Which has more room to gain, APRW or MARM?

From their prices on Oct 9, 2026, APRW can gain about 3.3% before its cap and MARM about 2.1%, so APRW has more room left this period.

Which resets first, APRW or MARM?

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

Which is cheaper, APRW or MARM?

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

Share on X Download as PDF

Open in the app Compare their flows Ask IQ about these two funds

APRW vs MARM: Cap, Buffer & Days Left

As of Oct 9, 2026 APRW can fall 7.8% before its buffer engages and MARM 4.6%, and MARM resets 12 days sooner. Net assets: $203m on Oct 8, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Apr, and $107m on Oct 9, 2026 for FT Vest U.S. Equity Max Buffer ETF - March.

APRW costs 0.11 points a year less; their one-year returns differ by 4.7 points; APRW is 1.9 times larger.

Points (pts) are percentage points.

APRW vs MARM: Cap, Buffer & Days Left
	APRW	MARM
Expense ratio	0.74%	0.85%
Net assets, as of Oct 8, 2026	$203m	$107m
Total return, 1 year	+11.0%	+6.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.5%	16.7%

7.8%

APRW can fall this far before its buffer

4.6%

MARM can fall this far before its buffer

3.3%

APRW can still gain

2.1%

MARM 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.

MARMAt its cap

MARM: reference +20.0% since period start, fund +3.9%; buffer 0 to −78; cap +7.0%; At its cap. Figures to Oct 9, 2026.

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

APRW 61.1

MARM 94.3

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

MARM resets first, on Mar 19, 2027, 161 days from now; APRW runs to Mar 31, 2027, 173 days. APRW can still gain 3.3% before its cap, MARM 2.1%. A fall from here reaches APRW’s buffer after 7.8% and MARM’s after 4.6%. 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 MARM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRW	MARM	APRW	MARM
3 months	+2.1%	+1.3%	−1.0 pts	−1.8 pts
6 months	+5.8%	+2.9%	−8.8 pts	−11.7 pts
1 year	+11.0%	+6.3%	−5.0 pts	−9.7 pts
3 years	+34.7%	not published	−44.4 pts	not published
Since launch Not the same days: APRW Jun 2020 · MARM Mar 2024	+57.3%	+19.0%	−97.5 pts	−29.8 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

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

MARM

FT Vest U.S. Equity Max Buffer ETF - March · Absorbs the first 78% of loss on SPY and caps the gain at 7.0%, over a period ending Mar 19, 2027

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 20% 78%

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

Days left 173 161

Starting cap +11.9% +7.0%

Can still gain 3.3% 2.1%

Fall before buffer 7.8% 4.6%

Protection left, index points 20.0% of 20.0% 77.8% of 77.8%

Index return this period +19.7% +20.0%

Fund return this period +7.6% +3.9%

State today At cap At cap

Expense ratio 0.74% 0.85%

Net assets, APRW as of Oct 8, 2026 and MARM as of Oct 9, 2026 $203m $107m

As of Oct 9, 2026. Source: ETFIQ.

About APRW

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.

About MARM

SPY had already risen past this fund's cap of +7.0% 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 2.1% as the period runs out. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.7% from today's level to the point where the buffer begins. Protection left, in index points: 77.8% of the 77.8% buffer still sits below today's SPY level. 161 days remained on Oct 9, 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 MARM?: From their prices on Oct 9, 2026, APRW can gain about 3.3% before its cap and MARM about 2.1%, so APRW has more room left this period.
Which resets first, APRW or MARM?: APRW ends its outcome period on Mar 31, 2027 and MARM on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, APRW or MARM?: APRW charges 0.74% a year and MARM charges 0.85%, so APRW is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs SIXO APRW vs XBAP APRW vs APOC APRW vs UAPR MARM vs BAPR MARM vs PAPR MARM vs FLAO MARM vs XMAR

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

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 MARM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/aprw-vs-marm

Open data

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