APRP PGIM S&P 500 Buffer 12 ETF - April
Absorbs the first 12% of loss on SPY and caps the gain at 16.6%, over a period ending Mar 31, 2027
As of Sep 11, 2026, APRP has reached its cap.
Key facts
ETFIQ Downside Cover Score
47.6154th of 293
APRP absorbs 52% of the next 20% fall in what it tracks. Its reference has already passed the cap, so there is no upside left to take.
If the market falls into a bear market from here, how much does the buffer absorb?
That is the share of the 293 buffer ETFs with a live outcome period sitting at or below APRP. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.
In plain words
The fund's own price can still drift up to about 5.6% as the period runs out. The fund's price can fall 9.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.9% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 201 days remained on Sep 11, 2026. On Mar 31, 2027 the period ends and a new cap is set.
| Reference index | SPY |
|---|---|
| Buffer | 12% |
| Outcome period | Apr 1, 2026 to Mar 31, 2027 |
| Starting cap | +16.6% |
| SPY return since period start | +17.5% |
| Fund return since period start | +9.9% |
| Net assets (issuer page, as of Sep 11, 2026) | $31m |
| Band state today (ETFIQ) | At cap |
| Can still gain (issuer, fund price) | 5.6% |
| Fall before buffer (issuer, fund price) | 9.5% |
| Fall to the buffer in index terms (ETFIQ) | 14.9% |
| Protection left in index points (ETFIQ) | 12.0% of 12.0% |
| Days left in period | 201 |
| Expense ratio (issuer data, Sep 11, 2026) | 0.50% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed
Questions people ask
- How much can APRP still gain?
- Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +16.6% for this period, which runs from Apr 1, 2026 to Mar 31, 2027.
- How far can APRP fall before the buffer helps?
- 9.5% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 14.9% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the APRP buffer is left?
- 12.0% of the 12.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does APRP reset?
- The outcome period ends on Mar 31, 2027, 201 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.
- What does APRP cost?
- The prospectus expense ratio is 0.50% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term used here, defined in full on the buffer ETFs vocabulary page.
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.
Compare APRP
Funds near this one
Put this on your own page
The outcome band for APRP, redrawn every trading night. Free to use with the credit link.
Where APRP is written about
Use this data, or open the live card
Open APRP live on ETFIQ, where the figures refresh with the data.
Cite this page. ETFIQ, APRP, buffer ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/APRP Free to use with attribution; the underlying files are at Open data.