Which resets first, APOC or ARLU?

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

Which is cheaper, APOC or ARLU?

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

APOC vs ARLU: which one stands where?

As of Oct 1, 2026 ARLU can fall 11.9% before its buffer engages and APOC 0.0%. Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct and AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr.

0.0%

APOC can fall this far before its buffer

11.9%

ARLU can fall this far before its buffer

4.3%

APOC can still gain

uncapped

ARLU can still gain

APOCFull floor

APOC: reference 0.0% since period start, fund 0.0%; buffer Floor; cap +4.3%; Full floor.

ARLUNo cap

ARLU: reference +17.3% since period start, fund +12.6%; buffer 0 to −15; no cap; No cap.

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

Where each one stands today

APOC resets first, on Mar 31, 2027, 182 days from now; ARLU runs to Mar 31, 2027, 182 days. A fall from here reaches APOC’s buffer after 0.0% and ARLU’s after 11.9%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	APOC	ARLU	APOC	ARLU
3 months	+1.5%	+1.5%	−1.0 pts	−1.0 pts
6 months	+3.1%	+12.3%	−13.9 pts	−4.7 pts
1 year	+2.8%	+8.7%	−12.9 pts	−7.1 pts

APOC and ARLU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

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

ARLU

AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Mar 31, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 100% 15%

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

Days left 182 182

Starting cap +4.3% uncapped

Can still gain 4.3% uncapped

Fall before buffer 0.0% 11.9%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period 0.0% +17.3%

Fund return this period 0.0% +12.6%

State today Open Uncapped

Expense ratio 0.79% 0.74%

Net assets $72m $55m

APOC and ARLU on the same fields, as of Oct 1, 2026. Source: ETFIQ.

APOC in plain words

From its price on Oct 1, 2026, the fund can gain about 4.3% more before it reaches its cap. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

ARLU in plain words

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 11.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, APOC or ARLU?: APOC ends its outcome period on Mar 31, 2027 and ARLU on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APOC or ARLU?: APOC charges 0.79% a year and ARLU charges 0.74%, so ARLU is cheaper. Fees come from each fund's prospectus.

Other comparisons

APOC vs OCTU APOC vs OCTW APOC vs PAPR APOC vs PBAP ARLU vs BAPR ARLU vs CPSP ARLU vs DDFA ARLU vs DDTA

SPY →APOC on its own →ARLU 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 ↗ARLU filings on SEC EDGAR ↗AllianzIM page for ARLU ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, APOC against ARLU, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/apoc-vs-arlu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.