Which has more room to gain, APRW or FLAO?

From their prices on Oct 9, 2026, APRW can gain about 3.3% before its cap and FLAO about 5.7%, so FLAO has more room left this period.

Which resets first, APRW or FLAO?

APRW 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, APRW or FLAO?

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

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APRW vs FLAO: Cap, Buffer & Days Left

As of Oct 9, 2026 APRW can fall 7.8% before its buffer engages and FLAO 6.3%. Net assets on Oct 8, 2026: $203m for AllianzIM U.S. Equity Buffer20 ETF - Apr and $9m for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF - Apr.

Both cost 0.74% a year; their one-year returns differ by 7.5 points; APRW is far larger, $203m against $9m.

	APRW	FLAO
Expense ratio	0.74%	0.74%
Net assets, as of Oct 8, 2026	$203m	$9m
Total return, 1 year	+11.0%	+3.5%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%	6.9%

7.8%

APRW can fall this far before its buffer

6.3%

FLAO can fall this far before its buffer

3.3%

APRW can still gain

5.7%

FLAO 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.

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. APRW is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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; FLAO runs to Mar 31, 2027, 173 days. APRW can still gain 3.3% before its cap, FLAO 5.7%. A fall from here reaches APRW’s buffer after 7.8% 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	APRW	FLAO	APRW	FLAO
3 months	+2.1%	+2.3%	−1.0 pts	−0.9 pts
6 months	+5.8%	+5.3%	−8.8 pts	−9.3 pts
1 year	+11.0%	+3.5%	−5.0 pts	−12.5 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

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 AllianzIM AllianzIM

Reference index SPY SPY

Buffer 20% 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 +11.9% +7.1%

Can still gain 3.3% 5.7%

Fall before buffer 7.8% 6.3%

Protection left, index points 20.0% of 20.0% 95.0% of 95.0%

Index return this period +19.7% +2.1%

Fund return this period +7.6% +1.0%

State today At cap Open

Expense ratio 0.74% 0.74%

Net assets, as of Oct 8, 2026 $203m $9m

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.

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, APRW or FLAO?: From their prices on Oct 9, 2026, APRW can gain about 3.3% before its cap and FLAO about 5.7%, so FLAO has more room left this period.
Which resets first, APRW or FLAO?: APRW 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, APRW or FLAO?: APRW and FLAO both charge 0.74% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs DDTA APRW vs MARM APRW vs DMAR APRW vs TAPR FLAO vs ZALT FLAO vs POCT FLAO vs FSEP FLAO vs BALT

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

Where these figures came from

APRW and FLAO filings on SEC EDGAR ↗AllianzIM page for APRW ↗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, APRW against FLAO, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aprw-vs-flao

Open data

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