Skip to content
etf.net

Launched · SEC filings

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

GAPRCboeFirst TrustC

$42.37−0.10 (−0.25%)

As of Nov 10, 2026, 11:15 AM ET

C42/ 100

Rank 36 of 61 in S&P 500 Buffer 15%

C42/100Rank 36 of 61inS&P 500 Buffer 15%
Intraday session: down, 22 prints from 42.47 to 42.37. Range 42.31 to 42.48. Use the arrow keys to read each point.42.3042.4042.4510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$290M
1Y total return
+7.8%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
6.56K sh
52W range
low $39.18high $43.06
Launched
Filings
SEC EDGAR

The ETF.net GAPR Grade

Based on 5 of 6 pillars

C

Score 42 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
36 of 61
Six-pillar profile for GAPR. Scores out of 100: Cost 13, Risk 63, Mission not scored, Tradability 58, Holdings 62, Durability 70. Strongest: Durability (70). Weakest: Cost (13). Based on 5 of 6 pillars.

Score 42 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.
    F13 out of 100
    Rank 47 of 61

  • 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.
    B63 out of 100
    Rank 9 of 60

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B58 out of 100
    Rank 22 of 61

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B62 out of 100
    Rank 11 of 34

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A70 out of 100
    Rank 23 of 61

Our read on GAPR

ETF.net Research

In short

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

  • 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.

Worth knowing

  • 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.

GAPR Performance

Launched Apr 21, 2023

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.Not enough history yet.
GAPR$10,776
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. GAPR $10,776. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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+6.2%
1 month−1.1%
3 months+0.3%
1 year+7.8%
3 yearsper year+11.0%
5 yearsFund is under 5 years oldper yearNo data
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 GAPR
YearReturn barGAPR
2026 YTD+6.2%
2025+6.7%
2024+14.5%
2023+10.1%

History from Apr 24, 2023

GAPR in the news

GAPR Dividends

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

No distributions in the last 12 months.

GAPR Risk

Risk pillarB63 out of 100Rank 9 of 60 in S&P 500 Buffer 15%
How much the fund’s monthly returns vary, scaled to a year.
4.4%
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.
1.59
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.
−9.0%
42 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.

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

GAPR Cost

Compare GAPR and CAUG

Overpaying vs CAUG, tied cheapest in S&P 500 Buffer 15%

$10,050

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

  • GAPR 0.85%

    $16,199

  • CAUG 0.30% Tied cheapest

    $6,149

$10,000
30 years

Cost over time

  • GAPR 0.85%
  • CAUG 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530GAPR $16,199CAUG $6,149

Year by year

YearGAPRCAUGOverpaying
10$1,508$545$963
20$5,706$2,113$3,593
30$16,199$6,149$10,050

Other funds in S&P 500 Buffer 15%

See others