Which has more room to gain, AAPR or XBAP?

From their prices on Oct 9, 2026, AAPR can gain about 10.9% before its cap and XBAP about 3.8%, so AAPR has more room left this period.

Which resets first, AAPR or XBAP?

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

Which is cheaper, AAPR or XBAP?

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

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AAPR vs XBAP: Cap, Buffer & Days Left

As of Oct 9, 2026 XBAP can fall 9.8% before its buffer engages and AAPR 4.3%, and XBAP resets 366 days sooner. Net assets on Oct 9, 2026: $71m for Innovator Equity Defined Protection ETF - Apr 2028 and $129m for Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr.

Both cost 0.79% a year; their one-year returns differ by 7.1 points; XBAP is 1.8 times larger.

	AAPR	XBAP
Expense ratio	0.79%	0.79%
Net assets	$71m	$129m
Total return, 1 year	+7.0%	+14.1%
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

9.8%

XBAP can fall this far before its buffer

10.9%

AAPR can still gain

3.8%

XBAP 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.

XBAPAt its cap

XBAP: reference +19.7% since period start, fund +10.3%; buffer 0 to −9; cap +15.0%; 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. XBAP 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. XBAP has 173 days of its period left and AAPR has 539, 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

XBAP 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, XBAP 3.8%. A fall from here reaches AAPR’s buffer after 4.3% and XBAP’s after 9.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	AAPR	XBAP	AAPR	XBAP
3 months	+1.2%	+2.6%	−1.9 pts	−0.6 pts
6 months	+2.8%	+7.6%	−11.8 pts	−7.0 pts
1 year	+7.0%	+14.1%	−9.0 pts	−1.9 pts
3 years	not published	+48.4%	not published	−30.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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

XBAP

Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 15.0%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 9%

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

Days left 539 173

Starting cap +15.7% +15.0%

Can still gain 10.9% 3.8%

Fall before buffer 4.3% 9.8%

Protection left, index points 100.0% of 100.0% 9.0% of 9.0%

Index return this period +19.7% +19.7%

Fund return this period +4.0% +10.3%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets $71m $129m

As of Oct 9, 2026. Source: ETFIQ.

AAPR in plain words

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.

XBAP in plain words

SPY had already risen past this fund's cap of +15.0% 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 3.8% as the period runs out. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 9.0% of the 9.0% 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 XBAP?: From their prices on Oct 9, 2026, AAPR can gain about 10.9% before its cap and XBAP about 3.8%, so AAPR has more room left this period.
Which resets first, AAPR or XBAP?: AAPR ends its outcome period on Mar 31, 2028 and XBAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or XBAP?: AAPR and XBAP both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs TAPR AAPR vs SIXO AAPR vs MARM AAPR vs UAPR XBAP vs ZAPR XBAP vs APOC XBAP vs SIXO XBAP vs XMAR

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

Where these figures came from

Innovator page for AAPR ↗XBAP filings on SEC EDGAR ↗Innovator page for XBAP ↗

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 page

ETFIQ, AAPR against XBAP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aapr-vs-xbap

Open data

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