Data as of Nov 4, 2026.
GAPR vs UMAY: Cap, Buffer & Days Left
As of Nov 4, 2026 UMAY can fall 9.6% before its buffer engages and GAPR 5.9%, 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 $84m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - May.
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.
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.UMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.
UMAY: reference +6.7% since period start, fund +4.7%; buffer −5 to −35; cap +12.5%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
UMAY costs 0.06 points a year less; their one-year returns differ by 0.2 points; GAPR is 3.5 times larger.
Points (pts) are percentage points.
| Measure | GAPR | UMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +8.5% |
| Drawdown | ||
| Index fall to the buffer | 7.4% | 10.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $293m | $83m |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | GAPR | UMAY | GAPR | UMAY |
| 3 months | +1.2% | +1.2% | +1.6 pts | +1.5 pts |
| 6 months | +4.2% | +3.7% | −0.3 pts | −0.8 pts |
| 1 year | +8.7% | +8.5% | −4.8 pts | −5.1 pts |
| 3 years | +37.8% | +39.4% | −38.6 pts | −37.0 pts |
| Since launchNot the same days: GAPR Apr 2023 · UMAY May 2020 | +44.1% | +53.3% | −41.8 pts | −117.8 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
GAPR resets first, on Apr 16, 2027, 163 days from now; UMAY runs to Apr 30, 2027, 177 days. GAPR can still gain 5.8% before its cap, UMAY 7.1%. A fall from here reaches GAPR’s buffer after 5.9% and UMAY’s after 9.6%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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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.
UMAY
From its price on Nov 4, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
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.
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ETFIQ, GAPR against UMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gapr-vs-umay
ETFIQ. (Nov 4, 2026). GAPR against UMAY. Retrieved from https://etfiq.com/compare/buffer/gapr-vs-umay
[GAPR against UMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/gapr-vs-umay)
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