Which resets first, ARLU or ZAPR?

ARLU ends its outcome period on Mar 31, 2027 and ZAPR on Mar 31, 2027. New terms are set the day after each.

Which is cheaper, ARLU or ZAPR?

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

Data as of Nov 4, 2026.

Buffer ETFs

ARLU vs ZAPR: Cap, Buffer & Days Left

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As of Nov 4, 2026 ARLU can fall 12.1% before its buffer engages and ZAPR 4.5%.

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Net assets: $54m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr, and $68m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr April.

ARLU on its own →ZAPR on its own →

At a glance

12.1%

ARLU can fall this far before its buffer

4.5%

ZAPR can fall this far before its buffer

uncapped

ARLU can still gain

2.5%

ZAPR can still gain

ARLU No cap

ARLU: reference +17.9% since period start, fund +12.8%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

ZAPR At its cap

ZAPR: reference +17.9% since period start, fund +4.2%; buffer Floor; cap +7.3%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

ARLU costs 0.05 points a year less; their one-year returns differ by 1.3 points; ZAPR is 1.3 times larger.

Points (pts) are percentage points.

ARLU vs ZAPR: Cap, Buffer & Days Left
Measure	ARLU	ZAPR
Return
Measure	ARLU	ZAPR
Total return, 1 year	+7.7%	+6.4%
Drawdown
Measure	ARLU	ZAPR
Index fall to the buffer	15.2%
Benchmark
Measure	ARLU	ZAPR
What it tracks	SPY	SPY
Cost and size
Measure	ARLU	ZAPR
Expense ratio	0.74%	0.79%
Net assets, as of Nov 3, 2026	$54m	$68m
Holdings
Measure	ARLU	ZAPR
Holdings in common	not published

Method

Window by window

Window by window: ARLU vs ZAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	ARLU	ZAPR	ARLU	ZAPR
3 months	−1.2%	+1.2%	−0.8 pts	+1.5 pts
6 months	+2.7%	+2.6%	−1.7 pts	−1.9 pts
1 year	+7.7%	+6.4%	−5.9 pts	−7.1 pts
Since launchNot the same days: ARLU Apr 2024 · ZAPR Apr 2025	+29.5%	+10.9%	−17.3 pts	−25.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 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 15% 100%

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

Days left 147 147

Starting cap uncapped +7.3%

Can still gain uncapped 2.5%

Fall before buffer 12.1% 4.5%

Protection left, index points 15.0% of 15.0% 100.0% of 100.0%

Index return this period +17.9% +17.9%

Fund return this period +12.8% +4.2%

State today Uncapped At cap

Expense ratio 0.74% 0.79%

Net assets, ARLU as of Nov 3, 2026 and ZAPR as of Nov 4, 2026 $54m $68m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. ZAPR is a floor fund, which caps how far a holder can fall. ARLU is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

ZAPR is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

ARLU resets first, on Mar 31, 2027, 147 days from now; ZAPR runs to Mar 31, 2027, 147 days. A fall from here reaches ARLU’s buffer after 12.1% and ZAPR’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

ARLU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 12.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and new terms are set.

ZAPR

SPY had already risen past this fund's cap of +7.3% for the period on Nov 4, 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 4.5% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, ARLU or ZAPR?: ARLU ends its outcome period on Mar 31, 2027 and ZAPR on Mar 31, 2027. New terms are set the day after each.
Which is cheaper, ARLU or ZAPR?: ARLU charges 0.74% a year and ZAPR charges 0.79%, so ARLU is cheaper. Fees come from each fund's prospectus.

Other comparisons

ARLU vs AAPR ARLU vs DDFA ARLU vs APOC ARLU vs APRT ZAPR vs CPSP ZAPR vs FLAO ZAPR vs PAPR ZAPR vs DDFA

Where to next

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →ARLU on its own →ZAPR on its own →Method →Standards and sources →

Sources and dates

ARLU filings on SEC EDGAR ↗

AllianzIM page for ARLU ↗

ZAPR filings on SEC EDGAR ↗

Innovator page for ZAPR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, ARLU against ZAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/arlu-vs-zapr

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