Which has more room to gain, APRW or BAPR?

From their prices on Oct 9, 2026, APRW can gain about 3.3% before its cap and BAPR about 5.0%, so BAPR has more room left this period.

Which resets first, APRW or BAPR?

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

Which is cheaper, APRW or BAPR?

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

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APRW vs BAPR: Cap, Buffer & Days Left

As of Oct 9, 2026 BAPR can fall 11.5% before its buffer engages and APRW 7.8%. Net assets: $203m on Oct 8, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Apr, and $417m on Oct 9, 2026 for Innovator U.S. Equity Buffer ETF - Apr.

APRW costs 0.05 points a year less; their one-year returns differ by 6.3 points; BAPR is 2.0 times larger.

	APRW	BAPR
Expense ratio	0.74%	0.79%
Net assets, as of Oct 8, 2026	$203m	$416m
Total return, 1 year	+11.0%	+17.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%

7.8%

APRW can fall this far before its buffer

11.5%

BAPR can fall this far before its buffer

3.3%

APRW can still gain

5.0%

BAPR can still gain

APRWAt its cap

APRW: reference +19.7% since period start, fund +7.6%; buffer 0 to −20; cap +11.9%; At its cap. Figures to Oct 9, 2026.

BAPRAt its cap

BAPR: reference +19.7% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 9, 2026.

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

APRW 61.1

BAPR 14.9

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

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. 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

APRW resets first, on Mar 31, 2027, 173 days from now; BAPR runs to Mar 31, 2027, 173 days. APRW can still gain 3.3% before its cap, BAPR 5.0%. A fall from here reaches APRW’s buffer after 7.8% and BAPR’s after 11.5%. 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	APRW	BAPR	APRW	BAPR
3 months	+2.1%	+2.9%	−1.0 pts	−0.3 pts
6 months	+5.8%	+9.0%	−8.8 pts	−5.6 pts
1 year	+11.0%	+17.3%	−5.0 pts	+1.3 pts
3 years	+34.7%	+55.5%	−44.4 pts	−23.7 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

APRW

AllianzIM U.S. Equity Buffer20 ETF - Apr · Absorbs the first 20% of loss on SPY and caps the gain at 11.9%, over a period ending Mar 31, 2027

BAPR

Innovator U.S. Equity Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 18.5%, over a period ending Mar 31, 2027

Issuer AllianzIM Innovator

Reference index SPY SPY

Buffer 20% 9%

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

Days left 173 173

Starting cap +11.9% +18.5%

Can still gain 3.3% 5.0%

Fall before buffer 7.8% 11.5%

Protection left, index points 20.0% of 20.0% 9.0% of 9.0%

Index return this period +19.7% +19.7%

Fund return this period +7.6% +12.4%

State today At cap At cap

Expense ratio 0.74% 0.79%

Net assets, APRW as of Oct 8, 2026 and BAPR as of Oct 9, 2026 $203m $417m

As of Oct 9, 2026. Source: ETFIQ.

APRW in plain words

SPY had already risen past this fund's cap of +11.9% 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 3.3% as the period runs out. The fund's price can fall 7.8% 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: 20.0% of the 20.0% 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.

BAPR in plain words

SPY had already risen past this fund's cap of +18.5% 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 5.0% as the period runs out. The fund's price can fall 11.5% 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, APRW or BAPR?: From their prices on Oct 9, 2026, APRW can gain about 3.3% before its cap and BAPR about 5.0%, so BAPR has more room left this period.
Which resets first, APRW or BAPR?: APRW ends its outcome period on Mar 31, 2027 and BAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRW or BAPR?: APRW charges 0.74% a year and BAPR charges 0.79%, so APRW is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs DMAR APRW vs PAPR APRW vs FMAR APRW vs PMAP BAPR vs PAUG BAPR vs POCT BAPR vs FOCT BAPR vs PSEP

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

Where these figures came from

APRW filings on SEC EDGAR ↗AllianzIM page for APRW ↗BAPR filings on SEC EDGAR ↗Innovator page for BAPR ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

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, APRW against BAPR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aprw-vs-bapr

Open data

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