Which has more room to gain, APRT or PAPR?

From their prices on Oct 2, 2026, APRT can gain about 4.9% before its cap and PAPR about 4.3%, so APRT has more room left this period.

Which resets first, APRT or PAPR?

APRT 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, APRT or PAPR?

APRT charges 0.74% a year and PAPR charges 0.79%, so APRT is cheaper. Fees come from each fund's prospectus.

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APRT vs PAPR: which one stands where?

As of Oct 2, 2026 APRT can fall 10.8% before its buffer engages and PAPR 8.5%. AllianzIM U.S. Equity Buffer10 ETF - Apr and Innovator U.S. Equity Power Buffer ETF - Apr.

APRT costs 0.05 points a year less; their one-year returns differ by 3.1 points; PAPR is 20.4 times larger.

	APRT	PAPR
Expense ratio	0.74%	0.79%
Net assets	$47m	$961m
Total return, 1 year	+15.8%	+12.7%
What it tracks	SPY	SPY
Holdings in common	not published

10.8%

APRT can fall this far before its buffer

8.5%

PAPR can fall this far before its buffer

4.9%

APRT can still gain

4.3%

PAPR can still gain

APRTAt its cap

APRT: reference +18.3% since period start, fund +11.1%; buffer 0 to −10; cap +17.3%; At its cap.

PAPRAt its cap

PAPR: reference +18.3% since period start, fund +8.8%; buffer 0 to −15; cap +14.0%; At its cap.

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

APRT 21.3

PAPR 51.2

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

A percentile among the 294 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. 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

APRT resets first, on Mar 31, 2027, 180 days from now; PAPR runs to Mar 31, 2027, 180 days. APRT can still gain 4.9% before its cap, PAPR 4.3%. A fall from here reaches APRT’s buffer after 10.8% and PAPR’s after 8.5%. 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	APRT	PAPR	APRT	PAPR
3 months	+2.9%	+2.4%	−0.7 pts	−1.2 pts
6 months	+10.4%	+8.1%	−7.5 pts	−9.8 pts
1 year	+15.8%	+12.7%	−0.5 pts	−3.5 pts
3 years	+54.7%	+42.6%	−34.6 pts	−46.7 pts

APRT 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

APRT

AllianzIM U.S. Equity Buffer10 ETF - Apr · Absorbs the first 10% of loss on SPY and caps the gain at 17.3%, 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 AllianzIM Innovator

Reference index SPY SPY

Buffer 10% 15%

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

Days left 180 180

Starting cap +17.3% +14.0%

Can still gain 4.9% 4.3%

Fall before buffer 10.8% 8.5%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +18.3% +18.3%

Fund return this period +11.1% +8.8%

State today At cap At cap

Expense ratio 0.74% 0.79%

Net assets $47m $961m

APRT and PAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

APRT in plain words

SPY had already risen past this fund's cap of +17.3% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.9% as the period runs out. The fund's price can fall 10.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% 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. 180 days remained on Oct 2, 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 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.3% as the period runs out. The fund's price can fall 8.5% 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, APRT or PAPR?: From their prices on Oct 2, 2026, APRT can gain about 4.9% before its cap and PAPR about 4.3%, so APRT has more room left this period.
Which resets first, APRT or PAPR?: APRT 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, APRT or PAPR?: APRT charges 0.74% a year and PAPR charges 0.79%, so APRT is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRT vs DDTA APRT vs DMAR APRT vs FLAO APRT vs FMAR PAPR vs PJUL PAPR vs PJUN PAPR vs PMAR PAPR vs PMAY

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

Where these figures came from

APRT filings on SEC EDGAR ↗AllianzIM page for APRT ↗PAPR filings on SEC EDGAR ↗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, APRT against PAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/aprt-vs-papr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.