Data as of .
GAPR vs ZMAY: which one stands where?
As of Sep 21, 2026 GAPR can fall 5.6% before its buffer engages and ZMAY 2.5%, and GAPR resets 14 days sooner.
These are two different products. ZMAY is a floor fund, which caps how far a holder can fall. GAPR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
GAPR resets first, on Apr 16, 2027, 207 days from now; ZMAY runs to Apr 30, 2027, 221 days. GAPR can still gain 6.2% before its cap, ZMAY 4.6%. A fall from here reaches GAPR’s buffer after 5.6% and ZMAY’s after 2.5%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| GAPR | ZMAY | GAPR | ZMAY | |
| 3 months | +2.0% | +1.3% | −0.2 pts | −0.9 pts |
| 6 months | +5.5% | +2.9% | −12.5 pts | −15.1 pts |
| 1 year | +8.4% | +5.0% | −8.2 pts | −11.6 pts |
| 3 years | +35.9% | not published | −42.5 pts | not published |
| 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 | ZMAY Innovator Equity Defined Protection ETF - 1 Yr May Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Apr 30, 2027 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 100% |
| Outcome period | Apr 20, 2026 to Apr 16, 2027 | Apr 30, 2026 to Apr 30, 2027 |
| Days left | 207 | 221 |
| Starting cap | +12.3% | +7.3% |
| Can still gain | 6.2% | 4.6% |
| Fall before buffer | 5.6% | 2.5% |
| Protection left, index points | 15.0% of 15.0% | 100.0% of 100.0% |
| Index return this period | +9.0% | +7.7% |
| Fund return this period | +5.0% | +2.3% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $294m | $83m |
GAPR in plain words
From its price on Sep 21, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.2% 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. 207 days remained on Sep 21, 2026. On Apr 16, 2027 the period ends and a new cap is set.
ZMAY in plain words
SPY had already risen past this fund's cap of +7.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.6% as the period runs out. The fund's price can fall 2.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.1% 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. 221 days remained on Sep 21, 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 ZMAY?
- From their prices on Sep 21, 2026, GAPR can gain about 6.2% before its cap and ZMAY about 4.6%, so GAPR has more room left this period.
- Which resets first, GAPR or ZMAY?
- GAPR ends its outcome period on Apr 16, 2027 and ZMAY on Apr 30, 2027. A new cap is set the day after each.
- Which is cheaper, GAPR or ZMAY?
- GAPR charges 0.85% a year and ZMAY charges 0.79%, so ZMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, GAPR against ZMAY, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/gapr-vs-zmay Free to use with attribution; the underlying files are at Open data.