Which has more room to gain, APOC or PAPR?

From their prices on Oct 1, 2026, APOC can gain about 4.3% before its cap and PAPR about 4.6%, so PAPR has more room left this period.

Which resets first, APOC or PAPR?

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

Which is cheaper, APOC or PAPR?

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

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APOC vs PAPR: which one stands where?

As of Oct 1, 2026 PAPR can fall 8.3% before its buffer engages and APOC 0.0%. Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct and Innovator U.S. Equity Power Buffer ETF - Apr.

0.0%

APOC can fall this far before its buffer

8.3%

PAPR can fall this far before its buffer

4.3%

APOC can still gain

4.6%

PAPR can still gain

APOCFull floor

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

PAPRAt its cap

PAPR: reference +17.3% since period start, fund +8.6%; buffer 0 to −15; cap +14.0%; At its cap.

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

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

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

APOC resets first, on Mar 31, 2027, 182 days from now; PAPR runs to Mar 31, 2027, 182 days. APOC can still gain 4.3% before its cap, PAPR 4.6%. A fall from here reaches APOC’s buffer after 0.0% and PAPR’s after 8.3%. 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	PAPR	APOC	PAPR
3 months	+1.5%	+2.4%	−1.0 pts	−0.1 pts
6 months	+3.1%	+8.0%	−13.9 pts	−8.9 pts
1 year	+2.8%	+12.6%	−12.9 pts	−3.1 pts
3 years	not published	+41.1%	not published	−43.9 pts

APOC and PAPR 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

PAPR

Innovator U.S. Equity Power Buffer ETF - Apr · Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 15%

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

Days left 182 182

Starting cap +4.3% +14.0%

Can still gain 4.3% 4.6%

Fall before buffer 0.0% 8.3%

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% +8.6%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $72m $958m

APOC and PAPR 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.

PAPR in plain words

SPY had already risen past this fund's cap of +14.0% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.6% as the period runs out. The fund's price can fall 8.3% 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 has more room to gain, APOC or PAPR?: From their prices on Oct 1, 2026, APOC can gain about 4.3% before its cap and PAPR about 4.6%, so PAPR has more room left this period.
Which resets first, APOC or PAPR?: APOC ends its outcome period on Mar 31, 2027 and PAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APOC or PAPR?: APOC charges 0.79% a year and PAPR charges 0.79%, so APOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

APOC vs XBOC APOC vs XMAR APOC vs XSEP APOC vs ZALT PAPR vs BOCT PAPR vs BSEP PAPR vs CPSP PAPR vs DAPR

SPY →APOC on its own →PAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

APOC and PAPR filings on SEC EDGAR ↗Innovator page for APOC ↗Innovator page for PAPR ↗

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 PAPR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/apoc-vs-papr

Open data

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