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GAPR

GradeCChicago Board Options Exchange

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

Buffered · First Trust · Inception 2023-04-21 · SEC filings

$42.63−0.07 (−0.15%)

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

History starts Apr 24, 2023.
Intraday session: down, 54 prints from 42.70 to 42.63. Range 42.59 to 42.71. Use the arrow keys to read each point.$42.60$42.7010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$296M
1Y return
+8.9%
Yield · Last 12 months
—
Holdings
4
Volume · 30D
0M sh
NAV per share
$42.72
52W range
low $39.10high $42.77

The ETF.net GAPR Grade

C

45/ 100

Rank 30 of 61 in S&P 500 Buffer 15%⁠

Confidence Medium

Six-pillar profile for GAPR. Scores out of 100: Cost 13, Risk 66, Mission not scored, Tradability 69, Holdings 64, Durability 70. Strongest: Durability (70). Weakest: Cost (13). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 45 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 13
    Category rank47/61 · 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.
    BScore 66
    Category rank11/57 · top 19%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 69
    Category rank11/61 · top 18%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 64
    Category rank9/32 · top 28%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 70
    Category rank23/61 · top 38%

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

Our read on GAPR

ETF.net Research

CThe 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.

Stated mandate

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.

Why people hold it

  1. 01Terms 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
  2. 02Twelve 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.
  3. 03The 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.

Worth knowing

  1. 01At 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%.
  2. 02Buy 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.
  3. 03Thinly 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.

GAPR Holdings

As of Sep 21, 2026, 5:46 PM
Asset class
Other
Holdings
4
Top-10 weight
104%
Largest holding
2027-04-16 State Street® SPDR® S&P 500® ETF Trust C 7.12101.1%

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 7.12101.15%3,963$298M1
002—2027-04-16 State Street® SPDR® S&P 500® ETF Trust P 710.162.16%3,963$6M1
003—US Dollar0.77%2,259,844$2M394

Showing 1–3 of 3 holdings

GAPR Performance

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

GAPR$10,894
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. GAPR $10,894. 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 GAPR. Periods over one year show the average yearly return.
PeriodGAPR
Year to date+6.8%
1 month+0.8%
3 months+2.8%
1 year+8.9%
3 years+11.5%per year
5 yearsFund is under 5 years old—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 GAPR
YearReturn barGAPR
2026 YTD+6.8%
2025+6.7%
2024+14.5%
2023+10.1%

History from Apr 24, 2023

GAPR in the news

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

GAPR Dividends

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

No distributions in the last 12 months.

GAPR Risk

How much the fund’s monthly returns vary, scaled to a year.
4.8%
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.
1.20
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.
−9.0%
40 months · trough Apr 2025
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.
0.29
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.

GAPR Cost

Expense ratio0.85%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

35 of the 50 S&P 500 Buffer 15% funds charge less.

GAPR costs $85.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.