Data as of .
AAPR vs PBAP: which one stands where?
As of Sep 21, 2026 PBAP can fall 7.6% before its buffer engages and AAPR 3.6%, and PBAP resets 366 days sooner.
These are two different products. AAPR is a floor fund, which caps how far a holder can fall. PBAP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
They do not reset together. PBAP has 191 days of its period left and AAPR has 557, so the two are not the same bet on the same months.
Where each one stands today
PBAP resets first, on Mar 31, 2027, 191 days from now; AAPR runs to Mar 31, 2028, 557 days. AAPR can still gain 11.6% before its cap, PBAP 4.0%. A fall from here reaches AAPR’s buffer after 3.6% and PBAP’s after 7.6%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| AAPR | PBAP | AAPR | PBAP | |
| 3 months | +1.0% | +2.1% | −1.3 pts | −0.2 pts |
| 6 months | +3.7% | +8.2% | −14.3 pts | −9.8 pts |
| 1 year | +6.6% | +11.4% | −9.9 pts | −5.2 pts |
| 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 | PBAP PGIM S&P 500 Buffer 20 ETF - April Absorbs the first 20% of loss on SPY and caps the gain at 12.6%, over a period ending Mar 31, 2027 | |
|---|---|---|
| Issuer | Innovator | PGIM |
| Reference index | SPY | SPY |
| Buffer | 100% | 20% |
| Outcome period | Mar 31, 2026 to Mar 31, 2028 | Apr 1, 2026 to Mar 31, 2027 |
| Days left | 557 | 191 |
| Starting cap | +15.7% | +12.6% |
| Can still gain | 11.6% | 4.0% |
| Fall before buffer | 3.6% | 7.6% |
| Protection left, index points | 100.0% of 100.0% | 20.0% of 20.0% |
| Index return this period | +19.0% | +19.0% |
| Fund return this period | +3.4% | +7.7% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.50% |
| Net assets | $72m | $37m |
AAPR in plain words
SPY had already risen past this fund's cap of +15.7% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 11.6% as the period runs out. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.0% 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. 557 days remained on Sep 21, 2026. On Mar 31, 2028 the period ends and a new cap is set.
PBAP in plain words
SPY had already risen past this fund's cap of +12.6% for the period on Sep 21, 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 7.6% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 191 days remained on Sep 21, 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 PBAP?
- From their prices on Sep 21, 2026, AAPR can gain about 11.6% before its cap and PBAP about 4.0%, so AAPR has more room left this period.
- Which resets first, AAPR or PBAP?
- AAPR ends its outcome period on Mar 31, 2028 and PBAP on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, AAPR or PBAP?
- AAPR charges 0.79% a year and PBAP charges 0.50%, so PBAP is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AAPR against PBAP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/aapr-vs-pbap Free to use with attribution; the underlying files are at Open data.