Which has more room to gain, APOC or FMAR?

From their prices on Oct 9, 2026, APOC can gain about 3.7% before its cap and FMAR about 4.0%, so FMAR has more room left this period.

Which resets first, APOC or FMAR?

APOC ends its outcome period on Mar 31, 2027 and FMAR on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, APOC or FMAR?

APOC charges 0.79% a year and FMAR charges 0.85%, so APOC is cheaper. Fees come from each fund's prospectus.

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APOC vs FMAR: Cap, Buffer & Days Left

As of Oct 9, 2026 FMAR can fall 11.3% before its buffer engages and APOC 0.6%, and FMAR resets 12 days sooner. Net assets on Oct 9, 2026: $78m for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct and $1.2bn for FT Vest U.S. Equity Buffer ETF - March.

APOC costs 0.06 points a year less; their one-year returns differ by 13.1 points; FMAR is 15.6 times larger.

	APOC	FMAR
Expense ratio	0.79%	0.85%
Net assets	$78m	$1.2bn
Total return, 1 year	+3.0%	+16.1%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%	16.7%

0.6%

APOC can fall this far before its buffer

11.3%

FMAR can fall this far before its buffer

3.7%

APOC can still gain

4.0%

FMAR can still gain

APOCFull floor

APOC: reference +2.1% since period start, fund +0.6%; buffer Floor; cap +4.3%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

FMARAt its cap

FMAR: reference +20.0% since period start, fund +11.8%; buffer 0 to −10; cap +17.2%; At its cap. Figures to Oct 9, 2026.

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

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

Where each one stands today

FMAR resets first, on Mar 19, 2027, 161 days from now; APOC runs to Mar 31, 2027, 173 days. APOC can still gain 3.7% before its cap, FMAR 4.0%. A fall from here reaches APOC’s buffer after 0.6% and FMAR’s after 11.3%. 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	APOC	FMAR	APOC	FMAR
3 months	+1.5%	+2.7%	−1.6 pts	−0.4 pts
6 months	+3.0%	+8.2%	−11.6 pts	−6.4 pts
1 year	+3.0%	+16.1%	−13.0 pts	+0.1 pts
3 years	not published	+51.8%	not published	−27.4 pts

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

FMAR

FT Vest U.S. Equity Buffer ETF - March · Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, over a period ending Mar 19, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 100% 10%

Outcome period Sep 30, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 173 161

Starting cap +4.3% +17.2%

Can still gain 3.7% 4.0%

Fall before buffer 0.6% 11.3%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +2.1% +20.0%

Fund return this period +0.6% +11.8%

State today Open At cap

Expense ratio 0.79% 0.85%

Net assets $78m $1.2bn

As of Oct 9, 2026. Source: ETFIQ.

APOC in plain words

From its price on Oct 9, 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. 173 days remained on Oct 9, 2026. On Mar 31, 2027 the period ends and a new cap is set.

FMAR in plain words

SPY had already risen past this fund's cap of +17.2% 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 4.0% as the period runs out. The fund's price can fall 11.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 161 days remained on Oct 9, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, APOC or FMAR?: From their prices on Oct 9, 2026, APOC can gain about 3.7% before its cap and FMAR about 4.0%, so FMAR has more room left this period.
Which resets first, APOC or FMAR?: APOC ends its outcome period on Mar 31, 2027 and FMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, APOC or FMAR?: APOC charges 0.79% a year and FMAR charges 0.85%, so APOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

APOC vs POCT APOC vs FSEP APOC vs DMAR APOC vs BALT FMAR vs PBAP FMAR vs UAPR FMAR vs XMAR FMAR vs APRP

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APOC on its own →FMAR 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 ↗FMAR filings on SEC EDGAR ↗First Trust page for FMAR ↗

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, APOC against FMAR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/apoc-vs-fmar

Open data

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