Which resets first, APRP or ARLU?

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

Which is cheaper, APRP or ARLU?

APRP charges 0.50% a year and ARLU charges 0.74%, so APRP is cheaper. Fees come from each fund's prospectus.

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APRP vs ARLU: Cap, Buffer & Days Left

As of Oct 13, 2026 ARLU can fall 13.5% before its buffer engages and APRP 10.5%. Net assets on Oct 13, 2026: $32m for PGIM S&P 500 Buffer 12 ETF - April and $56m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr.

APRP costs 0.24 points a year less; their one-year returns differ by 4.9 points; ARLU is 1.7 times larger.

Points (pts) are percentage points.

APRP vs ARLU: Cap, Buffer & Days Left
	APRP	ARLU
Expense ratio	0.50%	0.74%
Net assets	$32m	$56m
Total return, 1 year	+15.9%	+11.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.4%

10.5%

APRP can fall this far before its buffer

13.5%

ARLU can fall this far before its buffer

4.4%

APRP can still gain

uncapped

ARLU can still gain

APRPAt its cap

APRP: reference +19.6% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Figures to Oct 13, 2026.

ARLUNo cap

ARLU: reference +19.6% since period start, fund +14.6%; buffer 0 to −15; no cap; No cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · APRP scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

APRP 24.8

ARLU 4.6

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. 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 → How it is computed →

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, 169 days from now; ARLU runs to Mar 31, 2027, 169 days. A fall from here reaches APRP’s buffer after 10.5% and ARLU’s after 13.5%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APRP vs ARLU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRP	ARLU	APRP	ARLU
3 months	+2.9%	+2.6%	−0.6 pts	−0.9 pts
6 months	+6.9%	+9.6%	−5.2 pts	−2.5 pts
1 year	+15.9%	+11.0%	−1.5 pts	−6.3 pts
Since launch APRP Apr 2024 · ARLU Apr 2024	+34.6%	+31.7%	−14.4 pts	−17.3 pts

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

On the same fields

APRP

PGIM S&P 500 Buffer 12 ETF - April · Absorbs the first 12% of loss on SPY and caps the gain at 16.6%, over a period ending Mar 31, 2027

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

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 12% 15%

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

Days left 169 169

Starting cap +16.6% uncapped

Can still gain 4.4% uncapped

Fall before buffer 10.5% 13.5%

Protection left, index points 12.0% of 12.0% 15.0% of 15.0%

Index return this period +19.6% +19.6%

Fund return this period +11.2% +14.6%

State today At cap Uncapped

Expense ratio 0.50% 0.74%

Net assets $32m $56m

As of Oct 13, 2026. Source: ETFIQ.

About APRP

SPY had already risen past this fund's cap of +16.6% for the period on Oct 13, 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 figure. In index terms, SPY can fall 16.4% 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. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About ARLU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 13.5% from here before the buffer starts absorbing losses, by the issuer's figure. 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

Which resets first, APRP or ARLU?: APRP ends its outcome period on Mar 31, 2027 and ARLU on Mar 31, 2027. New terms are set the day after each.
Which is cheaper, APRP or ARLU?: APRP charges 0.50% a year and ARLU charges 0.74%, so APRP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRP vs DDFA APRP vs APRT APRP vs ZAPR APRP vs PBAP ARLU vs CPSP ARLU vs DDTA ARLU vs TAPR ARLU vs FLAO

SPDR S&P 500 ETF Trust →APRP on its own →ARLU on its own →How every figure is computed →Standards and sources →

Where these figures came from

APRP filings on SEC EDGAR ↗PGIM website ↗ARLU filings on SEC EDGAR ↗AllianzIM page for ARLU ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. 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 figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, APRP against ARLU, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aprp-vs-arlu

Open data

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