Which has more room to gain, APRP or XMAR?

From their prices on Oct 9, 2026, APRP can gain about 4.4% before its cap and XMAR about 2.8%, so APRP has more room left this period.

Which resets first, APRP or XMAR?

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

Which is cheaper, APRP or XMAR?

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

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APRP vs XMAR: Cap, Buffer & Days Left

As of Oct 9, 2026 APRP can fall 10.5% before its buffer engages and XMAR 8.5%, and XMAR resets 12 days sooner. Net assets on Oct 9, 2026: $32m for PGIM S&P 500 Buffer 12 ETF - April and $160m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March.

APRP costs 0.35 points a year less; their one-year returns differ by 4.0 points; XMAR is 5.0 times larger.

Points (pts) are percentage points.

APRP vs XMAR: Cap, Buffer & Days Left
	APRP	XMAR
Expense ratio	0.50%	0.85%
Net assets	$32m	$160m
Total return, 1 year	+15.5%	+11.5%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%	16.7%

10.5%

APRP can fall this far before its buffer

8.5%

XMAR can fall this far before its buffer

4.4%

APRP can still gain

2.8%

XMAR 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.

XMARAt its cap

XMAR: reference +20.0% since period start, fund +8.3%; buffer 0 to −15; cap +12.2%; At its cap. Figures to Oct 9, 2026.

These are two different products. XMAR 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.

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

Where each one stands today

XMAR resets first, on Mar 19, 2027, 161 days from now; APRP runs to Mar 31, 2027, 173 days. APRP can still gain 4.4% before its cap, XMAR 2.8%. A fall from here reaches APRP’s buffer after 10.5% and XMAR’s after 8.5%. 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 XMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRP	XMAR	APRP	XMAR
3 months	+2.8%	+2.2%	−0.3 pts	−0.9 pts
6 months	+7.9%	+5.9%	−6.7 pts	−8.7 pts
1 year	+15.5%	+11.5%	−0.5 pts	−4.5 pts
3 years	not published	+37.8%	not published	−41.4 pts
Since launch Not the same days: APRP Apr 2024 · XMAR Mar 2023	+34.5%	+47.0%	−14.6 pts	−50.8 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

XMAR

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March · Absorbs the first 15% of loss on SPY and caps the gain at 12.2%, over a period ending Mar 19, 2027

Issuer PGIM First Trust

Reference index SPY SPY

Buffer 12% 15%

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

Days left 173 161

Starting cap +16.6% +12.2%

Can still gain 4.4% 2.8%

Fall before buffer 10.5% 8.5%

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

Index return this period +19.7% +20.0%

Fund return this period +11.2% +8.3%

State today At cap At cap

Expense ratio 0.50% 0.85%

Net assets $32m $160m

As of Oct 9, 2026. Source: ETFIQ.

About APRP

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.

About XMAR

SPY had already risen past this fund's cap of +12.2% 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 2.8% as the period runs out. The fund's price can fall 8.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.7% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 161 days remained on Oct 9, 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 XMAR?: From their prices on Oct 9, 2026, APRP can gain about 4.4% before its cap and XMAR about 2.8%, so APRP has more room left this period.
Which resets first, APRP or XMAR?: APRP ends its outcome period on Mar 31, 2027 and XMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, APRP or XMAR?: APRP charges 0.50% a year and XMAR charges 0.85%, so APRP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRP vs XBAP APRP vs ZAPR APRP vs BAPR APRP vs GMAR XMAR vs DDTA XMAR vs FLAO XMAR vs PMAP XMAR vs BAPR

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

Where these figures came from

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

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 pageCitation, APA and Markdown

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

Open data

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