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FAPR

GradeCChicago Board Options Exchange

FT Vest U.S. Equity Buffer ETF - April

Buffered · First Trust · Inception 2021-04-16 · SEC filings

$47.94−0.15 (−0.31%)

As of Sep 23, 2026, 2:18 PM EDT

Intraday session: down, 54 prints from 48.09 to 47.94. Range 47.87 to 48.20. Use the arrow keys to read each point.$48.00$48.10$48.2010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$1.3B
1Y return
+10.7%
Yield · Last 12 months
—
Holdings
4
Volume · 30D
0M sh
NAV per share
$48.07
52W range
low $43.27high $48.12

The ETF.net FAPR Grade

C

47/ 100

Rank 39 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for FAPR. Scores out of 100: Cost 11, Risk 70, Mission not scored, Tradability 75, Holdings 66, Durability 82. Strongest: Durability (82). Weakest: Cost (11). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 47 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 11
    Category rank63/77 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 70
    Category rank10/73 · top 14%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 75
    Category rank13/77 · top 17%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 66
    Category rank9/42 · top 21%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 82
    Category rank14/77 · top 18%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on FAPR

ETF.net Research

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

  1. 01The 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
  2. 02Perpetual 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
  3. 03Part of a twelve-fund monthly ladder (FJAN through FDEC), so an outcome period can be started in any month rather than only in April.
  4. 04Sizable for a buffer fund, trading regularly, with a live record back to its 2021 launch and several completed outcome periods behind it.

Worth knowing

  1. 01At 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.
  2. 02The 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
  3. 03It 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 Holdings

As of Sep 21, 2026, 5:41 PM
Asset class
Other
Holdings
4
Top-10 weight
103%
Largest holding
2027-04-16 State Street® SPDR® S&P 500® ETF Trust C 7.10100.3%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—2027-04-16 State Street® SPDR® S&P 500® ETF Trust C 7.10100.31%17,721$1.3B1
002—2027-04-16 State Street® SPDR® S&P 500® ETF Trust P 710.142.14%17,721$28M1
003—US Dollar0.76%10,110,062$10M394

Showing 1–3 of 3 holdings

FAPR Performance

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

FAPR$11,067
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. FAPR $11,067. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+8.3%
1 month+1.1%
3 months+3.2%
1 year+10.7%
3 years+14.1%per year
5 years+9.1%per year
10 yearsFund is under 10 years old—per year

As of the close, 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+8.3%
2025+7.6%
2024+18.1%
2023+19.5%
2022−10.3%
2021+8.6%

History from Apr 19, 2021

FAPR in the news

ETF.net Research hasn’t filed on FAPR yet — coverage lands here as it’s written.

FAPR Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

FAPR Risk

How much the fund’s monthly returns vary, scaled to a year.
6.2%
Annualised · 36 months to Aug 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.
1.24
vs 3-month T-bills · to Aug 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.

FAPR Cost

Expense ratio0.85%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

59 of the 77 S&P 500 Buffer 9-12% funds charge less.

FAPR costs $85.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.