Which has more room to gain, FMAR or PMAP?

From their prices on Nov 4, 2026, FMAR can gain about 4.0% before its cap and PMAP about 2.5%, so FMAR has more room left this period.

Which resets first, FMAR or PMAP?

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

Which is cheaper, FMAR or PMAP?

FMAR charges 0.85% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FMAR vs PMAP: Cap, Buffer & Days Left

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As of Nov 4, 2026 FMAR can fall 11.3% before its buffer engages and PMAP 4.4%, and FMAR resets 12 days sooner.

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Net assets: $1.2bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - March, and $5.0m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - April.

FMAR on its own →PMAP on its own →

At a glance

11.3%

FMAR can fall this far before its buffer

4.4%

PMAP can fall this far before its buffer

4.0%

FMAR can still gain

2.5%

PMAP can still gain

FMAR At its cap

FMAR: reference +18.2% since period start, fund +11.8%; buffer 0 to −10; cap +17.2%; At its cap. Data to Nov 4, 2026.

PMAP At its cap

PMAP: reference +17.9% since period start, fund +4.1%; buffer Floor; cap +7.1%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PMAP costs 0.35 points a year less; their one-year returns differ by 9.6 points; FMAR is far larger, $1.2bn against $5.0m.

Points (pts) are percentage points.

FMAR vs PMAP: Cap, Buffer & Days Left
Measure	FMAR	PMAP
Return
Measure	FMAR	PMAP
Total return, 1 year	+16.0%	+6.4%
Drawdown
Measure	FMAR	PMAP
Index fall to the buffer	15.4%	15.2%
Benchmark
Measure	FMAR	PMAP
What it tracks	SPY	SPY
Cost and size
Measure	FMAR	PMAP
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$1.2bn	$5.0m
Holdings
Measure	FMAR	PMAP
Holdings in common	not published

Method

Window by window

Window by window: FMAR vs PMAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FMAR	PMAP	FMAR	PMAP
3 months	+1.7%	+1.1%	+2.1 pts	+1.5 pts
6 months	+4.7%	+2.3%	+0.2 pts	−2.2 pts
1 year	+16.0%	+6.4%	+2.4 pts	−7.2 pts
3 years	+51.0%	–	−25.4 pts	–
Since launchNot the same days: FMAR Mar 2021 · PMAP Apr 2025	+81.3%	+10.9%	−14.1 pts	−25.8 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

FMAR FT Vest U.S. Equity Buffer ETF - March · Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, over a period ending Mar 19, 2027 PMAP PGIM S&P 500 Max Buffer ETF - April · Absorbs the whole loss on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer First Trust PGIM

Reference index SPY SPY

Buffer 10% 100%

Outcome period Mar 23, 2026 to Mar 19, 2027 Apr 1, 2026 to Mar 31, 2027

Days left 135 147

Starting cap +17.2% +7.1%

Can still gain 4.0% 2.5%

Fall before buffer 11.3% 4.4%

Protection left, index points 10.0% of 10.0% 100.0% of 100.0%

Index return this period +18.2% +17.9%

Fund return this period +11.8% +4.1%

State today At cap At cap

Expense ratio 0.85% 0.50%

Net assets, FMAR as of Nov 3, 2026 and PMAP as of Nov 4, 2026 $1.2bn $5.0m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

FMAR resets first, on Mar 19, 2027, 135 days from now; PMAP runs to Mar 31, 2027, 147 days. FMAR can still gain 4.0% before its cap, PMAP 2.5%. A fall from here reaches FMAR’s buffer after 11.3% and PMAP’s after 4.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

FMAR

SPY had already risen past this fund's cap of +17.2% 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 4.0% as the period runs out. The fund's price can fall 11.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.4% 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. 135 days remained on Nov 4, 2026. On Mar 19, 2027 the period ends and a new cap is set.

PMAP

SPY had already risen past this fund's cap of +7.1% 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 2.5% as the period runs out. The fund's price can fall 4.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, FMAR or PMAP?: From their prices on Nov 4, 2026, FMAR can gain about 4.0% before its cap and PMAP about 2.5%, so FMAR has more room left this period.
Which resets first, FMAR or PMAP?: FMAR ends its outcome period on Mar 19, 2027 and PMAP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, FMAR or PMAP?: FMAR charges 0.85% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

FMAR vs FLAO FMAR vs TAPR FMAR vs CPSP FMAR vs PBAP PMAP vs FLAO PMAP vs PAPR PMAP vs GMAR PMAP vs BAPR

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →FMAR on its own →PMAP on its own →Method →Standards and sources →

Sources and dates

FMAR filings on SEC EDGAR ↗

First Trust page for FMAR ↗

PMAP filings on SEC EDGAR ↗

PGIM website ↗

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

How this is computed

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, FMAR against PMAP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fmar-vs-pmap

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