Data as of Nov 4, 2026.
APRP vs ARLU: Cap, Buffer & Days Left
As of Nov 4, 2026 ARLU can fall 12.1% before its buffer engages and APRP 10.5%.
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Net assets: $37m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - April, and $54m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr.
APRP: reference +17.9% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Data to Nov 4, 2026.
APRP: reference +17.9% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Data to Nov 4, 2026.ARLU: reference +17.9% since period start, fund +12.8%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.
ARLU: reference +17.9% since period start, fund +12.8%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.Pair scorecard
APRP costs 0.24 points a year less; their one-year returns differ by 7.5 points; ARLU is 1.5 times larger.
Points (pts) are percentage points.
| Measure | APRP | ARLU |
|---|---|---|
| Return | ||
| Total return, 1 year | +15.2% | +7.7% |
| Drawdown | ||
| Index fall to the buffer | 15.2% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.74% |
| Net assets, as of Nov 3, 2026 | $37m | $54m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | APRP | ARLU | APRP | ARLU |
| 3 months | +1.7% | −1.2% | +2.1 pts | −0.8 pts |
| 6 months | +4.6% | +2.7% | +0.1 pts | −1.7 pts |
| 1 year | +15.2% | +7.7% | +1.7 pts | −5.9 pts |
| Since launchAPRP Apr 2024 · ARLU Apr 2024 | +34.6% | +29.5% | −12.3 pts | −17.3 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
As of Nov 4, 2026. Source: ETFIQ.
APRP is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
APRP resets first, on Mar 31, 2027, 147 days from now; ARLU runs to Mar 31, 2027, 147 days. A fall from here reaches APRP’s buffer after 10.5% and ARLU’s after 12.1%. Both track SPY, so what separates them is where each is in its own period.
APRP
SPY had already risen past this fund's cap of +16.6% 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 4.4% as the period runs out. The fund's price can fall 10.5% 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: 12.0% of the 12.0% 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.
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. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Mar 31, 2027 the period ends and new terms are set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
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, APRP against ARLU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aprp-vs-arlu
ETFIQ. (Nov 4, 2026). APRP against ARLU. Retrieved from https://etfiq.com/compare/buffer/aprp-vs-arlu
[APRP against ARLU (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/aprp-vs-arlu)
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