Which has more room to gain, APOC or GMAR?

From their prices on Oct 13, 2026, APOC can gain about 3.7% before its cap and GMAR about 3.3%, so APOC has more room left this period.

Which resets first, APOC or GMAR?

APOC ends its outcome period on Mar 31, 2027 and GMAR on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, APOC or GMAR?

APOC charges 0.79% a year and GMAR charges 0.85%, so APOC is cheaper. Fees come from each fund's prospectus.

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APOC vs GMAR: Cap, Buffer & Days Left

As of Oct 13, 2026 GMAR can fall 9.5% before its buffer engages and APOC 0.6%, and GMAR resets 12 days sooner. Net assets on Oct 13, 2026: $78m for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct and $428m for FT Vest U.S. Equity Moderate Buffer ETF - March.

APOC costs 0.06 points a year less; their one-year returns differ by 10.2 points; GMAR is 5.5 times larger.

Points (pts) are percentage points.

APOC vs GMAR: Cap, Buffer & Days Left
	APOC	GMAR
Expense ratio	0.79%	0.85%
Net assets	$78m	$428m
Total return, 1 year	+3.2%	+13.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%	16.6%

0.6%

APOC can fall this far before its buffer

9.5%

GMAR can fall this far before its buffer

3.7%

APOC can still gain

3.3%

GMAR can still gain

APOCFull floor

APOC: reference +2.0% since period start, fund +0.5%; buffer Floor; cap +4.3%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

GMARAt its cap

GMAR: reference +20.0% since period start, fund +9.6%; buffer 0 to −15; cap +14.1%; At its cap. Figures to Oct 13, 2026.

These are two different products. APOC is a floor fund, which caps how far a holder can fall. GMAR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

GMAR is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

GMAR resets first, on Mar 19, 2027, 157 days from now; APOC runs to Mar 31, 2027, 169 days. APOC can still gain 3.7% before its cap, GMAR 3.3%. A fall from here reaches APOC’s buffer after 0.6% and GMAR’s after 9.5%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APOC vs GMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APOC	GMAR	APOC	GMAR
3 months	+1.6%	+2.4%	−1.9 pts	−1.1 pts
6 months	+2.9%	+5.8%	−9.2 pts	−6.3 pts
1 year	+3.2%	+13.4%	−14.1 pts	−3.9 pts
3 years	not published	+42.7%	not published	−37.6 pts
Since launch Not the same days: APOC Oct 2024 · GMAR Mar 2023	+6.4%	+52.4%	−30.4 pts	−45.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

APOC

Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct · Absorbs the whole loss on SPY and caps the gain at 4.3%, over a period ending Mar 31, 2027

GMAR

FT Vest U.S. Equity Moderate Buffer ETF - March · Absorbs the first 15% of loss on SPY and caps the gain at 14.1%, over a period ending Mar 19, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 100% 15%

Outcome period Sep 30, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 169 157

Starting cap +4.3% +14.1%

Can still gain 3.7% 3.3%

Fall before buffer 0.6% 9.5%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +2.0% +20.0%

Fund return this period +0.5% +9.6%

State today Open At cap

Expense ratio 0.79% 0.85%

Net assets $78m $428m

As of Oct 13, 2026. Source: ETFIQ.

About APOC

From its price on Oct 13, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% 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. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About GMAR

SPY had already risen past this fund's cap of +14.1% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.3% 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 16.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 157 days remained on Oct 13, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, APOC or GMAR?: From their prices on Oct 13, 2026, APOC can gain about 3.7% before its cap and GMAR about 3.3%, so APOC has more room left this period.
Which resets first, APOC or GMAR?: APOC ends its outcome period on Mar 31, 2027 and GMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, APOC or GMAR?: APOC charges 0.79% a year and GMAR charges 0.85%, so APOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

APOC vs XMAR APOC vs UAPR APOC vs FMAR APOC vs DDFO GMAR vs PBAP GMAR vs UAPR GMAR vs XMAR GMAR vs CPSP

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APOC on its own →GMAR on its own →How every figure is computed →Standards and sources →

Where these figures came from

APOC filings on SEC EDGAR ↗Innovator page for APOC ↗GMAR filings on SEC EDGAR ↗First Trust page for GMAR ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, APOC against GMAR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/apoc-vs-gmar

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.