Which has more room to gain, APRW or TAPR?

From their prices on Oct 13, 2026, APRW can gain about 3.2% before its cap and TAPR about 2.5%, so APRW has more room left this period.

Which resets first, APRW or TAPR?

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

Which is cheaper, APRW or TAPR?

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

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APRW vs TAPR: Cap, Buffer & Days Left

As of Oct 13, 2026 TAPR can fall 11.3% before its buffer engages and APRW 7.9%. Net assets on Oct 13, 2026: $204m for AllianzIM U.S. Equity Buffer20 ETF - Apr and $11m for Innovator Equity Defined Protection ETF - Apr 2027.

APRW costs 0.05 points a year less; their one-year returns differ by 6.1 points; APRW is 18.9 times larger.

Points (pts) are percentage points.

APRW vs TAPR: Cap, Buffer & Days Left
	APRW	TAPR
Expense ratio	0.74%	0.79%
Net assets	$204m	$11m
Total return, 1 year	+11.2%	+5.1%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.4%	28.1%

7.9%

APRW can fall this far before its buffer

11.3%

TAPR can fall this far before its buffer

3.2%

APRW can still gain

2.5%

TAPR can still gain

APRWAt its cap

APRW: reference +19.6% since period start, fund +7.7%; buffer 0 to −20; cap +11.9%; At its cap. Figures to Oct 13, 2026.

TAPRAt its cap

TAPR: reference +39.1% since period start, fund +11.2%; buffer Floor; cap +15.3%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

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

APRW resets first, on Mar 31, 2027, 169 days from now; TAPR runs to Mar 31, 2027, 169 days. APRW can still gain 3.2% before its cap, TAPR 2.5%. A fall from here reaches APRW’s buffer after 7.9% and TAPR’s after 11.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APRW vs TAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRW	TAPR	APRW	TAPR
3 months	+2.1%	+1.4%	−1.3 pts	−2.0 pts
6 months	+5.0%	+3.1%	−7.0 pts	−8.9 pts
1 year	+11.2%	+5.1%	−6.2 pts	−12.3 pts
3 years	+35.0%	not published	−45.3 pts	not published
Since launch Not the same days: APRW Jun 2020 · TAPR Apr 2025	+57.3%	+10.7%	−97.4 pts	−28.0 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

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

TAPR

Innovator Equity Defined Protection ETF - Apr 2027 · Absorbs the whole loss on SPY and caps the gain at 15.3%, over a period ending Mar 31, 2027

Issuer AllianzIM Innovator

Reference index SPY SPY

Buffer 20% 100%

Outcome period Apr 1, 2026 to Mar 31, 2027 Mar 31, 2025 to Mar 31, 2027

Days left 169 169

Starting cap +11.9% +15.3%

Can still gain 3.2% 2.5%

Fall before buffer 7.9% 11.3%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +19.6% +39.1%

Fund return this period +7.7% +11.2%

State today At cap At cap

Expense ratio 0.74% 0.79%

Net assets $204m $11m

As of Oct 13, 2026. Source: ETFIQ.

About APRW

SPY had already risen past this fund's cap of +11.9% 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 3.2% as the period runs out. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.4% 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. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About TAPR

SPY had already risen past this fund's cap of +15.3% 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 2.5% as the period runs out. The fund's price can fall 11.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 28.1% from today's level to the point where the buffer begins. 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, APRW or TAPR?: From their prices on Oct 13, 2026, APRW can gain about 3.2% before its cap and TAPR about 2.5%, so APRW has more room left this period.
Which resets first, APRW or TAPR?: APRW ends its outcome period on Mar 31, 2027 and TAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRW or TAPR?: APRW charges 0.74% a year and TAPR charges 0.79%, so APRW is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs FLAO APRW vs DDTA APRW vs PMAP APRW vs CPSP TAPR vs XMAR TAPR vs BAPR TAPR vs GMAR TAPR vs DMAR

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

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, APRW against TAPR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aprw-vs-tapr

Open data

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