Which has more room to gain, APOC or APRW?

From their prices on Oct 13, 2026, APOC can gain about 3.7% before its cap and APRW about 3.2%, so APOC has more room left this period.

Which resets first, APOC or APRW?

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

Which is cheaper, APOC or APRW?

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

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APOC vs APRW: Cap, Buffer & Days Left

As of Oct 13, 2026 APRW can fall 7.9% before its buffer engages and APOC 0.6%. Net assets on Oct 13, 2026: $78m for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct and $204m for AllianzIM U.S. Equity Buffer20 ETF - Apr.

APRW costs 0.05 points a year less; their one-year returns differ by 8.0 points; APRW is 2.6 times larger.

Points (pts) are percentage points.

APOC vs APRW: Cap, Buffer & Days Left
	APOC	APRW
Expense ratio	0.79%	0.74%
Net assets	$78m	$204m
Total return, 1 year	+3.2%	+11.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%	16.4%

0.6%

APOC can fall this far before its buffer

7.9%

APRW can fall this far before its buffer

3.7%

APOC can still gain

3.2%

APRW can still gain

APOCFull floor

APOC: reference +2.0% since period start, fund +0.5%; buffer Floor; cap +4.3%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

APRWAt its cap

APRW: reference +19.6% since period start, fund +7.7%; buffer 0 to −20; cap +11.9%; At its cap. Figures to Oct 13, 2026.

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

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

Where each one stands today

APOC resets first, on Mar 31, 2027, 169 days from now; APRW runs to Mar 31, 2027, 169 days. APOC can still gain 3.7% before its cap, APRW 3.2%. A fall from here reaches APOC’s buffer after 0.6% and APRW’s after 7.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APOC vs APRW: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APOC	APRW	APOC	APRW
3 months	+1.6%	+2.1%	−1.9 pts	−1.3 pts
6 months	+2.9%	+5.0%	−9.2 pts	−7.0 pts
1 year	+3.2%	+11.2%	−14.1 pts	−6.2 pts
3 years	not published	+35.0%	not published	−45.3 pts
Since launch Not the same days: APOC Oct 2024 · APRW Jun 2020	+6.4%	+57.3%	−30.4 pts	−97.4 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

APOC

Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct · Absorbs the whole loss on SPY and caps the gain at 4.3%, over a period ending Mar 31, 2027

APRW

AllianzIM U.S. Equity Buffer20 ETF - Apr · Absorbs the first 20% of loss on SPY and caps the gain at 11.9%, over a period ending Mar 31, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Sep 30, 2026 to Mar 31, 2027 Apr 1, 2026 to Mar 31, 2027

Days left 169 169

Starting cap +4.3% +11.9%

Can still gain 3.7% 3.2%

Fall before buffer 0.6% 7.9%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +2.0% +19.6%

Fund return this period +0.5% +7.7%

State today Open At cap

Expense ratio 0.79% 0.74%

Net assets $78m $204m

As of Oct 13, 2026. Source: ETFIQ.

About APOC

From its price on Oct 13, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 0.6% 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: 100.0% of the 100.0% 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.

About APRW

SPY had already risen past this fund's cap of +11.9% 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 3.2% as the period runs out. The fund's price can fall 7.9% 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: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APOC or APRW?: From their prices on Oct 13, 2026, APOC can gain about 3.7% before its cap and APRW about 3.2%, so APOC has more room left this period.
Which resets first, APOC or APRW?: APOC ends its outcome period on Mar 31, 2027 and APRW on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APOC or APRW?: APOC charges 0.79% a year and APRW charges 0.74%, so APRW is cheaper. Fees come from each fund's prospectus.

Other comparisons

APOC vs UOCT APOC vs ZOCT APOC vs EALT APOC vs XMAR APRW vs UAPR APRW vs CPSP APRW vs DDTA APRW vs BAPR

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

Where these figures came from

APOC filings on SEC EDGAR ↗Innovator page for APOC ↗APRW filings on SEC EDGAR ↗AllianzIM page for APRW ↗

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, APOC against APRW, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/apoc-vs-aprw

Open data

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