Which has more room to gain, APRW or GMAR?

From their prices on Oct 13, 2026, APRW can gain about 3.2% before its cap and GMAR about 3.3%, so GMAR has more room left this period.

Which resets first, APRW or GMAR?

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

Which is cheaper, APRW or GMAR?

APRW charges 0.74% a year and GMAR charges 0.85%, so APRW is cheaper. Fees come from each fund's prospectus.

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APRW vs GMAR: Cap, Buffer & Days Left

As of Oct 13, 2026 GMAR can fall 9.5% before its buffer engages and APRW 7.9%, and GMAR resets 12 days sooner. Net assets on Oct 13, 2026: $204m for AllianzIM U.S. Equity Buffer20 ETF - Apr and $428m for FT Vest U.S. Equity Moderate Buffer ETF - March.

APRW costs 0.11 points a year less; their one-year returns differ by 2.2 points; GMAR is 2.1 times larger.

Points (pts) are percentage points.

APRW vs GMAR: Cap, Buffer & Days Left
	APRW	GMAR
Expense ratio	0.74%	0.85%
Net assets	$204m	$428m
Total return, 1 year	+11.2%	+13.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.4%	16.6%

7.9%

APRW can fall this far before its buffer

9.5%

GMAR can fall this far before its buffer

3.2%

APRW can still gain

3.3%

GMAR can still gain

APRWAt its cap

APRW: reference +19.6% since period start, fund +7.7%; buffer 0 to −20; cap +11.9%; At its cap. Figures to Oct 13, 2026.

GMARAt its cap

GMAR: reference +20.0% since period start, fund +9.6%; buffer 0 to −15; cap +14.1%; At its cap. Figures to Oct 13, 2026.

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

APRW 61.5

GMAR 49.1

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

GMAR resets first, on Mar 19, 2027, 157 days from now; APRW runs to Mar 31, 2027, 169 days. APRW can still gain 3.2% before its cap, GMAR 3.3%. A fall from here reaches APRW’s buffer after 7.9% and GMAR’s after 9.5%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APRW vs GMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRW	GMAR	APRW	GMAR
3 months	+2.1%	+2.4%	−1.3 pts	−1.1 pts
6 months	+5.0%	+5.8%	−7.0 pts	−6.3 pts
1 year	+11.2%	+13.4%	−6.2 pts	−3.9 pts
3 years	+35.0%	+42.7%	−45.3 pts	−37.6 pts
Since launch Not the same days: APRW Jun 2020 · GMAR Mar 2023	+57.3%	+52.4%	−97.4 pts	−45.2 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

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

GMAR

FT Vest U.S. Equity Moderate Buffer ETF - March · Absorbs the first 15% of loss on SPY and caps the gain at 14.1%, over a period ending Mar 19, 2027

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 20% 15%

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

Days left 169 157

Starting cap +11.9% +14.1%

Can still gain 3.2% 3.3%

Fall before buffer 7.9% 9.5%

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

Index return this period +19.6% +20.0%

Fund return this period +7.7% +9.6%

State today At cap At cap

Expense ratio 0.74% 0.85%

Net assets $204m $428m

As of Oct 13, 2026. Source: ETFIQ.

About APRW

SPY had already risen past this fund's cap of +11.9% 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 3.2% as the period runs out. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.4% 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. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About GMAR

SPY had already risen past this fund's cap of +14.1% 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 3.3% as the period runs out. The fund's price can fall 9.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.6% 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. 157 days remained on Oct 13, 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 GMAR?: From their prices on Oct 13, 2026, APRW can gain about 3.2% before its cap and GMAR about 3.3%, so GMAR has more room left this period.
Which resets first, APRW or GMAR?: APRW ends its outcome period on Mar 31, 2027 and GMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, APRW or GMAR?: APRW charges 0.74% a year and GMAR charges 0.85%, so APRW is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs FMAR APRW vs MARM APRW vs APOC APRW vs ZAPR GMAR vs XMAR GMAR vs UAPR GMAR vs XBAP GMAR vs SIXO

SPDR® S&P 500® ETF Trust →APRW on its own →GMAR 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 ↗GMAR filings on SEC EDGAR ↗First Trust page for GMAR ↗

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, APRW against GMAR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aprw-vs-gmar

Open data

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