Which has more room to gain, APRT or XBAP?

From their prices on Oct 9, 2026, APRT can gain about 4.5% before its cap and XBAP about 3.8%, so APRT has more room left this period.

Which resets first, APRT or XBAP?

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

Which is cheaper, APRT or XBAP?

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

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APRT vs XBAP: Cap, Buffer & Days Left

As of Oct 9, 2026 APRT can fall 11.1% before its buffer engages and XBAP 9.8%. Net assets: $47m on Oct 8, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Apr, and $129m on Oct 9, 2026 for Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr.

APRT costs 0.05 points a year less; their one-year returns differ by 2.2 points; XBAP is 2.7 times larger.

	APRT	XBAP
Expense ratio	0.74%	0.79%
Net assets, as of Oct 8, 2026	$47m	$128m
Total return, 1 year	+16.3%	+14.1%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%

11.1%

APRT can fall this far before its buffer

9.8%

XBAP can fall this far before its buffer

4.5%

APRT can still gain

3.8%

XBAP can still gain

APRTAt its cap

APRT: reference +19.7% since period start, fund +11.6%; buffer 0 to −10; cap +17.3%; At its cap. Figures to Oct 9, 2026.

XBAPAt its cap

XBAP: reference +19.7% since period start, fund +10.3%; buffer 0 to −9; cap +15.0%; At its cap. Figures to Oct 9, 2026.

These are two different products. XBAP is a floor fund, which caps how far a holder can fall. APRT 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

APRT resets first, on Mar 31, 2027, 173 days from now; XBAP runs to Mar 31, 2027, 173 days. APRT can still gain 4.5% before its cap, XBAP 3.8%. A fall from here reaches APRT’s buffer after 11.1% and XBAP’s after 9.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	APRT	XBAP	APRT	XBAP
3 months	+2.9%	+2.6%	−0.3 pts	−0.6 pts
6 months	+8.4%	+7.6%	−6.2 pts	−7.0 pts
1 year	+16.3%	+14.1%	+0.3 pts	−1.9 pts
3 years	+51.9%	+48.4%	−27.3 pts	−30.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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

XBAP

Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 15.0%, over a period ending Mar 31, 2027

Issuer AllianzIM Innovator

Reference index SPY SPY

Buffer 10% 9%

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

Days left 173 173

Starting cap +17.3% +15.0%

Can still gain 4.5% 3.8%

Fall before buffer 11.1% 9.8%

Protection left, index points 10.0% of 10.0% 9.0% of 9.0%

Index return this period +19.7% +19.7%

Fund return this period +11.6% +10.3%

State today At cap At cap

Expense ratio 0.74% 0.79%

Net assets, APRT as of Oct 8, 2026 and XBAP as of Oct 9, 2026 $47m $129m

As of Oct 9, 2026. Source: ETFIQ.

APRT in plain words

SPY had already risen past this fund's cap of +17.3% 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 4.5% as the period runs out. The fund's price can fall 11.1% 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: 10.0% of the 10.0% 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.

XBAP in plain words

SPY had already risen past this fund's cap of +15.0% 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 3.8% as the period runs out. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APRT or XBAP?: From their prices on Oct 9, 2026, APRT can gain about 4.5% before its cap and XBAP about 3.8%, so APRT has more room left this period.
Which resets first, APRT or XBAP?: APRT ends its outcome period on Mar 31, 2027 and XBAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRT or XBAP?: APRT charges 0.74% a year and XBAP charges 0.79%, so APRT is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRT vs UAPR APRT vs BAPR APRT vs GMAR APRT vs DMAR XBAP vs ZAPR XBAP vs SIXO XBAP vs DDTA XBAP vs UAPR

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APRT on its own →XBAP 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 ↗XBAP filings on SEC EDGAR ↗Innovator page for XBAP ↗

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 page

ETFIQ, APRT against XBAP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aprt-vs-xbap

Open data

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