Which has more room to gain, APRP or FLAO?

From their prices on Oct 9, 2026, APRP can gain about 4.4% before its cap and FLAO about 5.7%, so FLAO has more room left this period.

Which resets first, APRP or FLAO?

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

Which is cheaper, APRP or FLAO?

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

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APRP vs FLAO: Cap, Buffer & Days Left

As of Oct 9, 2026 APRP can fall 10.5% before its buffer engages and FLAO 6.3%. Net assets: $32m on Oct 9, 2026 for PGIM S&P 500 Buffer 12 ETF - April, and $9m on Oct 8, 2026 for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF - Apr.

APRP costs 0.24 points a year less; their one-year returns differ by 12.0 points; APRP is 3.7 times larger.

	APRP	FLAO
Expense ratio	0.50%	0.74%
Net assets, as of Oct 8, 2026	$32m	$9m
Total return, 1 year	+15.5%	+3.5%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%	6.9%

10.5%

APRP can fall this far before its buffer

6.3%

FLAO can fall this far before its buffer

4.4%

APRP can still gain

5.7%

FLAO can still gain

APRPAt its cap

APRP: reference +19.7% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Figures to Oct 9, 2026.

FLAOFull floor

FLAO: reference +2.1% since period start, fund +1.0%; buffer −5 to floor; cap +7.1%; Full floor. Figures to Oct 9, 2026.

These are two different products. FLAO is a floor fund, which caps how far a holder can fall. APRP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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, 173 days from now; FLAO runs to Mar 31, 2027, 173 days. APRP can still gain 4.4% before its cap, FLAO 5.7%. A fall from here reaches APRP’s buffer after 10.5% and FLAO’s after 6.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	APRP	FLAO	APRP	FLAO
3 months	+2.8%	+2.3%	−0.3 pts	−0.9 pts
6 months	+7.9%	+5.3%	−6.7 pts	−9.3 pts
1 year	+15.5%	+3.5%	−0.5 pts	−12.5 pts

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

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

FLAO

AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF - Apr · Absorbs losses from 5.0% to 100.0% on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 12% 5% to 100%

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

Days left 173 173

Starting cap +16.6% +7.1%

Can still gain 4.4% 5.7%

Fall before buffer 10.5% 6.3%

Protection left, index points 12.0% of 12.0% 95.0% of 95.0%

Index return this period +19.7% +2.1%

Fund return this period +11.2% +1.0%

State today At cap Open

Expense ratio 0.50% 0.74%

Net assets, APRP as of Oct 9, 2026 and FLAO as of Oct 8, 2026 $32m $9m

As of Oct 9, 2026. Source: ETFIQ.

APRP in plain words

SPY had already risen past this fund's cap of +16.6% for the period on Oct 9, 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 16.5% 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. 173 days remained on Oct 9, 2026. On Mar 31, 2027 the period ends and a new cap is set.

FLAO in plain words

From its price on Oct 9, 2026, the fund can gain about 5.7% more before it reaches its cap. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.9% from today's level to the point where the buffer begins. Protection left, in index points: 95.0% of the 95.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APRP or FLAO?: From their prices on Oct 9, 2026, APRP can gain about 4.4% before its cap and FLAO about 5.7%, so FLAO has more room left this period.
Which resets first, APRP or FLAO?: APRP ends its outcome period on Mar 31, 2027 and FLAO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRP or FLAO?: APRP charges 0.50% a year and FLAO charges 0.74%, so APRP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRP vs TAPR APRP vs PMAP APRP vs DDTA APRP vs CPSP FLAO vs DDTO FLAO vs SEPM FLAO vs QBSV FLAO vs TOCT

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APRP on its own →FLAO on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

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 page

ETFIQ, APRP against FLAO, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aprp-vs-flao

Open data

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