GAPR vs PSMR

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

PSMRBPacer Swan SOS Moderate (April) 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.

PSMR A 15-point cushion on SPY, reset every April, for 0.49% a year while the typical buffer fund charges more. Pacer and Swan's moderate tier trades away some upside (a cap set each period) for a floor you know going in.

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.

PSMR The Fund seeks to match 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.

• PSMR Charges 0.49% a year against a 0.79% median in its buffered-SPY cohort, and undercuts Pacer's own single-month siblings like PJUL and POCT at 0.79%.
• The contract is spelled out: a 15-point buffer against SPDR S&P 500 ETF Trust losses over roughly a one-year period, with upside capped at a level set when the period begins.paceretfs.com
• Terms reset on April 1 each year, so the new buffer and cap arrive on a known calendar date instead of whenever you happened to buy in.paceretfs.com
• Running since 2021, so this April series has cycled through several complete outcome periods rather than being a fresh launch with a paper track record.

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.

• PSMR Thinly traded next to the biggest names in buffer land, so spreads and order size are worth a look before you place a trade.
• The cap cuts both ways: big SPY years get trimmed, and the stated buffer and cap only line up in full for a holder who rides one April reset to the next.
• Not an income vehicle. It has not been paying a regular distribution, so whatever the strategy delivers shows up in the share price.

Full GAPR profile⁠

Full PSMR profile⁠