ETFIQ
RankingsCompareHoldingsFlowsResearch
My portfolioWeekly note
A
vs
B
Share on XDownload as PDFOpen live

CTMA vs FAPR: which one stands where?

As of Oct 2, 2026 FAPR can fall 6.6% before its buffer engages and CTMA 6.0%, and FAPR resets 14 days sooner. Corgi U.S. Equities 30% Structured Buffer ETF - May Series and FT Vest U.S. Equity Buffer ETF - April.

CTMA costs 0.55 points a year less; FAPR is 736.3 times larger.

CTMAFAPR
Expense ratio0.30%0.85%
Net assets$2m$1.3bn
Total return, 1 yearnot published+10.4%
What it tracksSPYSPY
Holdings in commonnot published
CTMABetween buffer and cap
Between buffer and capCTMA: reference +6.3% since period start, fund +3.8%; buffer 0 to −30; cap +11.5%; Between buffer and cap.30 pts of buffer+6.3% gained−30.0% floor0% period start+11.5% capTODAY · SPY +6.3%Between buffer and capCTMA: reference +6.3% since period start, fund +3.8%; buffer 0 to −30; cap +11.5%; Between buffer and cap.30 pts of buffer−30.0% floor0% start+11.5% capTODAY · SPY +6.3%

CTMA: reference +6.3% since period start, fund +3.8%; buffer 0 to −30; cap +11.5%; Between buffer and cap.

FAPRBetween buffer and cap
Between buffer and capFAPR: reference +8.4% since period start, fund +6.1%; buffer 0 to −10; cap +15.2%; Between buffer and cap.10 pts of buffer+8.4% gained+6.8% to cap−10.0% floor0% period start+15.2% capTODAY · SPY +8.4%Between buffer and capFAPR: reference +8.4% since period start, fund +6.1%; buffer 0 to −10; cap +15.2%; Between buffer and cap.10 pts−10.0% floor0% start+15.2% capTODAY · SPY +8.4%

FAPR: reference +8.4% since period start, fund +6.1%; buffer 0 to −10; cap +15.2%; Between buffer and cap.

ETFIQ Downside Cover Score · CTMA scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 294 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Where each one stands today

FAPR resets first, on Apr 16, 2027, 196 days from now; CTMA runs to Apr 30, 2027, 210 days. A fall from here reaches CTMA’s buffer after 6.0% and FAPR’s after 6.6%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

Total returnGap to the reference
WindowCTMAFAPRCTMAFAPR
3 months+1.8%+3.0%−1.8 pts−0.6 pts
6 monthsnot published+6.7%not published−11.3 pts
1 yearnot published+10.4%not published−5.9 pts
3 yearsnot published+50.6%not published−38.6 pts

CTMA and FAPR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CTMA
Corgi U.S. Equities 30% Structured Buffer ETF - May Series · Absorbs the first 30% of loss on SPY and caps the gain at 11.5%, over a period ending Apr 30, 2027
FAPR
FT Vest U.S. Equity Buffer ETF - April · Absorbs the first 10% of loss on SPY and caps the gain at 15.2%, over a period ending Apr 16, 2027
Issuer Corgi First Trust
Reference index SPY SPY
Buffer 30% 10%
Outcome period May 1, 2026 to Apr 30, 2027 Apr 20, 2026 to Apr 16, 2027
Days left 210 196
Starting cap +11.5% +15.2%
Can still gain not published 7.7%
Fall before buffer 6.0% 6.6%
Protection left, index points 30.0% of 30.0% 10.0% of 10.0%
Index return this period +6.3% +8.4%
Fund return this period +3.8% +6.1%
State today Open Open
Expense ratio 0.30% 0.85%
Net assets $2m $1.3bn

CTMA and FAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CTMA in plain words

The fund's price can fall 6.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.0% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

FAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 7.7% more before it reaches its cap. The fund's price can fall 6.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.7% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 196 days remained on Oct 2, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CTMA or FAPR?
CTMA ends its outcome period on Apr 30, 2027 and FAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, CTMA or FAPR?
CTMA charges 0.30% a year and FAPR charges 0.85%, so CTMA is cheaper. Fees come from each fund's prospectus.
Other comparisons
CTMA vs DDFYCTMA vs DDTYCTMA vs GAPRCTMA vs HMAYFAPR vs PMARFAPR vs PNOVFAPR vs POCTFAPR vs PSEP
SPY →CTMA on its own →FAPR on its own →How every figure is computed →Standards and sources →
Where these figures came from
CTMA filings on SEC EDGAR ↗Corgi website ↗FAPR filings on SEC EDGAR ↗First Trust page for FAPR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CTMA against FAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/ctma-vs-fapr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.