FLAO vs PBAP: which one stands where?
As of Oct 1, 2026 PBAP can fall 7.5% before its buffer engages and FLAO 5.4%. AllianzIM U.S. Equity Floor5 ETF - Apr and PGIM S&P 500 Buffer 20 ETF - April .
FLAO: reference 0.0% since period start, fund 0.0%; buffer −5 to floor; cap +7.1%; Full floor.
PBAP: reference +17.2% since period start, fund +7.6%; buffer 0 to −20; cap +12.6%; At its cap.
These are two different products. FLAO is a floor fund, which caps how far a holder can fall. PBAP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
PBAP is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
FLAO resets first, on Mar 31, 2027, 182 days from now; PBAP runs to Mar 31, 2027, 182 days. FLAO can still gain 6.7% before its cap, PBAP 4.1%. A fall from here reaches FLAO’s buffer after 5.4% and PBAP’s after 7.5%. 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 | FLAO | PBAP | FLAO | PBAP |
| 3 months | +1.6% | +2.1% | −0.9 pts | −0.4 pts |
| 6 months | +5.4% | +7.2% | −11.6 pts | −9.8 pts |
| 1 year | +2.7% | +11.4% | −13.0 pts | −4.3 pts |
FLAO and PBAP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
FLAO and PBAP on the same fields, as of Oct 1, 2026. Source: ETFIQ.
FLAO in plain words
From its price on Oct 1, 2026, the fund can gain about 6.7% more before it reaches its cap. The fund's price can fall 5.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.0% from today's level to the point where the buffer begins. Protection left, in index points: 95.0% of the 95.0% buffer still sits below today's SPY level. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.
PBAP in plain words
SPY had already risen past this fund's cap of +12.6% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.1% as the period runs out. The fund's price can fall 7.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% 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.
Questions people ask
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.
ETFIQ, FLAO against PBAP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/flao-vs-pbap
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, FLAO against PBAP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/flao-vs-pbap Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, FLAO against PBAP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/flao-vs-pbap
- APA
- ETFIQ. (Oct 1, 2026). FLAO against PBAP. Retrieved from https://etfiq.com/compare/buffer/flao-vs-pbap
- Markdown
- [FLAO against PBAP (ETFIQ, Oct 1, 2026)](https://etfiq.com/compare/buffer/flao-vs-pbap)