At a glance
APRP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $27.9M in assets, the 8th largest of that group. Over the past year it returned +14.7% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
PGIM S&P 500 Buffer 12 ETF - April (APRP), from Prudential, is an actively managed ETF that holds customized options on the State Street SPDR S&P 500 ETF Trust (SPY) rather than stocks. Each year from April 1, it aims to absorb the first 12% of SPY's price losses, in return for capped gains and no dividends. At 0.50% a year, it is the cheapest of eight buffer funds compared, but also the smallest.
Price history
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APRP +14.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| APRP official prospectus, to Dec 31, 2025 | — | +7.44% | — | — | — | +10.23% |
| APRP price data to Oct 27, 2026 | +13.0% | +14.7% | — | — | — | +12.2% |
- Over the year to Oct 27, 2026, APRP returned +14.7%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.8%); its best was 2025 (+7.8%).
- The deepest fall in its price history was 13.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.0% | — |
| 2025 | +7.8% | +7.44% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.89%, +0.10%, +0.66%.
How it works
APRP is actively managed, but it does not pick stocks. It holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds S&P 500 stocks in index weights. An option is a contract to buy or sell at a set price on a set date. FLEX options trade on an exchange, but their terms can be customized. As of July 31, 2026, eight option positions made up 99.19% of net assets, with 0.85% in cash.
Each outcome period runs about a year from April 1, when the fund buys new options. If SPY's price rises, not counting dividends, the fund aims to match the gain up to a cap. If SPY falls, the fund aims to absorb the first 12% of losses (the buffer). Losses beyond that pass through, so a 25% drop would mean about a 13% loss before fees. For April 1, 2025, through March 31, 2026, the cap was 14.17% before fees. After the 0.50% management fee, the cap was 13.67% and the buffer 11.5%. The cap resets with market conditions; the buffer stays at 12%.
The options can be exercised only on the period's last day, so these targets apply only to shares held for the whole period. Buying or selling mid-period can produce very different results.
What it really costs
- APRP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| APRP | $51 | $160 | $280 | $628 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to absorb the first 12% of SPY's price losses over each April-to-March period, giving up gains above a cap and all dividends in return.
APRP launched in March 2024, so it missed the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. Its only full calendar year, 2025, returned 7.44%. Its deepest drop was 13.7%, from February 19 to April 8, 2025. It recovered by July 28, 2025, about 3.6 months later. The buffer is not a floor on daily prices. It applies only to shares held from one April reset to the next, so a retiree who must sell during a slump may not get the protection the 12% figure suggests. The fund pays no distributions, so spending money has to come from selling shares. It costs 0.50% a year, below the 0.86% average of seven similar funds. The SEC example puts first-year costs at $51 on $10,000. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 price exposure with a cushion against the first 12% of SPY's losses each April-to-March period, accepting capped gains.
- Cost-conscious investors comparing buffer funds: its 0.50% expense ratio is well below the 0.86% average of seven similar funds.
- People who can buy at the April 1 reset and hold through March 31, as the stated buffer and cap require.
Look elsewhere if
- Anyone seeking income: APRP has paid no distributions, and its returns exclude the dividends paid by S&P 500 companies.
- Investors who may sell mid-period: its price fell 13.7% from February 19 to April 8, 2025, showing the buffer isn't a daily floor.
- Those wanting full stock-market upside: gains are capped, at 14.17% before fees for the period ended March 31, 2026, and the cap changes yearly.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| APRP this fund | 0.5% | $27.9M | +14.7% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What is the cap on APRP?
APRP's cap was 14.17% before fees for the outcome period from April 1, 2025, through March 31, 2026, according to the prospectus filed February 20, 2026. After the 0.50% management fee, that worked out to 13.67%, and the 12% buffer came down to 11.5%. The cap is reset each April based on market conditions and can rise or fall, while the buffer stays at 12%. The prospectus asks investors to consider the cap, the buffer and the fund's value relative to each before investing.
Does APRP pay dividends?
No. APRP has recorded no distributions. It holds options on SPY rather than SPY shares, and its target returns are based only on SPY's price change. That means the dividends paid by S&P 500 companies are not passed on to holders. Over time, that is a real cost compared with owning SPY directly. Investors who need regular cash from this fund would have to sell shares, which could mean selling at a loss mid-period.
What happens if you buy APRP in the middle of the outcome period?
The result can differ sharply from the stated cap and buffer. APRP's FLEX options can be exercised only on the last day of each outcome period. So the full 12% buffer and the cap apply only to shares held from the April 1 reset through March 31. If SPY has already risen, less room is left under the cap. If it has fallen, part of the buffer may already be used up. Selling before the period ends carries the same risk.
Can you lose money in APRP?
Yes. The buffer covers only the first 12% of SPY's price losses over a full outcome period, before fees. There is no guarantee of getting the original investment back. Losses beyond 12% pass through one for one. The prospectus gives the example of a 25% SPY drop leading to about a 13% fund loss before fees. Prices also move during the period: APRP's price fell 13.7% from February 19 to April 8, 2025, before recovering by July 28, 2025.
APRP vs BUFR: what's the difference?
APRP is much cheaper and resets once a year. BUFR, the FT Vest Laddered Buffer ETF, is far larger. It is also laddered: a laddered fund spreads money across buffer positions that reset at different times, so the timing of a purchase matters less. APRP charges 0.50% a year versus 0.95% for BUFR. BUFR had about $10.5 billion in net assets as of August 31, 2026, and APRP had $27.9 million as of July 31, 2026. APRP's one-year price return to October 27, 2026, was 14.7%, versus 11.6% for BUFR.