Which has more room to gain, AAPR or PAPR?

From their prices on Oct 2, 2026, AAPR can gain about 11.2% before its cap and PAPR about 4.3%, so AAPR has more room left this period.

Which resets first, AAPR or PAPR?

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

Which is cheaper, AAPR or PAPR?

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

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AAPR vs PAPR: which one stands where?

As of Oct 2, 2026 PAPR can fall 8.5% before its buffer engages and AAPR 4.0%, and PAPR resets 366 days sooner. Innovator Equity Defined Protection ETF - Apr 2028 and Innovator U.S. Equity Power Buffer ETF - Apr.

their one-year returns differ by 6.0 points; PAPR is 13.5 times larger.

	AAPR	PAPR
Expense ratio	0.79%	0.79%
Net assets	$71m	$961m
Total return, 1 year	+6.7%	+12.7%
What it tracks	SPY	SPY
Holdings in common	not published

4.0%

AAPR can fall this far before its buffer

8.5%

PAPR can fall this far before its buffer

11.2%

AAPR can still gain

4.3%

PAPR can still gain

AAPRAt its cap

AAPR: reference +18.3% since period start, fund +3.7%; buffer Floor; cap +15.7%; At its cap.

PAPRAt its cap

PAPR: reference +18.3% since period start, fund +8.8%; buffer 0 to −15; cap +14.0%; At its cap.

These are two different products. AAPR is a floor fund, which caps how far a holder can fall. PAPR 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. PAPR has 180 days of its period left and AAPR has 546, so the two are not the same bet on the same months.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

PAPR resets first, on Mar 31, 2027, 180 days from now; AAPR runs to Mar 31, 2028, 546 days. AAPR can still gain 11.2% before its cap, PAPR 4.3%. A fall from here reaches AAPR’s buffer after 4.0% and PAPR’s after 8.5%. 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	PAPR	AAPR	PAPR
3 months	+1.1%	+2.4%	−2.5 pts	−1.2 pts
6 months	+3.3%	+8.1%	−14.6 pts	−9.8 pts
1 year	+6.7%	+12.7%	−9.5 pts	−3.5 pts
3 years	not published	+42.6%	not published	−46.7 pts

AAPR and PAPR 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

PAPR

Innovator U.S. Equity Power Buffer ETF - Apr · Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 15%

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

Days left 546 180

Starting cap +15.7% +14.0%

Can still gain 11.2% 4.3%

Fall before buffer 4.0% 8.5%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +18.3% +18.3%

Fund return this period +3.7% +8.8%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets $71m $961m

AAPR and PAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

AAPR in plain words

SPY had already risen past this fund's cap of +15.7% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 11.2% 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 15.5% 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. 546 days remained on Oct 2, 2026. On Mar 31, 2028 the period ends and a new cap is set.

PAPR in plain words

SPY had already risen past this fund's cap of +14.0% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.3% as the period runs out. The fund's price can fall 8.5% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 180 days remained on Oct 2, 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 PAPR?: From their prices on Oct 2, 2026, AAPR can gain about 11.2% before its cap and PAPR about 4.3%, so AAPR has more room left this period.
Which resets first, AAPR or PAPR?: AAPR ends its outcome period on Mar 31, 2028 and PAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or PAPR?: AAPR charges 0.79% a year and PAPR charges 0.79%, so AAPR is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs MARM AAPR vs XMAR AAPR vs ZAPR AAPR vs APOC PAPR vs APOC PAPR vs APRP PAPR vs APRT PAPR vs APRW

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

Where these figures came from

Innovator page for AAPR ↗PAPR filings on SEC EDGAR ↗Innovator page for PAPR ↗

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 PAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/aapr-vs-papr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.