Data as of .
MARM vs PBAP: which one stands where?
As of Sep 21, 2026 PBAP can fall 7.6% before its buffer engages and MARM 4.3%, and MARM resets 12 days sooner.
ETFIQ Downside Cover Score: MARM scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
MARM resets first, on Mar 19, 2027, 179 days from now; PBAP runs to Mar 31, 2027, 191 days. MARM can still gain 2.4% before its cap, PBAP 4.0%. A fall from here reaches MARM’s buffer after 4.3% and PBAP’s after 7.6%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| MARM | PBAP | MARM | PBAP | |
| 3 months | +1.2% | +2.1% | −1.1 pts | −0.2 pts |
| 6 months | +3.4% | +8.2% | −14.6 pts | −9.8 pts |
| 1 year | +6.1% | +11.4% | −10.5 pts | −5.2 pts |
| MARM FT Vest U.S. Equity Max Buffer ETF - March Absorbs the first 78% of loss on SPY and caps the gain at 7.0%, over a period ending Mar 19, 2027 | PBAP PGIM S&P 500 Buffer 20 ETF - April Absorbs the first 20% of loss on SPY and caps the gain at 12.6%, over a period ending Mar 31, 2027 | |
|---|---|---|
| Issuer | First Trust | PGIM |
| Reference index | SPY | SPY |
| Buffer | 78% | 20% |
| Outcome period | Mar 23, 2026 to Mar 19, 2027 | Apr 1, 2026 to Mar 31, 2027 |
| Days left | 179 | 191 |
| Starting cap | +7.0% | +12.6% |
| Can still gain | 2.4% | 4.0% |
| Fall before buffer | 4.3% | 7.6% |
| Protection left, index points | 77.8% of 77.8% | 20.0% of 20.0% |
| Index return this period | +19.3% | +19.0% |
| Fund return this period | +3.6% | +7.7% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.50% |
| Net assets | $106m | $37m |
MARM in plain words
SPY had already risen past this fund's cap of +7.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.4% as the period runs out. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.2% from today's level to the point where the buffer begins. Protection left, in index points: 77.8% of the 77.8% buffer still sits below today's SPY level. 179 days remained on Sep 21, 2026. On Mar 19, 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 Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.0% as the period runs out. The fund's price can fall 7.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.0% 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. 191 days remained on Sep 21, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, MARM or PBAP?
- From their prices on Sep 21, 2026, MARM can gain about 2.4% before its cap and PBAP about 4.0%, so PBAP has more room left this period.
- Which resets first, MARM or PBAP?
- MARM ends its outcome period on Mar 19, 2027 and PBAP on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, MARM or PBAP?
- MARM charges 0.85% a year and PBAP charges 0.50%, so PBAP is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MARM against PBAP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/marm-vs-pbap Free to use with attribution; the underlying files are at Open data.