Which has more room to gain, APRW or XBAP?

From their prices on Oct 9, 2026, APRW can gain about 3.3% before its cap and XBAP about 3.8%, so XBAP has more room left this period.

Which resets first, APRW or XBAP?

APRW 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, APRW or XBAP?

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

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APRW vs XBAP: Cap, Buffer & Days Left

As of Oct 9, 2026 XBAP can fall 9.8% before its buffer engages and APRW 7.8%. Net assets: $203m on Oct 8, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Apr, and $129m on Oct 9, 2026 for Innovator U.S. Equity Accelerated 9 Buffer ETF - Apr.

APRW costs 0.05 points a year less; their one-year returns differ by 3.1 points; APRW is 1.6 times larger.

	APRW	XBAP
Expense ratio	0.74%	0.79%
Net assets, as of Oct 8, 2026	$203m	$128m
Total return, 1 year	+11.0%	+14.1%
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

9.8%

XBAP can fall this far before its buffer

3.3%

APRW can still gain

3.8%

XBAP 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.

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. 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, 173 days from now; XBAP runs to Mar 31, 2027, 173 days. APRW can still gain 3.3% before its cap, XBAP 3.8%. A fall from here reaches APRW’s buffer after 7.8% 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	APRW	XBAP	APRW	XBAP
3 months	+2.1%	+2.6%	−1.0 pts	−0.6 pts
6 months	+5.8%	+7.6%	−8.8 pts	−7.0 pts
1 year	+11.0%	+14.1%	−5.0 pts	−1.9 pts
3 years	+34.7%	+48.4%	−44.4 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

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

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 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% +15.0%

Can still gain 3.3% 3.8%

Fall before buffer 7.8% 9.8%

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% +10.3%

State today At cap At cap

Expense ratio 0.74% 0.79%

Net assets, APRW as of Oct 8, 2026 and XBAP as of Oct 9, 2026 $203m $129m

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.

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, APRW or XBAP?: From their prices on Oct 9, 2026, APRW can gain about 3.3% before its cap and XBAP about 3.8%, so XBAP has more room left this period.
Which resets first, APRW or XBAP?: APRW 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, APRW or XBAP?: APRW charges 0.74% a year and XBAP charges 0.79%, so APRW is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs UAPR APRW vs PAPR APRW vs FMAR APRW vs TAPR XBAP vs PAPR XBAP vs XMAR XBAP vs UAPR XBAP vs SIXO

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

Open data

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