Which has more room to gain, AAPR or SIXO?

From their prices on Oct 1, 2026, AAPR can gain about 11.5% before its cap and SIXO about 7.3%, so AAPR has more room left this period.

Which resets first, AAPR or SIXO?

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

Which is cheaper, AAPR or SIXO?

AAPR charges 0.79% a year and SIXO charges 0.74%, so SIXO is cheaper. Fees come from each fund's prospectus.

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AAPR vs SIXO: which one stands where?

As of Oct 1, 2026 AAPR can fall 3.7% before its buffer engages and SIXO 0.4%, and SIXO resets 366 days sooner. Innovator Equity Defined Protection ETF - Apr 2028 and AllianzIM U.S. Equity Buffer10 ETF - Apr.

3.7%

AAPR can fall this far before its buffer

0.4%

SIXO can fall this far before its buffer

11.5%

AAPR can still gain

7.3%

SIXO can still gain

AAPRAt its cap

AAPR: reference +17.3% since period start, fund +3.4%; buffer Floor; cap +15.7%; At its cap.

SIXOBetween buffer and cap

SIXO: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +7.7%; Between buffer and cap.

These are two different products. AAPR is a floor fund, which caps how far a holder can fall. SIXO is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

AAPR is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. SIXO has 182 days of its period left and AAPR has 548, so the two are not the same bet on the same months.

Where each one stands today

SIXO resets first, on Mar 31, 2027, 182 days from now; AAPR runs to Mar 31, 2028, 548 days. AAPR can still gain 11.5% before its cap, SIXO 7.3%. A fall from here reaches AAPR’s buffer after 3.7% and SIXO’s after 0.4%. 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	SIXO	AAPR	SIXO
3 months	+0.9%	+2.1%	−1.6 pts	−0.4 pts
6 months	+3.1%	+8.1%	−13.8 pts	−8.9 pts
1 year	+6.6%	+8.1%	−9.1 pts	−7.7 pts
3 years	not published	+34.5%	not published	−50.5 pts

AAPR and SIXO 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

SIXO

AllianzIM U.S. Equity Buffer10 ETF - Apr · Absorbs the first 10% of loss on SPY and caps the gain at 7.7%, over a period ending Mar 31, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 100% 10%

Outcome period Mar 31, 2026 to Mar 31, 2028 Oct 1, 2026 to Mar 31, 2027

Days left 548 182

Starting cap +15.7% +7.7%

Can still gain 11.5% 7.3%

Fall before buffer 3.7% 0.4%

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

Index return this period +17.3% 0.0%

Fund return this period +3.4% 0.0%

State today At cap Open

Expense ratio 0.79% 0.74%

Net assets $71m $119m

AAPR and SIXO on the same fields, as of Oct 1, 2026. Source: ETFIQ.

AAPR in plain words

SPY had already risen past this fund's cap of +15.7% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 11.5% as the period runs out. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% 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. 548 days remained on Oct 1, 2026. On Mar 31, 2028 the period ends and a new cap is set.

SIXO in plain words

From its price on Oct 1, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 0.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% 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. 182 days remained on Oct 1, 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 SIXO?: From their prices on Oct 1, 2026, AAPR can gain about 11.5% before its cap and SIXO about 7.3%, so AAPR has more room left this period.
Which resets first, AAPR or SIXO?: AAPR ends its outcome period on Mar 31, 2028 and SIXO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or SIXO?: AAPR charges 0.79% a year and SIXO charges 0.74%, so SIXO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs MARM AAPR vs PAPR AAPR vs PBAP AAPR vs PMAP SIXO vs AIOO SIXO vs AOCT SIXO vs APOC SIXO vs APRP

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

Where these figures came from

Innovator page for AAPR ↗SIXO filings on SEC EDGAR ↗AllianzIM page for SIXO ↗

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 SIXO, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/aapr-vs-sixo

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.