Which has more room to gain, AAPR or FMAR?

From their prices on Oct 13, 2026, AAPR can gain about 11.1% before its cap and FMAR about 4.1%, so AAPR has more room left this period.

Which resets first, AAPR or FMAR?

AAPR ends its outcome period on Mar 31, 2028 and FMAR on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, AAPR or FMAR?

AAPR charges 0.79% a year and FMAR charges 0.85%, so AAPR is cheaper. Fees come from each fund's prospectus.

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AAPR vs FMAR: Cap, Buffer & Days Left

As of Oct 13, 2026 FMAR can fall 11.3% before its buffer engages and AAPR 4.0%, and FMAR resets 378 days sooner. Net assets on Oct 12, 2026: $71m for Innovator Equity Defined Protection ETF - Apr 2028 and $1.2bn for FT Vest U.S. Equity Buffer ETF - March.

AAPR costs 0.06 points a year less; their one-year returns differ by 9.8 points; FMAR is 17.0 times larger.

Points (pts) are percentage points.

AAPR vs FMAR: Cap, Buffer & Days Left
	AAPR	FMAR
Expense ratio	0.79%	0.85%
Net assets, as of Oct 12, 2026	$71m	$1.2bn
Total return, 1 year	+7.5%	+17.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.3%	16.5%

4.0%

AAPR can fall this far before its buffer

11.3%

FMAR can fall this far before its buffer

11.1%

AAPR can still gain

4.1%

FMAR can still gain

AAPRAt its cap

AAPR: reference +19.5% since period start, fund +3.8%; buffer Floor; cap +15.7%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

FMARAt its cap

FMAR: reference +19.8% since period start, fund +11.8%; buffer 0 to −10; cap +17.2%; At its cap. Figures to Oct 13, 2026.

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 157 days of its period left and AAPR has 535, so the two are not the same bet on the same months.

Where each one stands today

FMAR resets first, on Mar 19, 2027, 157 days from now; AAPR runs to Mar 31, 2028, 535 days. AAPR can still gain 11.1% before its cap, FMAR 4.1%. A fall from here reaches AAPR’s buffer after 4.0% and FMAR’s after 11.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: AAPR vs FMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AAPR	FMAR	AAPR	FMAR
3 months	+1.4%	+3.0%	−2.4 pts	−0.8 pts
6 months	+2.5%	+7.7%	−10.9 pts	−5.7 pts
1 year	+7.5%	+17.3%	−11.7 pts	−1.9 pts
3 years	not published	+52.4%	not published	−27.9 pts
Since launch Not the same days: AAPR Apr 2024 · FMAR Mar 2021	+20.5%	+81.3%	−28.5 pts	−16.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

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

FMAR

FT Vest U.S. Equity Buffer ETF - March · Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, over a period ending Mar 19, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 100% 10%

Outcome period Mar 31, 2026 to Mar 31, 2028 Mar 23, 2026 to Mar 19, 2027

Days left 535 157

Starting cap +15.7% +17.2%

Can still gain 11.1% 4.1%

Fall before buffer 4.0% 11.3%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +19.5% +19.8%

Fund return this period +3.8% +11.8%

State today At cap At cap

Expense ratio 0.79% 0.85%

Net assets, as of Oct 12, 2026 $71m $1.2bn

As of Oct 13, 2026. Source: ETFIQ.

About AAPR

SPY had already risen past this fund's cap of +15.7% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 11.1% as the period runs out. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% 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. 535 days remained on Oct 13, 2026. On Mar 31, 2028 the period ends and a new cap is set.

About FMAR

SPY had already risen past this fund's cap of +17.2% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.1% 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 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: 10.0% of the 10.0% buffer still sits below today's SPY level. 157 days remained on Oct 13, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AAPR or FMAR?: From their prices on Oct 13, 2026, AAPR can gain about 11.1% before its cap and FMAR about 4.1%, so AAPR has more room left this period.
Which resets first, AAPR or FMAR?: AAPR ends its outcome period on Mar 31, 2028 and FMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or FMAR?: AAPR charges 0.79% a year and FMAR charges 0.85%, so AAPR is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs DMAR AAPR vs SIXO AAPR vs MARM AAPR vs APOC FMAR vs ZAPR FMAR vs APOC FMAR vs DDFA FMAR vs ARLU

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AAPR on its own →FMAR on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AAPR ↗FMAR filings on SEC EDGAR ↗First Trust page for FMAR ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, AAPR against FMAR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aapr-vs-fmar

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.