Which has more room to gain, APRW or XMAR?

From their prices on Oct 13, 2026, APRW can gain about 3.3% before its cap and XMAR about 2.8%, so APRW has more room left this period.

Which resets first, APRW or XMAR?

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

Which is cheaper, APRW or XMAR?

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

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APRW vs XMAR: Cap, Buffer & Days Left

As of Oct 13, 2026 XMAR can fall 8.5% before its buffer engages and APRW 7.8%, and XMAR resets 12 days sooner. Net assets on Oct 12, 2026: $204m for AllianzIM U.S. Equity Buffer20 ETF - Apr and $160m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March.

APRW costs 0.11 points a year less; their one-year returns differ by 0.4 points; APRW is 1.3 times larger.

Points (pts) are percentage points.

APRW vs XMAR: Cap, Buffer & Days Left
	APRW	XMAR
Expense ratio	0.74%	0.85%
Net assets, as of Oct 12, 2026	$204m	$160m
Total return, 1 year	+11.6%	+12.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	16.3%	16.5%

7.8%

APRW can fall this far before its buffer

8.5%

XMAR can fall this far before its buffer

3.3%

APRW can still gain

2.8%

XMAR 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.

XMARAt its cap

XMAR: reference +19.8% since period start, fund +8.3%; buffer 0 to −15; cap +12.2%; At its cap. Figures to Oct 13, 2026.

These are two different products. XMAR 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

XMAR resets first, on Mar 19, 2027, 157 days from now; APRW runs to Mar 31, 2027, 169 days. APRW can still gain 3.3% before its cap, XMAR 2.8%. A fall from here reaches APRW’s buffer after 7.8% and XMAR’s after 8.5%. 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 XMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRW	XMAR	APRW	XMAR
3 months	+2.3%	+2.4%	−1.5 pts	−1.5 pts
6 months	+5.4%	+5.4%	−8.0 pts	−8.0 pts
1 year	+11.6%	+12.0%	−7.5 pts	−7.2 pts
3 years	+35.0%	+38.0%	−45.3 pts	−42.4 pts
Since launch Not the same days: APRW Jun 2020 · XMAR Mar 2023	+57.3%	+47.0%	−97.4 pts	−50.7 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

XMAR

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March · Absorbs the first 15% of loss on SPY and caps the gain at 12.2%, 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% +12.2%

Can still gain 3.3% 2.8%

Fall before buffer 7.8% 8.5%

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

Index return this period +19.5% +19.8%

Fund return this period +7.6% +8.3%

State today At cap At cap

Expense ratio 0.74% 0.85%

Net assets, as of Oct 12, 2026 $204m $160m

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 XMAR

SPY had already risen past this fund's cap of +12.2% 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 2.8% as the period runs out. The fund's price can fall 8.5% 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: 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 XMAR?: From their prices on Oct 13, 2026, APRW can gain about 3.3% before its cap and XMAR about 2.8%, so APRW has more room left this period.
Which resets first, APRW or XMAR?: APRW ends its outcome period on Mar 31, 2027 and XMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, APRW or XMAR?: APRW charges 0.74% a year and XMAR charges 0.85%, so APRW is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs XBAP APRW vs APOC APRW vs AAPR APRW vs ZAPR XMAR vs BAPR XMAR vs PAPR XMAR vs FLAO XMAR vs UAPR

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

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 XMAR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/aprw-vs-xmar

Open data

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