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APRW vs FMAR: which one stands where?

As of Oct 2, 2026 FMAR can fall 10.9% before its buffer engages and APRW 7.5%, and FMAR resets 12 days sooner. AllianzIM U.S. Equity Buffer20 ETF - Apr and FT Vest U.S. Equity Buffer ETF - March.

APRW costs 0.11 points a year less; their one-year returns differ by 4.9 points; FMAR is 5.8 times larger.

APRWFMAR
Expense ratio0.74%0.85%
Net assets$206m$1.2bn
Total return, 1 year+10.8%+15.7%
What it tracksSPYSPY
Holdings in commonnot published
7.5%
APRW can fall this far before its buffer
10.9%
FMAR can fall this far before its buffer
3.6%
APRW can still gain
4.5%
FMAR can still gain
APRWAt its cap
At its capAPRW: reference +18.3% since period start, fund +7.3%; buffer 0 to −20; cap +11.9%; At its cap.20 pts of buffer+11.9% gain captured−20.0% floor0% period start+11.9% capTODAY · SPY +18.3%At its capAPRW: reference +18.3% since period start, fund +7.3%; buffer 0 to −20; cap +11.9%; At its cap.20 pts of buffer+11.9%−20.0% floor0% start+11.9% capTODAY · SPY +18.3%

APRW: reference +18.3% since period start, fund +7.3%; buffer 0 to −20; cap +11.9%; At its cap.

FMARAt its cap
At its capFMAR: reference +18.7% since period start, fund +11.3%; buffer 0 to −10; cap +17.2%; At its cap.10 pts of buffer+17.2% gain captured−10.0% floor0% period start+17.2% capTODAY · SPY +18.7%At its capFMAR: reference +18.7% since period start, fund +11.3%; buffer 0 to −10; cap +17.2%; At its cap.10 pts+17.2% gained−10.0% floor0% start+17.2% capTODAY · SPY +18.7%

FMAR: reference +18.7% since period start, fund +11.3%; buffer 0 to −10; cap +17.2%; At its cap.

ETFIQ Downside Cover Score · APRW 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 294 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. 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

FMAR resets first, on Mar 19, 2027, 168 days from now; APRW runs to Mar 31, 2027, 180 days. APRW can still gain 3.6% before its cap, FMAR 4.5%. A fall from here reaches APRW’s buffer after 7.5% and FMAR’s after 10.9%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

Total returnGap to the reference
WindowAPRWFMARAPRWFMAR
3 months+2.2%+2.8%−1.4 pts−0.8 pts
6 months+6.7%+10.1%−11.2 pts−7.8 pts
1 year+10.8%+15.7%−5.4 pts−0.6 pts
3 years+36.5%+54.3%−52.8 pts−35.0 pts

APRW and FMAR over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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
FMAR
FT Vest U.S. Equity Buffer ETF - March · Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, over a period ending Mar 19, 2027
Issuer AllianzIM First Trust
Reference index SPY SPY
Buffer 20% 10%
Outcome period Apr 1, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027
Days left 180 168
Starting cap +11.9% +17.2%
Can still gain 3.6% 4.5%
Fall before buffer 7.5% 10.9%
Protection left, index points 20.0% of 20.0% 10.0% of 10.0%
Index return this period +18.3% +18.7%
Fund return this period +7.3% +11.3%
State today At cap At cap
Expense ratio 0.74% 0.85%
Net assets $206m $1.2bn

APRW and FMAR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

APRW in plain words

SPY had already risen past this fund's cap of +11.9% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.6% as the period runs out. The fund's price can fall 7.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% 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. 180 days remained on Oct 2, 2026. On Mar 31, 2027 the period ends and a new cap is set.

FMAR in plain words

SPY had already risen past this fund's cap of +17.2% for the period on Oct 2, 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 10.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.7% 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. 168 days remained on Oct 2, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, APRW or FMAR?
From their prices on Oct 2, 2026, APRW can gain about 3.6% before its cap and FMAR about 4.5%, so FMAR has more room left this period.
Which resets first, APRW or FMAR?
APRW ends its outcome period on Mar 31, 2027 and FMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, APRW or FMAR?
APRW charges 0.74% a year and FMAR charges 0.85%, so APRW is cheaper. Fees come from each fund's prospectus.
Other comparisons
APRW vs TAPRAPRW vs UAPRAPRW vs XBAPAPRW vs XMARFMAR vs PAPRFMAR vs PBAPFMAR vs PMAPFMAR vs SIXO
SPDR® S&P 500® ETF Trust →APRW on its own →FMAR on its own →How every figure is computed →Standards and sources →
Where these figures came from
APRW filings on SEC EDGAR ↗AllianzIM page for APRW ↗FMAR filings on SEC EDGAR ↗First Trust page for FMAR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, APRW against FMAR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/aprw-vs-fmar

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.