DAPR vs PSCQ

DAPRCFT Vest U.S. Equity Deep Buffer ETF - April

PSCQBPacer Swan SOS Conservative (October) ETF

In short

DAPR Most buffer funds cushion the first 10% of a drop. This one skips that and guards the deeper stretch: you take the first 5% of an S&P 500 slide, the fund targets -5% through -30%. April is its rung on First Trust's monthly ladder.

PSCQ A deep buffer with a deductible: you take the first 5% of an S&P 500 slide, then the next 25 points get cushioned, up to a cap reset each October. At 0.49% a year, it is a low-cost way to run that trade.

Stated mandate

DAPR The Fund seeks to match the price return of the State Street® SPDR® S&P 500® ETF Trust before fees and expenses, subject to a 12.04% upside cap. It seeks to buffer losses from -5% through -30% during the April 20, 2026-April 16, 2027 target outcome period.

PSCQ The Fund seeks to match the returns of the SPDR S&P 500 ETF Trust before fees and expenses up to a predetermined cap while providing a downside buffer over approximately one year.

Why people hold it

• DAPR Deep-buffer geometry: over each one-year period it seeks to offset S&P 500 losses from -5% through -30%, the zone where a correction becomes a bear market, in exchange for a preset upside cap.ftportfolios.com
• Resets every April with a fresh cap and a fresh buffer, and it has a sibling for all twelve calendar months, so the series can be laddered instead of timed.
• The engine is FLEX options on the SPDR S&P 500 ETF Trust: customized, exchange-traded contracts with terms written to match the fund's outcome period.ftportfolios.com
• The 0.85% fee sits right at the middle of its deep-buffer peer group.

• PSCQ 0.49% a year, at the cheap end of the SPY deep-buffer group. In a capped strategy, fees come straight out of the upside you are allowed to keep.
• Real depth of cushion: underlying losses from 5% down to 30% are absorbed by the options package, 25 percentage points of protection across a full one-year outcome period.paceretfs.com
• October start date. Pacer runs the same conservative recipe in January, April and July windows, so you choose which twelve months (and which cap) you live with.
• Plain plumbing: FLEX options on the SPDR S&P 500 ETF Trust, no stock picking, no leverage. It sits in the upper half of its deep-buffer peer group.paceretfs.com

Worth knowing

• DAPR The buffer is not a floor. The first 5% of a decline is yours, and past -30% losses resume one for one.ftportfolios.com
• Cap and buffer are struck for the April-to-April period. Buy mid-period and your own upside room and cushion differ from the headline terms.ftportfolios.com
• Cheaper deep-buffer wrappers exist: Pacer's Swan SOS Conservative funds (PSCW, PSCX) charge 0.49%.

• PSCQ The cap is the price of the cushion. Upside stops at a level set when the October period begins, so a roaring S&P year leaves money on the table.
• The 5% to 30% math is built for holders of the full period. Buy mid-period and your effective buffer and cap depend on the price you pay.paceretfs.com
• A small fund that trades thinly, so spreads can run wider than on big index ETFs. It holds options, not dividend payers, so income is not part of the design.

Full DAPR profile⁠

Full PSCQ profile⁠