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Launched · SEC filings

FT Vest U.S. Equity Buffer ETF - April

FAPRCboeFirst TrustC

$47.49−0.17 (−0.37%)

As of Nov 2, 2026, 3:59 PM ET

C46/ 100

Rank 44 of 77 in S&P 500 Buffer 9-12%

C46/100Rank 44 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 78 prints from 47.66 to 47.49. Range 47.49 to 47.98. Use the arrow keys to read each point.47.6047.8047.9048.0010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$1.35B
1Y total return
+9.0%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
22.2K sh
52W range
low $43.32high $48.43
Launched
Filings
SEC EDGAR

The ETF.net FAPR Grade

Based on 5 of 6 pillars

C

Score 46 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
44 of 77
Six-pillar profile for FAPR. Scores out of 100: Cost 11, Risk 70, Mission not scored, Tradability 73, Holdings 64, Durability 82. Strongest: Durability (82). Weakest: Cost (11). Based on 5 of 6 pillars.

Score 46 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F11 out of 100
    Rank 60 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A70 out of 100
    Rank 12 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A73 out of 100
    Rank 13 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B64 out of 100
    Rank 12 of 45

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A82 out of 100
    Rank 11 of 77

Our read on FAPR

ETF.net Research

In short

COne of twelve First Trust buffer funds, each keyed to a different start month. The April vintage uses SPY options to absorb the first 10% of a decline over its one-year outcome period, trading that cushion for a ceiling on gains that resets every April.

Stated mandate

The Fund seeks to track the price return of the State Street® SPDR® S&P 500® ETF Trust, subject to a 15.16% upside cap and protection against the first 10% of losses during the current outcome period.

Why people hold it

  • The bargain is explicit: FLEX options on SPY absorb the first 10% of a drop over the outcome period, in exchange for a cap on the upside.ftportfolios.com
  • Perpetual structure. At each period's end the cap resets to prevailing market conditions and the fund rolls on, so there is no maturity date to manage.businesswire.com
  • Part of a twelve-fund monthly ladder (FJAN through FDEC), so an outcome period can be started in any month rather than only in April.
  • Sizable for a buffer fund, trading regularly, with a live record back to its 2021 launch and several completed outcome periods behind it.

Worth knowing

  • At 0.85% a year it runs above the typical fund in its buffer peer group, and some alternatives such as BUFB charge a small fraction of that.
  • The 10% buffer is measured before fees and only across the full period. Buying mid-period means whatever cushion and upside remain, not the headline terms.businesswire.com
  • It targets SPY's price return through options, so S&P 500 dividends do not pass through and the fund has not been making distributions.ftportfolios.com

FAPR Performance

Launched Apr 16, 2021

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
FAPR$10,900
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. FAPR $10,900. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FAPR. Periods over one year show the average yearly return.
PeriodFAPR
Year to date+7.3%
1 month−0.4%
3 months+1.5%
1 year+9.0%
3 yearsper year+14.5%
5 yearsper year+8.3%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FAPR
YearReturn barFAPR
2026 YTD+7.3%
2025+7.6%
2024+18.1%
2023+19.5%
2022−10.3%
2021+8.6%

History from Apr 19, 2021

FAPR in the news

FAPR Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

FAPR Risk

Risk pillarA70 out of 100Rank 12 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
5.6%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.67
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−16.0%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.38
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

FAPR Cost

Compare FAPR and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$11,040

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

  • FAPR 0.85%

    $16,199

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • FAPR 0.85%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FAPR $16,199XTR $5,159

Year by year

YearFAPRXTROverpaying
10$1,508$455$1,053
20$5,706$1,769$3,937
30$16,199$5,159$11,040

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