Which has more room to gain, AAPR or SIXO?

From their prices on Oct 13, 2026, AAPR can gain about 10.8% before its cap and SIXO about 6.2%, 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: Cap, Buffer & Days Left

As of Oct 13, 2026 AAPR can fall 4.3% before its buffer engages and SIXO 1.5%, and SIXO resets 366 days sooner. Net assets on Oct 13, 2026: $71m for Innovator Equity Defined Protection ETF - Apr 2028 and $120m for AllianzIM U.S. Equity Buffer10 ETF - Apr.

SIXO costs 0.05 points a year less; their one-year returns differ by 2.0 points; SIXO is 1.7 times larger.

Points (pts) are percentage points.

AAPR vs SIXO: Cap, Buffer & Days Left
	AAPR	SIXO
Expense ratio	0.79%	0.74%
Net assets	$71m	$120m
Total return, 1 year	+7.2%	+9.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.4%	2.0%

4.3%

AAPR can fall this far before its buffer

1.5%

SIXO can fall this far before its buffer

10.8%

AAPR can still gain

6.2%

SIXO can still gain

AAPRAt its cap

AAPR: reference +19.6% since period start, fund +4.0%; buffer Floor; cap +15.7%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

SIXOBetween buffer and cap

SIXO: reference +2.0% since period start, fund +1.1%; buffer 0 to −10; cap +7.7%; Between buffer and cap. Figures to Oct 13, 2026.

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 169 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

SIXO resets first, on Mar 31, 2027, 169 days from now; AAPR runs to Mar 31, 2028, 535 days. AAPR can still gain 10.8% before its cap, SIXO 6.2%. A fall from here reaches AAPR’s buffer after 4.3% and SIXO’s after 1.5%. 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 SIXO: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AAPR	SIXO	AAPR	SIXO
3 months	+1.2%	+2.6%	−2.3 pts	−0.8 pts
6 months	+2.2%	+6.1%	−9.8 pts	−5.9 pts
1 year	+7.2%	+9.2%	−10.1 pts	−8.2 pts
3 years	not published	+34.7%	not published	−45.6 pts
Since launch Not the same days: AAPR Apr 2024 · SIXO Oct 2021	+20.6%	+47.0%	−28.4 pts	−32.1 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

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 535 169

Starting cap +15.7% +7.7%

Can still gain 10.8% 6.2%

Fall before buffer 4.3% 1.5%

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

Index return this period +19.6% +2.0%

Fund return this period +4.0% +1.1%

State today At cap Open

Expense ratio 0.79% 0.74%

Net assets $71m $120m

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 10.8% 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 16.4% 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 SIXO

From its price on Oct 13, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% 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. 169 days remained on Oct 13, 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 13, 2026, AAPR can gain about 10.8% before its cap and SIXO about 6.2%, 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 PAPR AAPR vs PMAP AAPR vs XBAP AAPR vs MARM SIXO vs ZAPR SIXO vs APOC SIXO vs QBSF SIXO vs AIOO

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →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; 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 SIXO, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aapr-vs-sixo

Open data

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