floor

FLAO: reference 0.0% since period start, fund 0.0%; buffer −5 to floor; cap +7.1%; Full floor.

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 182 days of its period left and AAPR has 548, so the two are not the same bet on the same months.

Where each one stands today

FLAO resets first, on Mar 31, 2027, 182 days from now; AAPR runs to Mar 31, 2028, 548 days. AAPR can still gain 11.5% before its cap, FLAO 6.7%. A fall from here reaches AAPR’s buffer after 3.7% and FLAO’s after 5.4%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	AAPR	FLAO	AAPR	FLAO
3 months	+0.9%	+1.6%	−1.6 pts	−0.9 pts
6 months	+3.1%	+5.4%	−13.8 pts	−11.6 pts
1 year	+6.6%	+2.7%	−9.1 pts	−13.0 pts

AAPR and FLAO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AAPR

Innovator Equity Defined Protection ETF - Apr 2028 · Absorbs the whole loss on SPY and caps the gain at 15.7%, over a period ending Mar 31, 2028

FLAO

AllianzIM U.S. Equity Floor5 ETF - Apr · Absorbs losses from 5.0% to 100.0% on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 100% 5% to 100%

Outcome period Mar 31, 2026 to Mar 31, 2028 Oct 1, 2026 to Mar 31, 2027

Days left 548 182

Starting cap +15.7% +7.1%

Can still gain 11.5% 6.7%

Fall before buffer 3.7% 5.4%

Protection left, index points 100.0% of 100.0% 95.0% of 95.0%

Index return this period +17.3% 0.0%

Fund return this period +3.4% 0.0%

State today At cap Open

Expense ratio 0.79% 0.74%

Net assets $71m $9m

AAPR and FLAO on the same fields, as of Oct 1, 2026. Source: ETFIQ.

AAPR in plain words

SPY had already risen past this fund's cap of +15.7% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 11.5% as the period runs out. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% 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. 548 days remained on Oct 1, 2026. On Mar 31, 2028 the period ends and a new cap is set.

FLAO in plain words

From its price on Oct 1, 2026, the fund can gain about 6.7% more before it reaches its cap. The fund's price can fall 5.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.0% 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. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AAPR or FLAO?: From their prices on Oct 1, 2026, AAPR can gain about 11.5% before its cap and FLAO about 6.7%, so AAPR has more room left this period.
Which resets first, AAPR or FLAO?: AAPR ends its outcome period on Mar 31, 2028 and FLAO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or FLAO?: AAPR charges 0.79% a year and FLAO charges 0.74%, so FLAO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs APRW AAPR vs ARLU AAPR vs BAPR AAPR vs CPSP FLAO vs AIOO FLAO vs AOCT FLAO vs APOC FLAO vs APRP

SPY →AAPR on its own →FLAO on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AAPR ↗FLAO filings on SEC EDGAR ↗AllianzIM page for FLAO ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AAPR against FLAO, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/aapr-vs-flao

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.