Which has more room to gain, AAPR or TAPR?

From their prices on Nov 4, 2026, AAPR can gain about 10.6% before its cap and TAPR about 2.3%, so AAPR has more room left this period.

Which resets first, AAPR or TAPR?

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

Which is cheaper, AAPR or TAPR?

AAPR and TAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

AAPR vs TAPR: Cap, Buffer & Days Left

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As of Nov 4, 2026 TAPR can fall 11.5% before its buffer engages and AAPR 4.5%, and TAPR resets 366 days sooner.

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Net assets on Nov 4, 2026: $71m for Innovator Equity Defined Protection ETF - Apr 2028 and $11m for Innovator Equity Defined Protection ETF - Apr 2027.

AAPR on its own →TAPR on its own →

At a glance

4.5%

AAPR can fall this far before its buffer

11.5%

TAPR can fall this far before its buffer

10.6%

AAPR can still gain

2.3%

TAPR can still gain

AAPR At its cap

AAPR: reference +17.9% since period start, fund +4.2%; buffer Floor; cap +15.7%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

TAPR At its cap

TAPR: reference +37.0% since period start, fund +11.3%; buffer Floor; cap +15.3%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 2.0 points; AAPR is 6.5 times larger.

Points (pts) are percentage points.

AAPR vs TAPR: Cap, Buffer & Days Left
Measure	AAPR	TAPR
Return
Measure	AAPR	TAPR
Total return, 1 year	+7.2%	+5.2%
Drawdown
Measure	AAPR	TAPR
Index fall to the buffer	15.2%	27.0%
Benchmark
Measure	AAPR	TAPR
What it tracks	SPY	SPY
Cost and size
Measure	AAPR	TAPR
Expense ratio	0.79%	0.79%
Net assets	$71m	$11m
Holdings
Measure	AAPR	TAPR
Holdings in common	not published

Method

Window by window

Window by window: AAPR vs TAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AAPR	TAPR	AAPR	TAPR
3 months	+1.0%	+1.2%	+1.4 pts	+1.5 pts
6 months	+2.0%	+2.6%	−2.5 pts	−1.9 pts
1 year	+7.2%	+5.2%	−6.4 pts	−8.3 pts
Since launchNot the same days: AAPR Apr 2024 · TAPR Apr 2025	+21.0%	+11.0%	−25.8 pts	−25.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 TAPR Innovator Equity Defined Protection ETF - Apr 2027 · Absorbs the whole loss on SPY and caps the gain at 15.3%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 100%

Outcome period Mar 31, 2026 to Mar 31, 2028 Mar 31, 2025 to Mar 31, 2027

Days left 513 147

Starting cap +15.7% +15.3%

Can still gain 10.6% 2.3%

Fall before buffer 4.5% 11.5%

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

Index return this period +17.9% +37.0%

Fund return this period +4.2% +11.3%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets $71m $11m

As of Nov 4, 2026. Source: ETFIQ.

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

They do not reset together. TAPR has 147 days of its period left and AAPR has 513, 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

TAPR resets first, on Mar 31, 2027, 147 days from now; AAPR runs to Mar 31, 2028, 513 days. AAPR can still gain 10.6% before its cap, TAPR 2.3%. A fall from here reaches AAPR’s buffer after 4.5% and TAPR’s after 11.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

AAPR

SPY had already risen past this fund's cap of +15.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 10.6% as the period runs out. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 513 days remained on Nov 4, 2026. On Mar 31, 2028 the period ends and a new cap is set.

TAPR

SPY had already risen past this fund's cap of +15.3% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.3% as the period runs out. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 27.0% from today's level to the point where the buffer begins. 147 days remained on Nov 4, 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 TAPR?: From their prices on Nov 4, 2026, AAPR can gain about 10.6% before its cap and TAPR about 2.3%, so AAPR has more room left this period.
Which resets first, AAPR or TAPR?: AAPR ends its outcome period on Mar 31, 2028 and TAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or TAPR?: AAPR and TAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs FLAO AAPR vs DDTA AAPR vs PMAP AAPR vs CPSP TAPR vs ZAPR TAPR vs APOC TAPR vs DDFA TAPR vs ARLU

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AAPR on its own →TAPR on its own →Method →Standards and sources →

Sources and dates

Innovator page for AAPR ↗

Innovator page for TAPR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, AAPR against TAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aapr-vs-tapr

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