Data as of Nov 4, 2026.
AAPR vs FMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 FMAR can fall 11.3% before its buffer engages and AAPR 4.5%, and FMAR resets 378 days sooner.
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Net assets: $71m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Apr 2028, and $1.2bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - March.
AAPR: reference +17.9% since period start, fund +4.2%; buffer Floor; cap +15.7%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.FMAR: reference +18.2% since period start, fund +11.8%; buffer 0 to −10; cap +17.2%; At its cap. Data to Nov 4, 2026.
FMAR: reference +18.2% since period start, fund +11.8%; buffer 0 to −10; cap +17.2%; At its cap. Data to Nov 4, 2026.Pair scorecard
AAPR costs 0.06 points a year less; their one-year returns differ by 8.8 points; FMAR is 16.9 times larger.
Points (pts) are percentage points.
| Measure | AAPR | FMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.2% | +16.0% |
| Drawdown | ||
| Index fall to the buffer | 15.2% | 15.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $71m | $1.2bn |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | AAPR | FMAR | AAPR | FMAR |
| 3 months | +1.0% | +1.7% | +1.4 pts | +2.1 pts |
| 6 months | +2.0% | +4.7% | −2.5 pts | +0.2 pts |
| 1 year | +7.2% | +16.0% | −6.4 pts | +2.4 pts |
| 3 years | – | +51.0% | – | −25.4 pts |
| Since launchNot the same days: AAPR Apr 2024 · FMAR Mar 2021 | +21.0% | +81.3% | −25.8 pts | −14.1 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. AAPR is a floor fund, which caps how far a holder can fall. FMAR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
They do not reset together. FMAR has 135 days of its period left and AAPR has 513, so the two are not the same bet on the same months.
Where each one stands today
FMAR resets first, on Mar 19, 2027, 135 days from now; AAPR runs to Mar 31, 2028, 513 days. AAPR can still gain 10.6% before its cap, FMAR 4.0%. A fall from here reaches AAPR’s buffer after 4.5% and FMAR’s after 11.3%. Both track SPY, so what separates them is where each is in its own period.
AAPR
SPY had already risen past this fund's cap of +15.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 10.6% as the period runs out. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 513 days remained on Nov 4, 2026. On Mar 31, 2028 the period ends and a new cap is set.
FMAR
SPY had already risen past this fund's cap of +17.2% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.0% as the period runs out. The fund's price can fall 11.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 135 days remained on Nov 4, 2026. On Mar 19, 2027 the period ends and a new cap is set.
Questions people ask
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How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, AAPR against FMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aapr-vs-fmar
ETFIQ. (Nov 4, 2026). AAPR against FMAR. Retrieved from https://etfiq.com/compare/buffer/aapr-vs-fmar
[AAPR against FMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/aapr-vs-fmar)
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