Skip to content
etf.net

GAPR vs PSMO

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

GAPRCCboe

Pacer Swan SOS Moderate (October) ETF

PSMOBCboe

Overlap

Expense ratio

PSMO −0.36pt a year

GAPR0.85%PSMO0.49%

Avg volume · 30D

PSMO 1.2×the volume

GAPR6.56KPSMO8.14K

3Y return · a year

PSMO +0.8pt

GAPR+11.0%PSMO+11.8%

GAPR vs PSMO Performance

Nov 7, 2025 – Nov 9, 2026

+7.8%GAPR+10.5%PSMO

Nov 7, 2025 to Nov 9, 2026. GAPR +7.8%. PSMO +10.5%. Use the arrow keys to read each point.−2.5%0%2.5%5%12.5%Nov 2025May 2026Nov 2026
Expense ratio
GAPR 0.85%
PSMO 0.49%, better
Fund size
GAPR $290M
PSMO $117M
1Y total return
GAPR +7.8%
PSMO +10.5%, better
Holdings
GAPR 3
PSMO 3
Avg volume (30D)
GAPR 6.56K sh
PSMO 8.14K sh, better
NAV per share
GAPR $41.97
PSMO $32.98
52W range

ETF.net Grade

GAPR: Cost 13, Risk 63, Mission not scored, Tradability 58, Holdings 62, Durability 70. PSMO: Cost 70, Risk 47, Mission 95, Tradability 66, Holdings not scored, Durability 66.
Pillar letters and Scores for GAPR, PSMO, with each pillar’s weight
PillarGAPRPSMO
Cost30% weightF13A70Higher
Mission25% weightNot scoredA95
Risk15% weightB63HigherC47
Tradability15% weightB58B66Higher
Holdings10% weightB62Not scored
Durability5% weightA70HigherB66

Rank among S&P 500 Buffer 15% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. GAPR and PSMO are both graded against the same 51 S&P 500 Buffer 15% funds, so their Grades compare head to head.

S&P 500 Buffer 15%⁠

Category · 51 funds
See all 51 ›

PSMO ranks 1st and GAPR 27th of 51 funds in the S&P 500 Buffer 15% Category.

  1. Rank 1BPSMOPacer Swan SOS Moderate (October) ETFScore 63
  2. Rank 2BPSMJPacer Swan SOS Moderate (July) ETFScore 60
  3. Rank 24CGOCTFT Vest U.S. Equity Moderate Buffer ETF - OctoberScore 43
  4. Rank 27CGAPRFT Vest U.S. Equity Moderate Buffer ETF - AprilScore 42
  5. Rank 27CGAUGFT Vest U.S. Equity Moderate Buffer ETF - AugustScore 42

Our read on each fund

ETF.net Research

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

PSMOBPacer Swan SOS Moderate (October) 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.

PSMO A 15% cushion against SPY's first losses, reset every October, for 0.49% a year. Most defined-outcome funds charge more, and the trade is a cap on the upside that gets set fresh at the start of each period.

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.

PSMO The fund seeks to track the returns of the SPDR S&P 500 ETF Trust up to a stated cap while buffering the first 15% of losses during an approximately one-year outcome 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.
  • PSMO Charges 0.49% a year versus a 0.79% median across its 15%-buffer peer group, one of the lower-cost ways to own this structure.
  • Pacer's moderate SOS funds (PSMD, PSMR, PSMJ) all price at 0.49%, while the Innovator power-buffer lineup (POCT, PJUL, PJAN) runs 0.79%.
  • The reference asset is the SPDR S&P 500 ETF Trust itself, not an abstract index, so what's being buffered is a fund you can watch tick by tick.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.
  • PSMO Buffer and cap are engineered for the full one-year outcome period running October through September. Buy or sell mid-period and you may get neither in full.paceretfs.com
  • Upside stops at a cap reset each October. A runaway rally in the S&P 500 is the scenario this structure hands back in exchange for the 15% cushion.paceretfs.com
  • One of the quieter tickers in the buffer aisle, so spreads and order type matter more here than with the category's household names.

Full GAPR profile⁠

Full PSMO profile⁠

GAPR vs PSMO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GAPR vs PSMO Cost

Overpaying GAPR vs PSMO

$6,407

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • GAPR 0.85%

    $16,199

  • PSMO 0.49%

    $9,792

$10,000
30 years

Cost over time

  • GAPR 0.85%
  • PSMO 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530GAPR $16,199PSMO $9,792

Year by year

YearGAPRPSMOOverpaying
10$1,508$883$625
20$5,706$3,394$2,312
30$16,199$9,792$6,407

Expense ratio

  • 0.85%GAPR
  • 0.49%PSMO, cheaper
  • Middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

PSMO 5th cheapest of 51 funds

GAPR 37th cheapest of 51 funds

GAPR vs PSMO Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
GAPR None
PSMO None

Distribution history

GAPRAll GAPR payments⁠

No distribution history available.

PSMOAll PSMO payments⁠

No distribution history available.

GAPR vs PSMO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
GAPR 4.4%, betterPSMO 5.9%
Return per unit of riskSharpe ratio, 3 years
GAPR 1.59, betterPSMO 1.31
Worst fallMax drawdown, 5 years
GAPR −9.0%since Apr 2023PSMO −9.8%
Market sensitivityBeta, 5 years
GAPR 0.29PSMO 0.41

Popular comparisons

  • GAPRCvsPSMJB

    FT Vest U.S. Equity Moderate Buffer ETF - April · Pacer Swan SOS Moderate (July) ETF

    Expense ratio
    0.85% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSMOBvsPSMJB

    Pacer Swan SOS Moderate (October) ETF · Pacer Swan SOS Moderate (July) ETF

    Expense ratio
    0.49% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • GAPRCvsPSMRB

    FT Vest U.S. Equity Moderate Buffer ETF - April · Pacer Swan SOS Moderate (April) ETF

    Expense ratio
    0.85% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSMOBvsPSMRB

    Pacer Swan SOS Moderate (October) ETF · Pacer Swan SOS Moderate (April) ETF

    Expense ratio
    0.49% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • GAPRCvsBUFCB

    FT Vest U.S. Equity Moderate Buffer ETF - April · AB Conservative Buffer ETF

    Expense ratio
    0.85% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSMOBvsBUFCB

    Pacer Swan SOS Moderate (October) ETF · AB Conservative Buffer ETF

    Expense ratio
    0.49% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.