Which has more room to gain, APRW or PMAP?

From their prices on Oct 13, 2026, APRW can gain about 3.3% before its cap and PMAP about 2.7%, so APRW has more room left this period.

Which resets first, APRW or PMAP?

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

Which is cheaper, APRW or PMAP?

APRW charges 0.74% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

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APRW vs PMAP: Cap, Buffer & Days Left

As of Oct 13, 2026 APRW can fall 7.8% before its buffer engages and PMAP 4.2%. Net assets: $204m on Oct 12, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Apr, and $5m on Oct 13, 2026 for PGIM S&P 500 Max Buffer ETF - April.

PMAP costs 0.24 points a year less; their one-year returns differ by 5.0 points; APRW is far larger, $204m against $5m.

Points (pts) are percentage points.

APRW vs PMAP: Cap, Buffer & Days Left
	APRW	PMAP
Expense ratio	0.74%	0.50%
Net assets, as of Oct 12, 2026	$204m	$5m
Total return, 1 year	+11.6%	+6.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.3%

7.8%

APRW can fall this far before its buffer

4.2%

PMAP can fall this far before its buffer

3.3%

APRW can still gain

2.7%

PMAP can still gain

APRWAt its cap

APRW: reference +19.5% since period start, fund +7.6%; buffer 0 to −20; cap +11.9%; At its cap. Figures to Oct 13, 2026.

PMAPAt its cap

PMAP: reference +19.5% since period start, fund +3.8%; buffer Floor; cap +7.1%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

These are two different products. PMAP 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.

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, 169 days from now; PMAP runs to Mar 31, 2027, 169 days. APRW can still gain 3.3% before its cap, PMAP 2.7%. A fall from here reaches APRW’s buffer after 7.8% and PMAP’s after 4.2%. 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 PMAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRW	PMAP	APRW	PMAP
3 months	+2.3%	+1.4%	−1.5 pts	−2.5 pts
6 months	+5.4%	+2.9%	−8.0 pts	−10.5 pts
1 year	+11.6%	+6.6%	−7.5 pts	−12.6 pts
3 years	+35.0%	not published	−45.3 pts	not published
Since launch Not the same days: APRW Jun 2020 · PMAP Apr 2025	+57.3%	+10.7%	−97.4 pts	−28.0 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

PMAP

PGIM S&P 500 Max Buffer ETF - April · Absorbs the whole loss on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer AllianzIM PGIM

Reference index SPY SPY

Buffer 20% 100%

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

Days left 169 169

Starting cap +11.9% +7.1%

Can still gain 3.3% 2.7%

Fall before buffer 7.8% 4.2%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +19.5% +19.5%

Fund return this period +7.6% +3.8%

State today At cap At cap

Expense ratio 0.74% 0.50%

Net assets, APRW as of Oct 12, 2026 and PMAP as of Oct 13, 2026 $204m $5m

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 3.3% 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 16.3% 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 PMAP

SPY had already risen past this fund's cap of +7.1% 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 2.7% as the period runs out. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APRW or PMAP?: From their prices on Oct 13, 2026, APRW can gain about 3.3% before its cap and PMAP about 2.7%, so APRW has more room left this period.
Which resets first, APRW or PMAP?: APRW ends its outcome period on Mar 31, 2027 and PMAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRW or PMAP?: APRW charges 0.74% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs FLAO APRW vs TAPR APRW vs DDTA APRW vs PBAP PMAP vs XMAR PMAP vs UAPR PMAP vs XBAP PMAP vs SIXO

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APRW on its own →PMAP 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 ↗PMAP filings on SEC EDGAR ↗PGIM website ↗

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 pageCitation, APA and Markdown

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

Open data

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