At a glance
FAPR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.32B in assets, the 6th largest of that group. Over the past year it returned +9.9% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +15.4% a year. At its worst it fell 16.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The short version
FT Vest U.S. Equity Buffer ETF - April (FAPR) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return up to a cap and to absorb the first 10% of SPY losses over each one-year period, which starts in April. Its 0.85% expense ratio is close to the 0.86% average for similar buffer funds. In return for the buffer, holders give up gains above the cap and SPY's dividends.
Price history
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FAPR +9.9% 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 | |
|---|---|---|---|---|---|---|
| FAPR official prospectus, to Dec 31, 2024 | — | +18.28% | — | — | — | +8.99% |
| FAPR price data to Oct 27, 2026 | +8.4% | +9.9% | +15.4% | +8.6% | — | +9.0% |
- Over the year to Oct 27, 2026, FAPR returned +9.9%, 7th of 8 among similar funds.
- Its 5-year annualized return was +8.6%.
- Its worst full calendar year was 2022 (-10.3%); its best was 2023 (+19.5%).
- The deepest fall in its price history was 16% (Mar 29, 2022 to Oct 12, 2022), recovered by Jun 30, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.4% | — |
| 2025 | +7.6% | — |
| 2024 | +18.1% | +18.28% |
| 2023 | +19.5% | +19.41% |
| 2022 | -10.3% | -10.43% |
| 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 15.7% over that stretch · deepest drop along the way 16%, back to its old high 8.6 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 $155.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.19%, +0.47%, +1.79%.
How it works
FAPR does not own stocks directly. It puts substantially all of its assets in FLEX Options. These are exchange-traded option contracts whose terms, such as strike price and expiration date, can be customized. The options reference SPY, an exchange-traded unit investment trust that holds as many S&P 500 stocks as practicable. As of August 31, 2026, 20 option positions made up about 99% of the fund's $1.32 billion in net assets, with cash under 1%. The largest single position was a SPY call option at about 84% of assets. First Trust Advisors is the adviser, and Vest Financial is the sub-adviser.
The options are set for a "target outcome period" of about one year. For April 21, 2025 through April 17, 2026, the cap was 18.14% before fees (17.29% after). The buffer covered the first 10% of SPY losses (9.15% after fees). Once SPY falls more than 10%, the fund takes further losses one-for-one: a 20% SPY drop means roughly a 10% fund loss before fees. Each April the fund rolls into new options. The buffer stays at 10%, but the cap is reset based on market conditions.
These outcomes apply only to shares held for a whole period. Someone who invests mid-period may face a very different remaining cap and buffer. Returns also leave out SPY's dividends.
What it really costs
- FAPR 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 exposure to U.S. large-company stocks while using options to soften the first 10% of yearly losses, and it gives up some upside in exchange.
FAPR could let a portfolio hold U.S. large-company stocks with smaller swings. It launched in April 2021, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 16% from March 29 to October 12, 2022, and took about 8.6 months to recover, regaining its peak by June 30, 2023. Its worst calendar year was 2022, a 10.43% loss according to its prospectus. The buffer is measured over a full April-to-April period. A retiree who has to cash out shares partway through a period can still take a bigger loss than the buffer suggests.
The fund recorded no distributions, so it adds no income. 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 through SPY with a 10% buffer against losses over each April-to-April period, and who accept a cap on gains.
- Holders who can commit for a full one-year outcome period and invest near the April reset, when the stated cap and buffer apply most directly.
- People looking for a smoother ride: three-year volatility was 8.7% and one-year beta was 0.36 as of October 27, 2026.
Look elsewhere if
- Income seekers: FAPR recorded no distributions, and its returns leave out the dividends SPY pays.
- Investors who want full stock-market gains: upside was capped at 18.14% before fees for the April 2025–April 2026 period.
- Cost-focused investors: 0.85% is higher than Innovator's PJAN and PDEC at 0.79%, though lower than BUFR and BUFD at 0.95%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FAPR this fund | 0.85% | $1.32B | +9.9% | +15.4% |
| 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 FAPR pay dividends?
No. FAPR has recorded no distributions, so it provides no yield. Its returns follow the price return of the SPDR S&P 500 ETF Trust (SPY) up to the cap, and they do not include the dividends SPY pays. In exchange for the 10% buffer, a holder gives up both dividend income and gains above the cap. Investors who need regular cash would have to get it from other holdings or by cashing out shares.
How does the FAPR buffer work?
FAPR holds FLEX options on SPY that absorb the first 10% of SPY's price losses over a period of about one year, which resets each April. For April 21, 2025 through April 17, 2026, gains were capped at 18.14% before fees, or 17.29% after fees, and the buffer was 9.15% after fees. If SPY falls more than 10%, the fund takes further losses one-for-one. The buffer stays at 10% each period, but the cap changes.
What's the difference between FAPR and FJAN?
Mostly timing. Both are FT Vest U.S. equity buffer ETFs from First Trust, and both charge 0.85% a year. FJAN's outcome period resets in January, while FAPR's resets in April, so their caps and results differ. As of October 27, 2026, FJAN returned 12.3% over one year and 17.4% a year over three years. FAPR returned 9.9% and 15.4%. FAPR ranked 7th of 8 similar buffer funds on one-year return.
Can I get the full FAPR buffer if I invest mid-year?
Not necessarily. The cap and buffer are set against the fund's value on the first day of each outcome period, and they apply only to shares held for the whole period. If the fund has already risen, a mid-period investor may have less upside left. If it has already fallen, they may have less buffer left. First Trust says the fund's website is updated about a week before each period ends with an expected cap range for the next one.
Is FAPR good for retirement?
It may suit retirees who want stock exposure with smaller swings, but it can still lose money. The fund lost 10.43% in 2022, according to its prospectus. It fell 16% from its March 29 peak to October 12, 2022, and recovered by June 30, 2023. Three-year volatility was 8.7% as of October 27, 2026. It pays no distributions and costs 0.85% a year, so it works more as a defensive stock holding than as a source of income.