Which has more room to gain, AAPR or ZAPR?

From their prices on Oct 9, 2026, AAPR can gain about 10.9% before its cap and ZAPR about 2.7%, so AAPR has more room left this period.

Which resets first, AAPR or ZAPR?

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

Which is cheaper, AAPR or ZAPR?

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

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AAPR vs ZAPR: Cap, Buffer & Days Left

As of Oct 9, 2026 ZAPR can fall 4.3% before its buffer engages and AAPR 4.3%, and ZAPR resets 366 days sooner. Net assets on Oct 9, 2026: $71m for Innovator Equity Defined Protection ETF - Apr 2028 and $68m for Innovator Equity Defined Protection ETF - 1 Yr April.

Both cost 0.79% a year; their one-year returns differ by 0.7 points.

	AAPR	ZAPR
Expense ratio	0.79%	0.79%
Net assets	$71m	$68m
Total return, 1 year	+7.0%	+6.3%
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

4.3%

ZAPR can fall this far before its buffer

10.9%

AAPR can still gain

2.7%

ZAPR 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.

ZAPRAt its cap

ZAPR: reference +19.7% since period start, fund +4.0%; buffer Floor; cap +7.3%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

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

They do not reset together. ZAPR 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

ZAPR 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, ZAPR 2.7%. A fall from here reaches AAPR’s buffer after 4.3% and ZAPR’s after 4.3%. 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	ZAPR	AAPR	ZAPR
3 months	+1.2%	+1.4%	−1.9 pts	−1.7 pts
6 months	+2.8%	+3.2%	−11.8 pts	−11.4 pts
1 year	+7.0%	+6.3%	−9.0 pts	−9.7 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

ZAPR

Innovator Equity Defined Protection ETF - 1 Yr April · Absorbs the whole loss on SPY and caps the gain at 7.3%, 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, 2026 to Mar 31, 2027

Days left 539 173

Starting cap +15.7% +7.3%

Can still gain 10.9% 2.7%

Fall before buffer 4.3% 4.3%

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

Index return this period +19.7% +19.7%

Fund return this period +4.0% +4.0%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets $71m $68m

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.

ZAPR in plain words

SPY had already risen past this fund's cap of +7.3% 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 2.7% as the period runs out. 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 ZAPR?: From their prices on Oct 9, 2026, AAPR can gain about 10.9% before its cap and ZAPR about 2.7%, so AAPR has more room left this period.
Which resets first, AAPR or ZAPR?: AAPR ends its outcome period on Mar 31, 2028 and ZAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or ZAPR?: AAPR and ZAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs APRP AAPR vs CPSP AAPR vs DDTA AAPR vs TAPR ZAPR vs APOC ZAPR vs DDFA ZAPR vs ARLU ZAPR vs MARM

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

Where these figures came from

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

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

Open data

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