Which has more room to gain, APXM or PMMY?

From their prices on Oct 2, 2026, APXM can gain about 3.5% before its cap and PMMY about 4.3%, so PMMY has more room left this period.

Which resets first, APXM or PMMY?

APXM ends its outcome period on Apr 16, 2027 and PMMY on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, APXM or PMMY?

APXM charges 0.85% a year and PMMY charges 0.50%, so PMMY is cheaper. Fees come from each fund's prospectus.

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APXM vs PMMY: which one stands where?

As of Oct 2, 2026 APXM can fall 3.3% before its buffer engages and PMMY 2.6%, and APXM resets 14 days sooner. FT Vest U.S. Equity Max Buffer ETF - April and PGIM S&P 500 Max Buffer ETF - May.

PMMY costs 0.35 points a year less; their one-year returns differ by 0.0 points; APXM is 4.0 times larger.

	APXM	PMMY
Expense ratio	0.85%	0.50%
Net assets	$22m	$5m
Total return, 1 year	+5.0%	+5.0%
What it tracks	SPY	SPY
Holdings in common	not published

3.3%

APXM can fall this far before its buffer

2.6%

PMMY can fall this far before its buffer

3.5%

APXM can still gain

4.3%

PMMY can still gain

APXMAt its cap

APXM: reference +8.4% since period start, fund +2.5%; buffer 0 to −50; cap +7.0%; At its cap.

PMMYAt its cap

PMMY: reference +7.1% since period start, fund +2.1%; buffer Floor; cap +7.0%; At its cap.

These are two different products. PMMY is a floor fund, which caps how far a holder can fall. APXM 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

APXM resets first, on Apr 16, 2027, 196 days from now; PMMY runs to Apr 30, 2027, 210 days. APXM can still gain 3.5% before its cap, PMMY 4.3%. A fall from here reaches APXM’s buffer after 3.3% and PMMY’s after 2.6%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	APXM	PMMY	APXM	PMMY
3 months	+1.6%	+1.5%	−2.0 pts	−2.1 pts
6 months	+2.8%	+2.6%	−15.2 pts	−15.3 pts
1 year	+5.0%	+5.0%	−11.3 pts	−11.3 pts

APXM and PMMY over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

APXM

FT Vest U.S. Equity Max Buffer ETF - April · Absorbs the first 50% of loss on SPY and caps the gain at 7.0%, over a period ending Apr 16, 2027

PMMY

PGIM S&P 500 Max Buffer ETF - May · Absorbs the whole loss on SPY and caps the gain at 7.0%, over a period ending Apr 30, 2027

Issuer First Trust PGIM

Reference index SPY SPY

Buffer 50% 100%

Outcome period Apr 20, 2026 to Apr 16, 2027 May 1, 2026 to Apr 30, 2027

Days left 196 210

Starting cap +7.0% +7.0%

Can still gain 3.5% 4.3%

Fall before buffer 3.3% 2.6%

Protection left, index points 50.1% of 50.1% 100.0% of 100.0%

Index return this period +8.4% +7.1%

Fund return this period +2.5% +2.1%

State today At cap At cap

Expense ratio 0.85% 0.50%

Net assets $22m $5m

APXM and PMMY on the same fields, as of Oct 2, 2026. Source: ETFIQ.

APXM in plain words

SPY had already risen past this fund's cap of +7.0% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.5% as the period runs out. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.7% from today's level to the point where the buffer begins. Protection left, in index points: 50.1% of the 50.1% buffer still sits below today's SPY level. 196 days remained on Oct 2, 2026. On Apr 16, 2027 the period ends and a new cap is set.

PMMY in plain words

The fund's own price can still drift up to about 4.3% as the period runs out. The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.6% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, APXM or PMMY?: From their prices on Oct 2, 2026, APXM can gain about 3.5% before its cap and PMMY about 4.3%, so PMMY has more room left this period.
Which resets first, APXM or PMMY?: APXM ends its outcome period on Apr 16, 2027 and PMMY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, APXM or PMMY?: APXM charges 0.85% a year and PMMY charges 0.50%, so PMMY is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs DDFY APXM vs DDTY APXM vs FAPR APXM vs GAPR PMMY vs BMAY PMMY vs CMAY PMMY vs CPSM PMMY vs CTMA

State Street® SPDR® S&P 500® ETF Trust →APXM on its own →PMMY on its own →How every figure is computed →Standards and sources →

Where these figures came from

APXM filings on SEC EDGAR ↗First Trust page for APXM ↗PMMY filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, APXM against PMMY, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/apxm-vs-pmmy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.