Which has more room to gain, APRP or ZAPR?

From their prices on Oct 13, 2026, APRP can gain about 4.4% before its cap and ZAPR about 2.7%, so APRP has more room left this period.

Which resets first, APRP or ZAPR?

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

Which is cheaper, APRP or ZAPR?

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

Share on X Download as PDF

Open in the app Compare their flows Ask IQ about these two funds

APRP vs ZAPR: Cap, Buffer & Days Left

As of Oct 13, 2026 APRP can fall 10.5% before its buffer engages and ZAPR 4.3%. Net assets: $32m on Oct 13, 2026 for PGIM S&P 500 Buffer 12 ETF - April, and $68m on Oct 12, 2026 for Innovator Equity Defined Protection ETF - 1 Yr April.

APRP costs 0.29 points a year less; their one-year returns differ by 9.7 points; ZAPR is 2.1 times larger.

Points (pts) are percentage points.

APRP vs ZAPR: Cap, Buffer & Days Left
	APRP	ZAPR
Expense ratio	0.50%	0.79%
Net assets, as of Oct 12, 2026	$32m	$68m
Total return, 1 year	+16.4%	+6.7%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.3%

10.5%

APRP can fall this far before its buffer

4.3%

ZAPR can fall this far before its buffer

4.4%

APRP can still gain

2.7%

ZAPR can still gain

APRPAt its cap

APRP: reference +19.5% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Figures to Oct 13, 2026.

ZAPRAt its cap

ZAPR: reference +19.5% since period start, fund +4.0%; buffer Floor; cap +7.3%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

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, 169 days from now; ZAPR runs to Mar 31, 2027, 169 days. APRP can still gain 4.4% before its cap, ZAPR 2.7%. A fall from here reaches APRP’s buffer after 10.5% and ZAPR’s after 4.3%. 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 ZAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRP	ZAPR	APRP	ZAPR
3 months	+3.0%	+1.6%	−0.8 pts	−2.2 pts
6 months	+7.3%	+3.1%	−6.1 pts	−10.3 pts
1 year	+16.4%	+6.7%	−2.7 pts	−12.5 pts
Since launch Not the same days: APRP Apr 2024 · ZAPR Apr 2025	+34.4%	+10.8%	−14.6 pts	−27.9 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

ZAPR

Innovator Equity Defined Protection ETF - 1 Yr April · Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Mar 31, 2027

Issuer PGIM Innovator

Reference index SPY SPY

Buffer 12% 100%

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

Days left 169 169

Starting cap +16.6% +7.3%

Can still gain 4.4% 2.7%

Fall before buffer 10.5% 4.3%

Protection left, index points 12.0% of 12.0% 100.0% of 100.0%

Index return this period +19.5% +19.5%

Fund return this period +11.2% +4.0%

State today At cap At cap

Expense ratio 0.50% 0.79%

Net assets, APRP as of Oct 13, 2026 and ZAPR as of Oct 12, 2026 $32m $68m

As of Oct 13, 2026. Source: ETFIQ.

About APRP

SPY had already risen past this fund's cap of +16.6% for the period on Oct 13, 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 16.3% 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. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About ZAPR

SPY had already risen past this fund's cap of +7.3% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.7% as the period runs out. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APRP or ZAPR?: From their prices on Oct 13, 2026, APRP can gain about 4.4% before its cap and ZAPR about 2.7%, so APRP has more room left this period.
Which resets first, APRP or ZAPR?: APRP ends its outcome period on Mar 31, 2027 and ZAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRP or ZAPR?: APRP charges 0.50% a year and ZAPR charges 0.79%, so APRP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRP vs PBAP APRP vs CPSP APRP vs DDTA APRP vs TAPR ZAPR vs FLAO ZAPR vs PAPR ZAPR vs FMAR ZAPR vs PBAP

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APRP on its own →ZAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

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 pageCitation, APA and Markdown

ETFIQ, APRP against ZAPR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aprp-vs-zapr

Open data

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