# AAPR (Innovator Equity Defined Protection ETF - Apr 2028)

Innovator · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, AAPR has reached its cap.

## Key facts

- AAPR, past the cap, price drift left: 11.6%, as of Sep 11, 2026.
- AAPR, fall before the buffer: 3.6%, as of Sep 11, 2026.
- AAPR, protection left, index points: 100.0%, as of Sep 11, 2026.
- AAPR, days to reset: 567, as of Sep 11, 2026.
- AAPR, net assets: $73m (issuer page, as of Sep 11, 2026).
- AAPR, expense ratio: 0.79% (issuer page, Sep 11, 2026).

## AAPR over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +1.0% | +3.3% | −2.3 pts |
| 6 months | +3.8% | +16.0% | −12.2 pts |
| 1 year | +6.7% | +17.5% | −10.8 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 100% | ETFIQ |
| Outcome period | Mar 31, 2026 to Mar 31, 2028 | ETFIQ |
| Starting cap | +15.7% | ETFIQ |
| SPY return since period start | +17.5% | ETFIQ |
| Fund return since period start | +3.4% | ETFIQ |
| Net assets | $73m | issuer page, as of Sep 11, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 11.6% | issuer, fund price |
| Fall before buffer | 3.6% | issuer, fund price |
| Fall to the buffer in index terms | 14.9% | ETFIQ |
| Protection left in index points | 100.0% of 100.0% | ETFIQ |
| Days left in period | 567 | ETFIQ |
| Expense ratio | 0.79% | issuer page, Sep 11, 2026 |

## Questions

### How much can AAPR still gain?

Nothing more in index terms on Sep 11, 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?

3.6% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 14.9% 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 11, 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, 567 days from the data on Sep 11, 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.


## Cite this page

ETFIQ, AAPR, data as of Sep 11, 2026. https://etfiq.com/funds/aapr
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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