Data as of Nov 4, 2026.
APRW vs PBAP: Cap, Buffer & Days Left
As of Nov 4, 2026 PBAP can fall 8.2% before its buffer engages and APRW 8.0%.
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Net assets: $203m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Apr, and $38m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - April .
APRW: reference +17.9% since period start, fund +7.8%; buffer 0 to −20; cap +11.9%; At its cap. Data to Nov 4, 2026.
APRW: reference +17.9% since period start, fund +7.8%; buffer 0 to −20; cap +11.9%; At its cap. Data to Nov 4, 2026.PBAP: reference +17.9% since period start, fund +8.4%; buffer 0 to −20; cap +12.6%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PBAP costs 0.24 points a year less; their one-year returns differ by 0.7 points; APRW is 5.3 times larger.
Points (pts) are percentage points.
| Measure | APRW | PBAP |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.0% | +11.7% |
| Drawdown | ||
| Index fall to the buffer | 15.2% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.50% |
| Net assets, as of Nov 3, 2026 | $203m | $38m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | APRW | PBAP | APRW | PBAP |
| 3 months | +1.5% | +1.6% | +1.9 pts | +2.0 pts |
| 6 months | +3.7% | +3.8% | −0.8 pts | −0.7 pts |
| 1 year | +11.0% | +11.7% | −2.6 pts | −1.8 pts |
| 3 years | +34.6% | – | −41.9 pts | – |
| Since launchNot the same days: APRW Jun 2020 · PBAP Apr 2024 | +57.5% | +27.4% | −93.4 pts | −19.5 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
APRW resets first, on Mar 31, 2027, 147 days from now; PBAP runs to Mar 31, 2027, 147 days. APRW can still gain 3.1% before its cap, PBAP 3.4%. A fall from here reaches APRW’s buffer after 8.0% and PBAP’s after 8.2%. Both track SPY, so what separates them is where each is in its own period.
APRW
SPY had already risen past this fund's cap of +11.9% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.1% as the period runs out. The fund's price can fall 8.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
PBAP
SPY had already risen past this fund's cap of +12.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.4% as the period runs out. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number.
Questions people ask
Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, APRW against PBAP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aprw-vs-pbap
ETFIQ. (Nov 4, 2026). APRW against PBAP. Retrieved from https://etfiq.com/compare/buffer/aprw-vs-pbap
[APRW against PBAP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/aprw-vs-pbap)
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