GAPR vs PSMJ

GAPRCFT Vest U.S. Equity Moderate Buffer ETF - April

PSMJBPacer Swan SOS Moderate (July) ETF

In short

GAPR The April door on First Trust's monthly buffer ladder: it aims to absorb the first 15% of a one-year drop in the S&P 500's price and gives up gains above a cap set each April. Same recipe as its sibling months, different start date.

PSMJ Pacer's July-dated stop on the Swan SOS ladder: FLEX options on SPY that buffer the first 15% of a fall over a roughly one-year period, with upside capped in return. At 0.49%, it undercuts most of the buffer aisle.

Stated mandate

GAPR The Fund seeks to match the price return of the State Street® SPDR® S&P 500® ETF Trust up to a set cap while protecting the first 15% of losses during the April 20, 2026–April 16, 2027 outcome period.

PSMJ The Fund seeks to track the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while providing a downside buffer over an approximately one-year period.

Why people hold it

• GAPR Terms are contractual, not discretionary: the first 15% of losses absorbed, upside capped, over a defined April-to-April window whose cap is published before the period starts.ftportfolios.com
• Twelve monthly siblings exist (GMAY, GJUN, GSEP and the rest), so you can choose an entry month or ladder across several rather than leaning on one 12-month window.
• The yardstick is the price return of the largest S&P 500 ETF, so the payoff is measured against something you can watch tick by tick instead of a bespoke index.

• PSMJ Charges 0.49% a year against a 0.79% median for its buffered-SPY cohort, the same 0.79% Innovator's Power Buffer funds (PJUL, PJAN, POCT) charge for a similar job.
• The deal is legible: FLEX options on SPY absorb the first 15% of a decline over the outcome period, and match the ETF's gains up to a cap struck each July.paceretfs.compaceretfs.com 2
• Those FLEX options are customizable exchange-traded contracts settled through the Options Clearing Corporation, and Durango-based Swan Global Management sub-advises the strategy.paceretfs.com
• One of four Moderate-series funds with staggered start months (PSMD, PSMR, PSMJ, PSMO), so a July reset can be stacked against other entry points rather than standing alone.paceretfs.com

Worth knowing

• GAPR At 0.85% a year it sits at the pricier end of the buffer shelf; BUFF, a laddered rival in the same group, charges 0.10%.
• Buy mid-period and the math shifts: the full 15% cushion and the stated cap apply to holders who own it from one April reset to the next.
• Thinly traded next to the category's giants, and it follows price return only, so S&P 500 dividends and regular income are not part of the design.

• PSMJ The 15% buffer and the cap belong to the full outcome period. Step in mid-period and you inherit whatever cap and buffer remain, not the starting terms.paceretfs.com
• Thinly traded next to the largest buffer funds, so spreads and limit orders deserve more of your attention at the point of entry.
• No regular income stream here: the options structure delivers its result through share price rather than distributions.paceretfs.com

Full GAPR profile⁠

Full PSMJ profile⁠