Which has more room to gain, APXM or GAPR?

From their prices on Nov 4, 2026, APXM can gain about 3.1% before its cap and GAPR about 5.8%, so GAPR has more room left this period.

Which resets first, APXM or GAPR?

APXM ends its outcome period on Apr 16, 2027 and GAPR on Apr 16, 2027. A new cap is set the day after each.

Which is cheaper, APXM or GAPR?

APXM and GAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

APXM vs GAPR: Cap, Buffer & Days Left

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As of Nov 4, 2026 GAPR can fall 5.9% before its buffer engages and APXM 3.7%.

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Net assets on Nov 3, 2026: $22m for FT Vest U.S. Equity Max Buffer ETF - April and $293m for FT Vest U.S. Equity Moderate Buffer ETF - April.

APXM on its own →GAPR on its own →

At a glance

3.7%

APXM can fall this far before its buffer

5.9%

GAPR can fall this far before its buffer

3.1%

APXM can still gain

5.8%

GAPR can still gain

APXM At its cap

APXM: reference +8.0% since period start, fund +3.0%; buffer 0 to −50; cap +7.0%; At its cap. Data to Nov 4, 2026.

GAPR Between buffer and cap

GAPR: reference +8.0% since period start, fund +5.4%; buffer 0 to −15; cap +12.3%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 3.7 points; GAPR is 13.3 times larger.

Points (pts) are percentage points.

APXM vs GAPR: Cap, Buffer & Days Left
Measure	APXM	GAPR
Return
Measure	APXM	GAPR
Total return, 1 year	+5.0%	+8.7%
Drawdown
Measure	APXM	GAPR
Index fall to the buffer	7.4%
Benchmark
Measure	APXM	GAPR
What it tracks	SPY	SPY
Cost and size
Measure	APXM	GAPR
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$22m	$293m
Holdings
Measure	APXM	GAPR
Holdings in common	not published

ETFIQ Downside Cover Score · APXM scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score93.3APXM71.1GAPR

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

APXM 93.3

GAPR 71.1

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: APXM vs GAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APXM	GAPR	APXM	GAPR
3 months	+1.0%	+1.2%	+1.4 pts	+1.6 pts
6 months	+2.4%	+4.2%	−2.1 pts	−0.3 pts
1 year	+5.0%	+8.7%	−8.6 pts	−4.8 pts
3 years	–	+37.8%	–	−38.6 pts
Since launchNot the same days: APXM Apr 2025 · GAPR Apr 2023	+9.7%	+44.1%	−39.5 pts	−41.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

APXM FT Vest U.S. Equity Max Buffer ETF - April · Absorbs the first 50% of loss on SPY and caps the gain at 7.0%, over a period ending Apr 16, 2027 GAPR FT Vest U.S. Equity Moderate Buffer ETF - April · Absorbs the first 15% of loss on SPY and caps the gain at 12.3%, over a period ending Apr 16, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 50% 15%

Outcome period Apr 20, 2026 to Apr 16, 2027 Apr 20, 2026 to Apr 16, 2027

Days left 163 163

Starting cap +7.0% +12.3%

Can still gain 3.1% 5.8%

Fall before buffer 3.7% 5.9%

Protection left, index points 50.1% of 50.1% 15.0% of 15.0%

Index return this period +8.0% +8.0%

Fund return this period +3.0% +5.4%

State today At cap Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $22m $293m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

APXM resets first, on Apr 16, 2027, 163 days from now; GAPR runs to Apr 16, 2027, 163 days. APXM can still gain 3.1% before its cap, GAPR 5.8%. A fall from here reaches APXM’s buffer after 3.7% and GAPR’s after 5.9%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

APXM

SPY had already risen past this fund's cap of +7.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.1% as the period runs out. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% from today's level to the point where the buffer begins. Protection left, in index points: 50.1% of the 50.1% buffer still sits below today's SPY level. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.

GAPR

From its price on Nov 4, 2026, the fund can gain about 5.8% more before it reaches its cap. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APXM or GAPR?: From their prices on Nov 4, 2026, APXM can gain about 3.1% before its cap and GAPR about 5.8%, so GAPR has more room left this period.
Which resets first, APXM or GAPR?: APXM ends its outcome period on Apr 16, 2027 and GAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, APXM or GAPR?: APXM and GAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs FAPR APXM vs CTMA APXM vs MAYC APXM vs CMAY GAPR vs DDTY GAPR vs MAYP GAPR vs PBMY GAPR vs MAYU

Where to next

State Street® SPDR® S&P 500® ETF Trust →APXM on its own →GAPR on its own →Method →Standards and sources →

Sources and dates

APXM and GAPR filings on SEC EDGAR ↗

First Trust page for APXM ↗

First Trust page for GAPR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, APXM against GAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/apxm-vs-gapr

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