Which has more room to gain, APRP or MARM?

From their prices on Oct 13, 2026, APRP can gain about 4.4% before its cap and MARM about 2.1%, so APRP has more room left this period.

Which resets first, APRP or MARM?

APRP ends its outcome period on Mar 31, 2027 and MARM on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, APRP or MARM?

APRP charges 0.50% a year and MARM charges 0.85%, so APRP is cheaper. Fees come from each fund's prospectus.

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APRP vs MARM: Cap, Buffer & Days Left

As of Oct 13, 2026 APRP can fall 10.5% before its buffer engages and MARM 4.6%, and MARM resets 12 days sooner. Net assets on Oct 13, 2026: $32m for PGIM S&P 500 Buffer 12 ETF - April and $107m for FT Vest U.S. Equity Max Buffer ETF - March.

APRP costs 0.35 points a year less; their one-year returns differ by 9.5 points; MARM is 3.3 times larger.

Points (pts) are percentage points.

APRP vs MARM: Cap, Buffer & Days Left
	APRP	MARM
Expense ratio	0.50%	0.85%
Net assets	$32m	$107m
Total return, 1 year	+15.9%	+6.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.4%	16.6%

10.5%

APRP can fall this far before its buffer

4.6%

MARM can fall this far before its buffer

4.4%

APRP can still gain

2.1%

MARM 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.

MARMAt its cap

MARM: reference +20.0% since period start, fund +3.9%; buffer 0 to −78; cap +7.0%; At its cap. Figures to Oct 13, 2026.

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

APRP 24.8

MARM 94.3

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 →

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

MARM resets first, on Mar 19, 2027, 157 days from now; APRP runs to Mar 31, 2027, 169 days. APRP can still gain 4.4% before its cap, MARM 2.1%. A fall from here reaches APRP’s buffer after 10.5% and MARM’s after 4.6%. 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 MARM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRP	MARM	APRP	MARM
3 months	+2.9%	+1.3%	−0.6 pts	−2.2 pts
6 months	+6.9%	+2.7%	−5.2 pts	−9.3 pts
1 year	+15.9%	+6.4%	−1.5 pts	−11.0 pts
Since launch Not the same days: APRP Apr 2024 · MARM Mar 2024	+34.6%	+19.0%	−14.4 pts	−29.7 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

MARM

FT Vest U.S. Equity Max Buffer ETF - March · Absorbs the first 78% of loss on SPY and caps the gain at 7.0%, over a period ending Mar 19, 2027

Issuer PGIM First Trust

Reference index SPY SPY

Buffer 12% 78%

Outcome period Apr 1, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 169 157

Starting cap +16.6% +7.0%

Can still gain 4.4% 2.1%

Fall before buffer 10.5% 4.6%

Protection left, index points 12.0% of 12.0% 77.8% of 77.8%

Index return this period +19.6% +20.0%

Fund return this period +11.2% +3.9%

State today At cap At cap

Expense ratio 0.50% 0.85%

Net assets $32m $107m

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 MARM

SPY had already risen past this fund's cap of +7.0% 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 2.1% as the period runs out. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.6% from today's level to the point where the buffer begins. Protection left, in index points: 77.8% of the 77.8% buffer still sits below today's SPY level. 157 days remained on Oct 13, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, APRP or MARM?: From their prices on Oct 13, 2026, APRP can gain about 4.4% before its cap and MARM about 2.1%, so APRP has more room left this period.
Which resets first, APRP or MARM?: APRP ends its outcome period on Mar 31, 2027 and MARM on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, APRP or MARM?: APRP charges 0.50% a year and MARM charges 0.85%, so APRP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRP vs APOC APRP vs ZAPR APRP vs DDFA APRP vs ARLU MARM vs TAPR MARM vs FLAO MARM vs PMAP MARM vs BAPR

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

Where these figures came from

APRP filings on SEC EDGAR ↗PGIM website ↗MARM filings on SEC EDGAR ↗First Trust page for MARM ↗

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.

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

Open data

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