AAPR · Innovator Equity Defined Protection ETF - Apr 2028
AAPR can gain 11.2% more before its cap and can fall 4.0% before its buffer engages. It resets in 574 days.
Where it sits today
SPY has returned +18.4% since this period started on Mar 31, 2026, which puts AAPR above its cap. The buffer runs from +0.0% to −100.0% and the cap sits at +15.7%, both in SPY terms. Green is the buffered zone, amber is past the cap, red is loss below the floor.
Period by period
| Window | Total return | SPY | Gap to SPY |
|---|---|---|---|
| 3 months | +1.6% | +4.7% | −3.1 pts |
| 6 months | +4.4% | +15.2% | −10.8 pts |
| 1 year | +7.6% | +20.0% | −12.4 pts |
In plain words
The fund's own price can still drift up to about 11.2% as the period runs out. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.6% 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. 574 days remained on Sep 4, 2026. On Mar 31, 2028 the period ends and a new cap is set.
| Reference index | SPY |
|---|---|
| Buffer | |
| Outcome period | Mar 31, 2026 to Mar 31, 2028 |
| Starting cap | +15.7% |
| SPY return since period start | +18.4% |
| Fund return since period start | +3.8% |
| Band state today (ETFIQ) | At cap |
| Can still gain (issuer, fund price) | 11.2% |
| Fall before buffer (issuer, fund price) | 4.0% |
| Fall to the buffer in index terms (ETFIQ) | 15.6% |
| Protection left in index points (ETFIQ) | 100.0% of 100.0% |
| Days left in period | 574 |
| Expense ratio | 0.79% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How this desk computes every figure
Questions people ask
- How much can AAPR still gain?
- Nothing more in index terms on Sep 4, 2026. SPY has already passed the cap of +15.7% for this period, which runs from Mar 31, 2026 to Mar 31, 2028.
- How far can AAPR fall before the buffer helps?
- 4.0% in fund-price terms on Sep 4, 2026, by the issuer's figure. In index terms SPY can fall 15.6% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the AAPR buffer is left?
- 100.0% of the 100.0% buffer sat below the SPY level on Sep 4, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does AAPR reset?
- The outcome period ends on Mar 31, 2028, 574 days from the data on Sep 4, 2026. A new cap is set the next day and the buffer starts again.
- What does AAPR cost?
- The prospectus expense ratio is 0.79% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term this desk uses, defined in full on the buffer desk vocabulary page.
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.
Funds near this one
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Cite this page. ETFIQ, AAPR on the buffer desk, data as of Sep 4, 2026. https://etfiq.com/funds/AAPR.html Free to use with attribution; the underlying files are at Open data.