Data as of Nov 4, 2026.
APRP vs ZAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 APRP can fall 10.5% before its buffer engages and ZAPR 4.5%.
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Net assets on Nov 4, 2026: $37m for PGIM S&P 500 Buffer 12 ETF - April and $68m for Innovator Equity Defined Protection ETF - 1 Yr April.
APRP: reference +17.9% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Data to Nov 4, 2026.
APRP: reference +17.9% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Data to Nov 4, 2026.ZAPR: reference +17.9% since period start, fund +4.2%; buffer Floor; cap +7.3%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
APRP costs 0.29 points a year less; their one-year returns differ by 8.8 points; ZAPR is 1.8 times larger.
Points (pts) are percentage points.
| Measure | APRP | ZAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +15.2% | +6.4% |
| Drawdown | ||
| Index fall to the buffer | 15.2% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $37m | $68m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | APRP | ZAPR | APRP | ZAPR |
| 3 months | +1.7% | +1.2% | +2.1 pts | +1.5 pts |
| 6 months | +4.6% | +2.6% | +0.1 pts | −1.9 pts |
| 1 year | +15.2% | +6.4% | +1.7 pts | −7.1 pts |
| Since launchNot the same days: APRP Apr 2024 · ZAPR Apr 2025 | +34.6% | +10.9% | −12.3 pts | −25.8 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZAPR is a floor fund, which caps how far a holder can fall. APRP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
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, 147 days from now; ZAPR runs to Mar 31, 2027, 147 days. APRP can still gain 4.4% before its cap, ZAPR 2.5%. A fall from here reaches APRP’s buffer after 10.5% and ZAPR’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.
APRP
SPY had already risen past this fund's cap of +16.6% for the period on Nov 4, 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 number. In index terms, SPY can fall 15.2% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
ZAPR
SPY had already risen past this fund's cap of +7.3% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.5% as the period runs out. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
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How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, APRP against ZAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aprp-vs-zapr
ETFIQ. (Nov 4, 2026). APRP against ZAPR. Retrieved from https://etfiq.com/compare/buffer/aprp-vs-zapr
[APRP against ZAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/aprp-vs-zapr)
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