Which has more room to gain, APRT or ZAPR?

From their prices on Oct 9, 2026, APRT can gain about 4.5% before its cap and ZAPR about 2.7%, so APRT has more room left this period.

Which resets first, APRT or ZAPR?

APRT 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, APRT or ZAPR?

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

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APRT vs ZAPR: Cap, Buffer & Days Left

As of Oct 9, 2026 APRT can fall 11.1% before its buffer engages and ZAPR 4.3%. Net assets on Oct 9, 2026: $47m for AllianzIM U.S. Equity Buffer10 ETF - Apr and $68m for Innovator Equity Defined Protection ETF - 1 Yr April.

APRT costs 0.05 points a year less; their one-year returns differ by 10.0 points; ZAPR is 1.4 times larger.

Points (pts) are percentage points.

APRT vs ZAPR: Cap, Buffer & Days Left
	APRT	ZAPR
Expense ratio	0.74%	0.79%
Net assets	$47m	$68m
Total return, 1 year	+16.3%	+6.3%
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

4.3%

ZAPR can fall this far before its buffer

4.5%

APRT can still gain

2.7%

ZAPR 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.

ZAPRAt its cap

ZAPR: reference +19.7% since period start, fund +4.0%; buffer Floor; cap +7.3%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

These are two different products. ZAPR 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; ZAPR runs to Mar 31, 2027, 173 days. APRT can still gain 4.5% before its cap, ZAPR 2.7%. A fall from here reaches APRT’s buffer after 11.1% 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: APRT vs ZAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRT	ZAPR	APRT	ZAPR
3 months	+2.9%	+1.4%	−0.3 pts	−1.7 pts
6 months	+8.4%	+3.2%	−6.2 pts	−11.4 pts
1 year	+16.3%	+6.3%	+0.3 pts	−9.7 pts
3 years	+51.9%	not published	−27.3 pts	not published
Since launch Not the same days: APRT Jun 2020 · ZAPR Apr 2025	+97.4%	+10.7%	−57.4 pts	−28.1 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

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

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 AllianzIM Innovator

Reference index SPY SPY

Buffer 10% 100%

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

Days left 173 173

Starting cap +17.3% +7.3%

Can still gain 4.5% 2.7%

Fall before buffer 11.1% 4.3%

Protection left, index points 10.0% of 10.0% 100.0% of 100.0%

Index return this period +19.7% +19.7%

Fund return this period +11.6% +4.0%

State today At cap At cap

Expense ratio 0.74% 0.79%

Net assets $47m $68m

As of Oct 9, 2026. Source: ETFIQ.

About APRT

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.

About ZAPR

SPY had already risen past this fund's cap of +7.3% 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 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, APRT or ZAPR?: From their prices on Oct 9, 2026, APRT can gain about 4.5% before its cap and ZAPR about 2.7%, so APRT has more room left this period.
Which resets first, APRT or ZAPR?: APRT 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, APRT or ZAPR?: APRT charges 0.74% a year and ZAPR charges 0.79%, so APRT is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRT vs DDFA APRT vs ARLU APRT vs PBAP APRT vs APRP ZAPR vs SIXO ZAPR vs UAPR ZAPR vs APRW ZAPR vs FLAO

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APRT on its own →ZAPR 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 ↗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, APRT against ZAPR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aprt-vs-zapr

Open data

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