Which has more room to gain, GMAR or PMAP?

From their prices on Nov 4, 2026, GMAR can gain about 3.3% before its cap and PMAP about 2.5%, so GMAR has more room left this period.

Which resets first, GMAR or PMAP?

GMAR 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, GMAR or PMAP?

GMAR 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

GMAR vs PMAP: Cap, Buffer & Days Left

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As of Nov 4, 2026 GMAR can fall 9.6% before its buffer engages and PMAP 4.4%, and GMAR resets 12 days sooner.

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Net assets: $425m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - March, and $5.0m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - April.

GMAR on its own →PMAP on its own →

At a glance

9.6%

GMAR can fall this far before its buffer

4.4%

PMAP can fall this far before its buffer

3.3%

GMAR can still gain

2.5%

PMAP can still gain

GMAR At its cap

GMAR: reference +18.2% since period start, fund +9.7%; buffer 0 to −15; cap +14.1%; 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 6.6 points; GMAR is far larger, $425m against $5.0m.

Points (pts) are percentage points.

GMAR vs PMAP: Cap, Buffer & Days Left
Measure	GMAR	PMAP
Return
Measure	GMAR	PMAP
Total return, 1 year	+13.0%	+6.4%
Drawdown
Measure	GMAR	PMAP
Index fall to the buffer	15.4%	15.2%
Benchmark
Measure	GMAR	PMAP
What it tracks	SPY	SPY
Cost and size
Measure	GMAR	PMAP
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$425m	$5.0m
Holdings
Measure	GMAR	PMAP
Holdings in common	not published

Method

Window by window

Window by window: GMAR vs PMAP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GMAR	PMAP	GMAR	PMAP
3 months	+1.5%	+1.1%	+1.9 pts	+1.5 pts
6 months	+4.0%	+2.3%	−0.5 pts	−2.2 pts
1 year	+13.0%	+6.4%	−0.5 pts	−7.2 pts
3 years	+41.6%	–	−34.8 pts	–
Since launchNot the same days: GMAR Mar 2023 · PMAP Apr 2025	+52.6%	+10.9%	−42.1 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

GMAR FT Vest U.S. Equity Moderate Buffer ETF - March · Absorbs the first 15% of loss on SPY and caps the gain at 14.1%, 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 15% 100%

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

Days left 135 147

Starting cap +14.1% +7.1%

Can still gain 3.3% 2.5%

Fall before buffer 9.6% 4.4%

Protection left, index points 15.0% of 15.0% 100.0% of 100.0%

Index return this period +18.2% +17.9%

Fund return this period +9.7% +4.1%

State today At cap At cap

Expense ratio 0.85% 0.50%

Net assets, GMAR as of Nov 3, 2026 and PMAP as of Nov 4, 2026 $425m $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. GMAR 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

GMAR resets first, on Mar 19, 2027, 135 days from now; PMAP runs to Mar 31, 2027, 147 days. GMAR can still gain 3.3% before its cap, PMAP 2.5%. A fall from here reaches GMAR’s buffer after 9.6% 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

GMAR

SPY had already risen past this fund's cap of +14.1% 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 3.3% as the period runs out. 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 15.4% 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. 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, GMAR or PMAP?: From their prices on Nov 4, 2026, GMAR can gain about 3.3% before its cap and PMAP about 2.5%, so GMAR has more room left this period.
Which resets first, GMAR or PMAP?: GMAR 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, GMAR or PMAP?: GMAR charges 0.85% a year and PMAP charges 0.50%, so PMAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

GMAR vs PBAP GMAR vs FLAO GMAR vs TAPR GMAR vs CPSP PMAP vs SIXO PMAP vs MARM PMAP vs APOC PMAP vs AAPR

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 →GMAR on its own →PMAP on its own →Method →Standards and sources →

Sources and dates

GMAR filings on SEC EDGAR ↗

First Trust page for GMAR ↗

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.

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

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