Which resets first, APRW or ARLU?

APRW 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, APRW or ARLU?

APRW and ARLU both charge 0.74% a year, so neither is cheaper. Fees come from each fund's prospectus.

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APRW vs ARLU: Cap, Buffer & Days Left

As of Oct 9, 2026 ARLU can fall 13.6% before its buffer engages and APRW 7.8%. Net assets on Oct 8, 2026: $203m for AllianzIM U.S. Equity Buffer20 ETF - Apr and $56m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Apr.

Both cost 0.74% a year; their one-year returns differ by 1.0 point; APRW is 3.7 times larger.

	APRW	ARLU
Expense ratio	0.74%	0.74%
Net assets, as of Oct 8, 2026	$203m	$56m
Total return, 1 year	+11.0%	+10.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%

7.8%

APRW can fall this far before its buffer

13.6%

ARLU can fall this far before its buffer

3.3%

APRW can still gain

uncapped

ARLU can still gain

APRWAt its cap

APRW: reference +19.7% since period start, fund +7.6%; buffer 0 to −20; cap +11.9%; At its cap. Figures to Oct 9, 2026.

ARLUNo cap

ARLU: reference +19.7% since period start, fund +14.7%; buffer 0 to −15; no cap; No cap. Figures to Oct 9, 2026.

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

APRW 61.1

ARLU 5

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 →

APRW is already at its cap, so more rise in the index adds nothing to it before the period ends.

Both are AllianzIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

APRW resets first, on Mar 31, 2027, 173 days from now; ARLU runs to Mar 31, 2027, 173 days. A fall from here reaches APRW’s buffer after 7.8% and ARLU’s after 13.6%. 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	APRW	ARLU	APRW	ARLU
3 months	+2.1%	+2.3%	−1.0 pts	−0.9 pts
6 months	+5.8%	+11.4%	−8.8 pts	−3.1 pts
1 year	+11.0%	+10.0%	−5.0 pts	−6.0 pts
3 years	+34.7%	not published	−44.4 pts	not published

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

APRW

AllianzIM U.S. Equity Buffer20 ETF - Apr · Absorbs the first 20% of loss on SPY and caps the gain at 11.9%, 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 AllianzIM AllianzIM

Reference index SPY SPY

Buffer 20% 15%

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

Days left 173 173

Starting cap +11.9% uncapped

Can still gain 3.3% uncapped

Fall before buffer 7.8% 13.6%

Protection left, index points 20.0% of 20.0% 15.0% of 15.0%

Index return this period +19.7% +19.7%

Fund return this period +7.6% +14.7%

State today At cap Uncapped

Expense ratio 0.74% 0.74%

Net assets, as of Oct 8, 2026 $203m $56m

As of Oct 9, 2026. Source: ETFIQ.

APRW in plain words

SPY had already risen past this fund's cap of +11.9% 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 3.3% as the period runs out. The fund's price can fall 7.8% 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: 20.0% of the 20.0% 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.

ARLU in plain words

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 13.6% 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, APRW or ARLU?: APRW 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, APRW or ARLU?: APRW and ARLU both charge 0.74% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs SIXO APRW vs CPSP APRW vs UAPR APRW vs DDTA ARLU vs BAPR ARLU vs DMAR ARLU vs PAPR ARLU vs FMAR

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

Where these figures came from

APRW and ARLU filings on SEC EDGAR ↗AllianzIM page for APRW ↗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 page

ETFIQ, APRW against ARLU, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aprw-vs-arlu

Open data

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