At a glance
DAPR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $321.8M in assets, the 8th largest of that group. Over the past year it returned +8.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.4% a year. At its worst it fell 10.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low.
The short version
FT Vest U.S. Equity Deep Buffer ETF – April (DAPR) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It seeks SPY's price return up to a cap, while absorbing SPY losses between -5% and -30% over each one-year period starting in April. Its "deep" buffer has kept swings small. But the cap on gains left it last of eight buffer funds on 1- and 3-year returns as of October 27, 2026.
Price history
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DAPR +8.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DAPR official prospectus, to Dec 31, 2024 | — | +15.01% | — | — | — | +5.96% |
| DAPR price data to Oct 27, 2026 | +6.8% | +8.0% | +12.4% | +6.1% | — | +6.3% |
- Over the year to Oct 27, 2026, DAPR returned +8.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.1%.
- Its worst full calendar year was 2022 (-6.8%); its best was 2024 (+15.0%).
- The deepest fall in its price history was 10.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.8% | — |
| 2025 | +5.7% | — |
| 2024 | +15.0% | +15.01% |
| 2023 | +9.8% | +9.99% |
| 2022 | -6.8% | -7.04% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.4% over that stretch · deepest drop along the way 10.4%, back to its old high 14.4 months after the low |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $10.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.17%, +0.46%, +1.44%.
How it works
DAPR does not own stocks directly. Almost all of its money goes into FLEX Options, which are exchange-traded option contracts with custom strike prices and expiration dates. These options track the price of the SPDR S&P 500 ETF Trust (SPY), which holds the stocks in the S&P 500 Index. As of August 31, 2026, 16 option positions made up about 99% of net assets, and cash was about 0.8%. Vest Financial LLC manages the strategy as sub-advisor for First Trust. The fund tracks SPY's price only, so SPY's dividends are not part of its return.
For the outcome period of April 21, 2025 through April 17, 2026, the cap was 14.16% before fees, or 13.31% after fees. The holder takes the first 5% of any SPY loss. The options then absorb SPY losses between -5% and -30%. If SPY falls more than 30%, the fund's loss is 25 percentage points smaller than SPY's, with a maximum loss of about 75%. All of these figures are before fees.
Each April the fund resets with a new set of options. The cap changes with market conditions at each reset, but the buffer range stays the same. About a week before a period ends, the fund's website posts an expected cap range for the next period. If you buy after a period starts or sell before it ends, your results may be very different from the stated cap and buffer.
What it really costs
- DAPR charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It keeps a stake in the S&P 500 but uses options to absorb most moderate losses, so its swings have been much smaller than the stock market's.
DAPR launched in April 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 10.4% between April and September 2022 and took about 14 months to recover, by December 2023. Its 2022 calendar-year return was -7.04%. Its deepest drop, 10.5% from February to April 2025, recovered in about 3.5 months. Smaller drops can mean fewer forced sales at big losses for someone drawing cash in a bad year. But buying partway through a period can leave less protection. The trade-offs: the fund has recorded no distributions, and capped gains left it behind seven other buffer funds over 1 and 3 years to October 27, 2026. Its 0.85% expense ratio is close to the 0.86% peer average. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure and accept a cap on gains in return for protection against SPY losses between -5% and -30%.
- People who can buy near the April reset and hold for the full one-year outcome period.
- Retirees who want lower swings; three-year volatility was 8% and the deepest drop was 10.5% as of October 27, 2026.
Look elsewhere if
- Income seekers: the fund has recorded no distributions, and its returns exclude the dividends paid by SPY.
- Investors seeking full stock-market growth: it ranked last of eight buffer funds on 1- and 3-year returns as of October 27, 2026.
- Those who prefer not to time their purchase: a laddered fund such as BUFD spreads money across several outcome periods instead of one April reset.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DAPR this fund | 0.85% | $321.8M | +8.0% | +12.4% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does DAPR pay dividends?
No. The fund has recorded no distributions. It holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. Its prospectus says its returns track SPY's price only, so SPY's dividends are not passed through or counted. That is one hidden cost of the buffer approach compared with owning an S&P 500 fund directly. Investors who need regular income from a holding may want to compare it with funds that pay distributions.
How does the DAPR deep buffer work?
Over each one-year outcome period starting in April, the holder takes the first 5% of any SPY loss. The fund's options then absorb SPY losses between -5% and -30%. So if SPY falls 30%, the fund aims to lose about 5% before fees. Beyond a 30% drop, the fund's loss is 25 percentage points smaller than SPY's, up to a maximum loss of about 75%. In return, gains are capped. For the April 2025–April 2026 period the cap was 14.16% before fees.
What's the difference between DAPR and BUFD?
Both are First Trust deep buffer funds, but DAPR uses a single outcome period that resets each April. BUFD is a laddered fund. A ladder generally spreads money across several outcome periods that start at different times, so less depends on one reset date. BUFD costs 0.95% versus DAPR's 0.85%, and it is much larger: $2.04 billion versus $322 million as of August 31, 2026. BUFD returned 9.5% over one year and 13.9% a year over three years, versus 8% and 12.4% for DAPR, as of October 27, 2026.
Can you lose money in DAPR?
Yes. The buffer does not cover the first 5% of SPY losses in each outcome period. If SPY falls more than 30%, the protection only reduces the loss, with a maximum loss of about 75% before fees. If you buy after a period starts, you may get less protection than stated, or none, and the prospectus says you could lose your entire investment. The fund fell 10.4% in the 2022 bear market. Its worst calendar year was 2022, at -7.04%.
What is DAPR's expense ratio?
DAPR's expense ratio is 0.85%, according to its prospectus filed December 29, 2025. That is close to the 0.86% average for similar buffer funds and ranks 3rd lowest of 8. The Innovator Power Buffer funds PJAN and PDEC charge 0.79%, and First Trust's laddered BUFR and BUFD charge 0.95%. Fees come straight out of the outcome. For the April 2025–April 2026 period, they lowered the cap from 14.16% to 13.31%.