Which resets first, CMAY or GAPR?

CMAY ends its outcome period on Apr 30, 2027 and GAPR on Apr 16, 2027. A new cap is set the day after each.

Which is cheaper, CMAY or GAPR?

CMAY charges 0.30% a year and GAPR charges 0.85%, so CMAY is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

CMAY vs GAPR: Cap, Buffer & Days Left

Share on X Download as PDF

GAPR can fall 5.9% before its buffer engages as of Nov 4, 2026, and CMAY 4.7% as of Nov 3, 2026.

askIQ about this page

askIQ about CMAY and GAPR

Net assets: $1.2m on Nov 4, 2026 for Corgi U.S. Equities 15% Structured Buffer ETF - May Series, and $293m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - April.

CMAY on its own →GAPR on its own →

At a glance

CMAY Between buffer and cap

CMAY: reference +5.0% since period start, fund +4.0%; buffer 0 to −15; cap +11.0%; Between buffer and cap. Data to Nov 3, 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.

Data to Nov 4, 2026.

Pair scorecard

CMAY costs 0.55 points a year less; GAPR is far larger, $293m against $1.2m.

Points (pts) are percentage points.

CMAY vs GAPR: Cap, Buffer & Days Left
Measure	CMAY	GAPR
Return
Measure	CMAY	GAPR
Total return, 1 year	not published	+8.7%
Drawdown
Measure	CMAY	GAPR
Index fall to the buffer	4.7%	7.4%
Benchmark
Measure	CMAY	GAPR
What it tracks	SPY	SPY
Cost and size
Measure	CMAY	GAPR
Expense ratio	0.30%	0.85%
Net assets, as of Nov 3, 2026	$1.2m	$293m
Holdings
Measure	CMAY	GAPR
Holdings in common	not published

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

IQ Buffer Score83.2CMAY71.1GAPR

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

CMAY 83.2

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: CMAY vs GAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CMAY	GAPR	CMAY	GAPR
3 months	+0.7%	+1.2%	+1.1 pts	+1.6 pts
6 months	+3.3%	+4.2%	−1.2 pts	−0.3 pts
1 year	–	+8.7%	–	−4.8 pts
3 years	–	+37.8%	–	−38.6 pts
Since launchNot the same days: CMAY May 2026 · GAPR Apr 2023	+3.9%	+44.1%	−2.5 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

CMAY Corgi U.S. Equities 15% Structured Buffer ETF - May Series · Absorbs the first 15% of loss on SPY and caps the gain at 11.0%, over a period ending Apr 30, 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 Corgi First Trust

Reference index SPY SPY

Buffer 15% 15%

Outcome period May 1, 2026 to Apr 30, 2027 Apr 20, 2026 to Apr 16, 2027

Days left 178 163

Starting cap +11.0% +12.3%

Can still gain not published 5.8%

Fall before buffer 4.7% 5.9%

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

Index return this period +5.0% +8.0%

Fund return this period +4.0% +5.4%

State today Open Open

Expense ratio 0.30% 0.85%

Net assets, CMAY as of Nov 4, 2026 and GAPR as of Nov 3, 2026 $1.2m $293m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

GAPR resets first, on Apr 16, 2027, 163 days from now; CMAY runs to Apr 30, 2027, 178 days. A fall from here reaches CMAY’s buffer after 4.7% 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

CMAY

The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 4.7% 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. 178 days remained on Nov 3, 2026. On Apr 30, 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. In index terms, SPY can fall 7.4% from today's level to the point where the buffer begins. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CMAY or GAPR?: CMAY ends its outcome period on Apr 30, 2027 and GAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, CMAY or GAPR?: CMAY charges 0.30% a year and GAPR charges 0.85%, so CMAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CMAY vs FAPR CMAY vs SIXZ CMAY vs CPSM CMAY vs XAPR GAPR vs CTMA GAPR vs CPSM GAPR vs SIXZ GAPR vs MAYC

Where to next

SPY →CMAY on its own →GAPR on its own →Method →Standards and sources →

Sources and dates

CMAY filings on SEC EDGAR ↗

Corgi website ↗

GAPR filings on SEC EDGAR ↗

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

Open data →

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