Data as of .
ARLU vs PAPR: which one stands where?
As of Sep 21, 2026 ARLU can fall 13.1% before its buffer engages and PAPR 8.3%, and PAPR resets 1 days sooner.
ETFIQ Downside Cover Score: PAPR scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
PAPR resets first, on Mar 31, 2027, 191 days from now; ARLU runs to Mar 31, 2027, 192 days. A fall from here reaches ARLU’s buffer after 13.1% and PAPR’s after 8.3%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| ARLU | PAPR | ARLU | PAPR | |
| 3 months | +0.9% | +2.0% | −1.4 pts | −0.3 pts |
| 6 months | +12.6% | +9.1% | −5.4 pts | −8.9 pts |
| 1 year | +9.3% | +12.2% | −7.3 pts | −4.3 pts |
| 3 years | not published | +38.1% | not published | −40.3 pts |
| ARLU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Mar 31, 2027 | PAPR Innovator U.S. Equity Power Buffer ETF - Apr Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027 | |
|---|---|---|
| Issuer | AllianzIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 15% |
| Outcome period | Apr 1, 2026 to Mar 31, 2027 | Mar 31, 2026 to Mar 31, 2027 |
| Days left | 192 | 191 |
| Starting cap | uncapped | +14.0% |
| Can still gain | uncapped | 4.6% |
| Fall before buffer | 13.1% | 8.3% |
| Protection left, index points | 15.0% of 15.0% | 15.0% of 15.0% |
| Index return this period | +19.0% | +19.0% |
| Fund return this period | +14.1% | +8.6% |
| State today | Uncapped | At cap |
| Expense ratio | 0.74% | 0.79% |
| Net assets | $55m | $960m |
ARLU in plain words
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 13.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 192 days remained on Sep 21, 2026. On Mar 31, 2027 the period ends and a new cap is set.
PAPR in plain words
SPY had already risen past this fund's cap of +14.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.6% as the period runs out. The fund's price can fall 8.3% from here before the buffer starts absorbing losses, by the issuer's figure. 191 days remained on Sep 21, 2026.
Questions people ask
- Which resets first, ARLU or PAPR?
- ARLU ends its outcome period on Mar 31, 2027 and PAPR on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, ARLU or PAPR?
- ARLU charges 0.74% a year and PAPR charges 0.79%, so ARLU is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ARLU against PAPR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/arlu-vs-papr Free to use with attribution; the underlying files are at Open data.