Which has more room to gain, APRP or PAPR?

From their prices on Oct 9, 2026, APRP can gain about 4.4% before its cap and PAPR about 3.9%, so APRP has more room left this period.

Which resets first, APRP or PAPR?

APRP 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, APRP or PAPR?

APRP charges 0.50% a year and PAPR charges 0.79%, so APRP is cheaper. Fees come from each fund's prospectus.

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APRP vs PAPR: Cap, Buffer & Days Left

As of Oct 9, 2026 APRP can fall 10.5% before its buffer engages and PAPR 8.9%. Net assets on Oct 9, 2026: $32m for PGIM S&P 500 Buffer 12 ETF - April and $964m for Innovator U.S. Equity Power Buffer ETF - Apr.

APRP costs 0.29 points a year less; their one-year returns differ by 2.5 points; PAPR is far larger, $964m against $32m.

Points (pts) are percentage points.

APRP vs PAPR: Cap, Buffer & Days Left
	APRP	PAPR
Expense ratio	0.50%	0.79%
Net assets	$32m	$964m
Total return, 1 year	+15.5%	+13.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%

10.5%

APRP can fall this far before its buffer

8.9%

PAPR can fall this far before its buffer

4.4%

APRP can still gain

3.9%

PAPR can still gain

APRPAt its cap

APRP: reference +19.7% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Figures to Oct 9, 2026.

PAPRAt its cap

PAPR: reference +19.7% since period start, fund +9.2%; buffer 0 to −15; cap +14.0%; At its cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · PAPR scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

APRP 24.5

PAPR 52.6

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

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

Where each one stands today

APRP resets first, on Mar 31, 2027, 173 days from now; PAPR runs to Mar 31, 2027, 173 days. APRP can still gain 4.4% before its cap, PAPR 3.9%. A fall from here reaches APRP’s buffer after 10.5% and PAPR’s after 8.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APRP vs PAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRP	PAPR	APRP	PAPR
3 months	+2.8%	+2.4%	−0.3 pts	−0.7 pts
6 months	+7.9%	+6.6%	−6.7 pts	−8.0 pts
1 year	+15.5%	+13.0%	−0.5 pts	−3.0 pts
3 years	not published	+40.5%	not published	−38.7 pts
Since launch Not the same days: APRP Apr 2024 · PAPR Apr 2019	+34.5%	+77.3%	−14.6 pts	−95.1 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

APRP

PGIM S&P 500 Buffer 12 ETF - April · Absorbs the first 12% of loss on SPY and caps the gain at 16.6%, 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 PGIM Innovator

Reference index SPY SPY

Buffer 12% 15%

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

Days left 173 173

Starting cap +16.6% +14.0%

Can still gain 4.4% 3.9%

Fall before buffer 10.5% 8.9%

Protection left, index points 12.0% of 12.0% 15.0% of 15.0%

Index return this period +19.7% +19.7%

Fund return this period +11.2% +9.2%

State today At cap At cap

Expense ratio 0.50% 0.79%

Net assets $32m $964m

As of Oct 9, 2026. Source: ETFIQ.

About APRP

SPY had already risen past this fund's cap of +16.6% 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 4.4% as the period runs out. The fund's price can fall 10.5% 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: 12.0% of the 12.0% 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.

About PAPR

SPY had already risen past this fund's cap of +14.0% 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 3.9% as the period runs out. The fund's price can fall 8.9% from here before the buffer starts absorbing losses, by the issuer's figure. 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, APRP or PAPR?: From their prices on Oct 9, 2026, APRP can gain about 4.4% before its cap and PAPR about 3.9%, so APRP has more room left this period.
Which resets first, APRP or PAPR?: APRP 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, APRP or PAPR?: APRP charges 0.50% a year and PAPR charges 0.79%, so APRP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRP vs MARM APRP vs DDTA APRP vs TAPR APRP vs FLAO PAPR vs FLAO PAPR vs PMAP PAPR vs UJUL PAPR vs BOCT

SPDR S&P 500 ETF Trust →APRP on its own →PAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

APRP filings on SEC EDGAR ↗PGIM website ↗PAPR filings on SEC EDGAR ↗Innovator page for PAPR ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

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.

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ETFIQ, APRP against PAPR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aprp-vs-papr

Open data

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