Which has more room to gain, AAPR or PBAP?

From their prices on Oct 9, 2026, AAPR can gain about 10.9% before its cap and PBAP about 3.6%, 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.

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AAPR vs PBAP: Cap, Buffer & Days Left

As of Oct 9, 2026 PBAP can fall 8.0% before its buffer engages and AAPR 4.3%, and PBAP resets 366 days sooner. Net assets on Oct 9, 2026: $71m for Innovator Equity Defined Protection ETF - Apr 2028 and $38m for PGIM S&P 500 Buffer 20 ETF - April .

PBAP costs 0.29 points a year less; their one-year returns differ by 4.9 points; AAPR is 1.9 times larger.

Points (pts) are percentage points.

AAPR vs PBAP: Cap, Buffer & Days Left
	AAPR	PBAP
Expense ratio	0.79%	0.50%
Net assets	$71m	$38m
Total return, 1 year	+7.0%	+11.9%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%

4.3%

AAPR can fall this far before its buffer

8.0%

PBAP can fall this far before its buffer

10.9%

AAPR can still gain

3.6%

PBAP can still gain

AAPRAt its cap

AAPR: reference +19.7% since period start, fund +4.0%; buffer Floor; cap +15.7%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

PBAPAt its cap

PBAP: reference +19.7% since period start, fund +8.2%; buffer 0 to −20; cap +12.6%; At its cap. Figures to Oct 9, 2026.

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.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

They do not reset together. PBAP has 173 days of its period left and AAPR has 539, so the two are not the same bet on the same months.

Where each one stands today

PBAP resets first, on Mar 31, 2027, 173 days from now; AAPR runs to Mar 31, 2028, 539 days. AAPR can still gain 10.9% before its cap, PBAP 3.6%. A fall from here reaches AAPR’s buffer after 4.3% and PBAP’s after 8.0%. 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 PBAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AAPR	PBAP	AAPR	PBAP
3 months	+1.2%	+2.2%	−1.9 pts	−0.9 pts
6 months	+2.8%	+5.8%	−11.8 pts	−8.8 pts
1 year	+7.0%	+11.9%	−9.0 pts	−4.1 pts
Since launch AAPR Apr 2024 · PBAP Apr 2024	+20.6%	+27.1%	−28.5 pts	−22.0 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

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 539 173

Starting cap +15.7% +12.6%

Can still gain 10.9% 3.6%

Fall before buffer 4.3% 8.0%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +19.7% +19.7%

Fund return this period +4.0% +8.2%

State today At cap At cap

Expense ratio 0.79% 0.50%

Net assets $71m $38m

As of Oct 9, 2026. Source: ETFIQ.

About AAPR

SPY had already risen past this fund's cap of +15.7% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 10.9% as the period runs out. The fund's price can fall 4.3% 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: 100.0% of the 100.0% buffer still sits below today's SPY level. 539 days remained on Oct 9, 2026. On Mar 31, 2028 the period ends and a new cap is set.

About PBAP

SPY had already risen past this fund's cap of +12.6% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.6% as the period runs out. The fund's price can fall 8.0% 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. 173 days remained on Oct 9, 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 Oct 9, 2026, AAPR can gain about 10.9% before its cap and PBAP about 3.6%, 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

AAPR vs APRP AAPR vs APRT AAPR vs ARLU AAPR vs DDFA PBAP vs ZAPR PBAP vs APOC PBAP vs SIXO PBAP vs XBAP

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

Where these figures came from

Innovator page for AAPR ↗PBAP filings on SEC EDGAR ↗PGIM website ↗

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 PBAP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aapr-vs-pbap

Open data

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