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APRT vs PBAP: Cap, Buffer & Days Left

As of Oct 13, 2026 APRT can fall 11.1% before its buffer engages and PBAP 8.1%. Net assets: $47m on Oct 12, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Apr, and $38m on Oct 13, 2026 for PGIM S&P 500 Buffer 20 ETF - April .

PBAP costs 0.24 points a year less; their one-year returns differ by 4.9 points; APRT is 1.3 times larger.

Points (pts) are percentage points.

APRT vs PBAP: Cap, Buffer & Days Left
APRTPBAP
Expense ratio0.74%0.50%
Net assets, as of Oct 12, 2026$47m$38m
Total return, 1 year+17.3%+12.4%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer16.3%
11.1%
APRT can fall this far before its buffer
8.1%
PBAP can fall this far before its buffer
4.5%
APRT can still gain
3.5%
PBAP can still gain
APRTAt its cap
At its capAPRT: reference +19.5% since period start, fund +11.5%; buffer 0 to −10; cap +17.3%; At its cap. Figures to Oct 13, 2026.10 pts of buffer+17.3% gain captured−10.0% floor0% period start+17.3% capTODAY · SPY +19.5%At its capAPRT: reference +19.5% since period start, fund +11.5%; buffer 0 to −10; cap +17.3%; At its cap. Figures to Oct 13, 2026.10 pts+17.3% gained−10.0% floor0% start+17.3% capTODAY · SPY +19.5%

APRT: reference +19.5% since period start, fund +11.5%; buffer 0 to −10; cap +17.3%; At its cap. Figures to Oct 13, 2026.

APRT: reference +19.5% since period start, fund +11.5%; buffer 0 to −10; cap +17.3%; At its cap. Figures to Oct 13, 2026.

PBAPAt its cap
At its capPBAP: reference +19.5% since period start, fund +8.2%; buffer 0 to −20; cap +12.6%; At its cap. Figures to Oct 13, 2026.20 pts of buffer+12.6% gain captured−20.0% floor0% period start+12.6% capTODAY · SPY +19.5%At its capPBAP: reference +19.5% since period start, fund +8.2%; buffer 0 to −20; cap +12.6%; At its cap. Figures to Oct 13, 2026.20 pts+12.6%−20.0% floor0% start+12.6% capTODAY · SPY +19.5%

PBAP: reference +19.5% since period start, fund +8.2%; buffer 0 to −20; cap +12.6%; At its cap. Figures to Oct 13, 2026.

PBAP: reference +19.5% since period start, fund +8.2%; buffer 0 to −20; cap +12.6%; At its cap. Figures to Oct 13, 2026.

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

APRT resets first, on Mar 31, 2027, 169 days from now; PBAP runs to Mar 31, 2027, 169 days. APRT can still gain 4.5% before its cap, PBAP 3.5%. A fall from here reaches APRT’s buffer after 11.1% and PBAP’s after 8.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APRT vs PBAP: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowAPRTPBAPAPRTPBAP
3 months+3.1%+2.4%−0.7 pts−1.4 pts
6 months+7.8%+5.6%−5.6 pts−7.8 pts
1 year+17.3%+12.4%−1.8 pts−6.7 pts
3 years+52.9%not published−27.4 ptsnot published
Since launch
Not the same days: APRT Jun 2020 · PBAP Apr 2024
+97.4%+27.2%−57.2 pts−21.8 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

APRT
AllianzIM U.S. Equity Buffer10 ETF - Apr · Absorbs the first 10% of loss on SPY and caps the gain at 17.3%, over a period ending Mar 31, 2027
PBAP
PGIM S&P 500 Buffer 20 ETF - April · Absorbs the first 20% of loss on SPY and caps the gain at 12.6%, over a period ending Mar 31, 2027
Issuer AllianzIM PGIM
Reference index SPY SPY
Buffer 10% 20%
Outcome period Apr 1, 2026 to Mar 31, 2027 Apr 1, 2026 to Mar 31, 2027
Days left 169 169
Starting cap +17.3% +12.6%
Can still gain 4.5% 3.5%
Fall before buffer 11.1% 8.1%
Protection left, index points 10.0% of 10.0% 20.0% of 20.0%
Index return this period +19.5% +19.5%
Fund return this period +11.5% +8.2%
State today At cap At cap
Expense ratio 0.74% 0.50%
Net assets, APRT as of Oct 12, 2026 and PBAP as of Oct 13, 2026 $47m $38m

As of Oct 13, 2026. Source: ETFIQ.

About APRT

SPY had already risen past this fund's cap of +17.3% 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 4.5% as the period runs out. The fund's price can fall 11.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% 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 PBAP

SPY had already risen past this fund's cap of +12.6% 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 3.5% as the period runs out. The fund's price can fall 8.1% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APRT or PBAP?
From their prices on Oct 13, 2026, APRT can gain about 4.5% before its cap and PBAP about 3.5%, so APRT has more room left this period.
Which resets first, APRT or PBAP?
APRT ends its outcome period on Mar 31, 2027 and PBAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRT or PBAP?
APRT charges 0.74% a year and PBAP charges 0.50%, so PBAP is cheaper. Fees come from each fund's prospectus.
Other comparisons
APRT vs TAPRAPRT vs FLAOAPRT vs PMAPAPRT vs PAPRPBAP vs SIXOPBAP vs UAPRPBAP vs XMARPBAP vs APRW
SPDR® S&P 500® ETF Trust →APRT on its own →PBAP on its own →How every figure is computed →Standards and sources →
Where these figures came from
APRT filings on SEC EDGAR ↗AllianzIM page for APRT ↗PBAP filings on SEC EDGAR ↗PGIM website ↗

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, APRT against PBAP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aprt-vs-pbap

Open data

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