Which has more room to gain, PAPR or ZAPR?

From their prices on Nov 4, 2026, PAPR can gain about 3.8% before its cap and ZAPR about 2.5%, so PAPR has more room left this period.

Which resets first, PAPR or ZAPR?

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

Which is cheaper, PAPR or ZAPR?

PAPR and ZAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PAPR vs ZAPR: Cap, Buffer & Days Left

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As of Nov 4, 2026 PAPR can fall 9.0% before its buffer engages and ZAPR 4.5%.

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Net assets on Nov 4, 2026: $963m for Innovator U.S. Equity Power Buffer ETF - Apr and $68m for Innovator Equity Defined Protection ETF - 1 Yr April.

PAPR on its own →ZAPR on its own →

At a glance

9.0%

PAPR can fall this far before its buffer

4.5%

ZAPR can fall this far before its buffer

3.8%

PAPR can still gain

2.5%

ZAPR can still gain

PAPR At its cap

PAPR: reference +17.9% since period start, fund +9.3%; buffer 0 to −15; cap +14.0%; At its 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

Both cost 0.79% a year; their one-year returns differ by 6.6 points; PAPR is 14.2 times larger.

Points (pts) are percentage points.

PAPR vs ZAPR: Cap, Buffer & Days Left
Measure	PAPR	ZAPR
Return
Measure	PAPR	ZAPR
Total return, 1 year	+13.0%	+6.4%
Drawdown
Measure	PAPR	ZAPR
Index fall to the buffer	15.2%
Benchmark
Measure	PAPR	ZAPR
What it tracks	SPY	SPY
Cost and size
Measure	PAPR	ZAPR
Expense ratio	0.79%	0.79%
Net assets	$963m	$68m
Holdings
Measure	PAPR	ZAPR
Holdings in common	not published

Method

Window by window

Window by window: PAPR vs ZAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PAPR	ZAPR	PAPR	ZAPR
3 months	+1.7%	+1.2%	+2.1 pts	+1.5 pts
6 months	+4.3%	+2.6%	−0.2 pts	−1.9 pts
1 year	+13.0%	+6.4%	−0.6 pts	−7.1 pts
3 years	+40.5%	–	−35.9 pts	–
Since launchNot the same days: PAPR Apr 2019 · ZAPR Apr 2025	+77.7%	+10.9%	−90.6 pts	−25.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 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 Innovator Innovator

Reference index SPY SPY

Buffer 15% 100%

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

Days left 147 147

Starting cap +14.0% +7.3%

Can still gain 3.8% 2.5%

Fall before buffer 9.0% 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 +9.3% +4.2%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets $963m $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. PAPR 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.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

PAPR resets first, on Mar 31, 2027, 147 days from now; ZAPR runs to Mar 31, 2027, 147 days. PAPR can still gain 3.8% before its cap, ZAPR 2.5%. A fall from here reaches PAPR’s buffer after 9.0% 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

PAPR

SPY had already risen past this fund's cap of +14.0% 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 3.8% as the period runs out. The fund's price can fall 9.0% 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 a new cap is 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.

Questions people ask

Which has more room to gain, PAPR or ZAPR?: From their prices on Nov 4, 2026, PAPR can gain about 3.8% before its cap and ZAPR about 2.5%, so PAPR has more room left this period.
Which resets first, PAPR or ZAPR?: PAPR ends its outcome period on Mar 31, 2027 and ZAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, PAPR or ZAPR?: PAPR and ZAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAPR vs AAPR PAPR vs DDFA PAPR vs ARLU PAPR vs APRT ZAPR vs BAPR ZAPR vs APRW ZAPR vs UAPR ZAPR vs XBAP

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →PAPR on its own →ZAPR on its own →Method →Standards and sources →

Sources and dates

PAPR and ZAPR filings on SEC EDGAR ↗

Innovator page for PAPR ↗

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.

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

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