Which has more room to gain, GAPR or MAYP?

From their prices on Nov 4, 2026, GAPR can gain about 5.8% before its cap and MAYP about 8.4%, so MAYP has more room left this period.

Which resets first, GAPR or MAYP?

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

Which is cheaper, GAPR or MAYP?

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

Data as of Nov 4, 2026.

Buffer ETFs

GAPR vs MAYP: Cap, Buffer & Days Left

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As of Nov 4, 2026 GAPR can fall 5.9% before its buffer engages and MAYP 5.7%, and GAPR resets 14 days sooner.

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Net assets: $293m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - April, and $37m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - May.

GAPR on its own →MAYP on its own →

At a glance

5.9%

GAPR can fall this far before its buffer

5.7%

MAYP can fall this far before its buffer

5.8%

GAPR can still gain

8.4%

MAYP can still gain

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.

MAYP Between buffer and cap

MAYP: reference +6.7% since period start, fund +5.5%; buffer 0 to −12; cap +14.9%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

MAYP costs 0.35 points a year less; their one-year returns differ by 1.4 points; GAPR is 7.9 times larger.

Points (pts) are percentage points.

GAPR vs MAYP: Cap, Buffer & Days Left
Measure	GAPR	MAYP
Return
Measure	GAPR	MAYP
Total return, 1 year	+8.7%	+10.1%
Drawdown
Measure	GAPR	MAYP
Index fall to the buffer	7.4%	6.3%
Benchmark
Measure	GAPR	MAYP
What it tracks	SPY	SPY
Cost and size
Measure	GAPR	MAYP
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$293m	$37m
Holdings
Measure	GAPR	MAYP
Holdings in common	not published

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

IQ Buffer Score71.1GAPR57.5MAYP

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

GAPR 71.1

MAYP 57.5

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: GAPR vs MAYP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GAPR	MAYP	GAPR	MAYP
3 months	+1.2%	+1.0%	+1.6 pts	+1.4 pts
6 months	+4.2%	+4.3%	−0.3 pts	−0.2 pts
1 year	+8.7%	+10.1%	−4.8 pts	−3.4 pts
3 years	+37.8%	–	−38.6 pts	–
Since launchNot the same days: GAPR Apr 2023 · MAYP May 2024	+44.1%	+33.9%	−41.8 pts	−19.4 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

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 MAYP PGIM S&P 500 Buffer 12 ETF - May · Absorbs the first 12% of loss on SPY and caps the gain at 14.9%, over a period ending Apr 30, 2027

Issuer First Trust PGIM

Reference index SPY SPY

Buffer 15% 12%

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

Days left 163 177

Starting cap +12.3% +14.9%

Can still gain 5.8% 8.4%

Fall before buffer 5.9% 5.7%

Protection left, index points 15.0% of 15.0% 12.0% of 12.0%

Index return this period +8.0% +6.7%

Fund return this period +5.4% +5.5%

State today Open Open

Expense ratio 0.85% 0.50%

Net assets, GAPR as of Nov 3, 2026 and MAYP as of Nov 4, 2026 $293m $37m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

GAPR resets first, on Apr 16, 2027, 163 days from now; MAYP runs to Apr 30, 2027, 177 days. GAPR can still gain 5.8% before its cap, MAYP 8.4%. A fall from here reaches GAPR’s buffer after 5.9% and MAYP’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. Protection left, in index points: 15.0% of the 15.0% 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.

MAYP

From its price on Nov 4, 2026, the fund can gain about 8.4% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, GAPR or MAYP?: From their prices on Nov 4, 2026, GAPR can gain about 5.8% before its cap and MAYP about 8.4%, so MAYP has more room left this period.
Which resets first, GAPR or MAYP?: GAPR ends its outcome period on Apr 16, 2027 and MAYP on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, GAPR or MAYP?: GAPR charges 0.85% a year and MAYP charges 0.50%, so MAYP is cheaper. Fees come from each fund's prospectus.

Other comparisons

GAPR vs ZMAY GAPR vs UMAY GAPR vs MAYT GAPR vs BMAY MAYP vs PBMY MAYP vs CPSP MAYP vs PMMY MAYP vs MAYC

Where to next

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

Sources and dates

GAPR filings on SEC EDGAR ↗

First Trust page for GAPR ↗

MAYP filings on SEC EDGAR ↗

PGIM website ↗

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

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