At a glance
GAPR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $294.3M in assets, the 8th largest of that group. Over the past year it returned +8.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.6% a year.
The short version
FT Vest U.S. Equity Moderate Buffer Fund – April (GAPR) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return up to a cap over one-year periods that start each April, while cushioning the first 15% of losses. In exchange, it gives up dividends and any gains above the cap. Its 0.85% expense ratio is close to the 0.86% peer average, but its returns trailed all seven listed buffer peers as of October 27, 2026.
Price history
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GAPR +8.4% 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 | |
|---|---|---|---|---|---|---|
| GAPR official prospectus, to Dec 31, 2024 | — | +14.61% | — | — | — | +14.79% |
| GAPR price data to Oct 27, 2026 | +7.1% | +8.4% | +12.6% | — | — | +10.9% |
- Over the year to Oct 27, 2026, GAPR returned +8.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.7%); its best was 2024 (+14.5%).
- The deepest fall in its price history was 9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.1% | — |
| 2025 | +6.7% | — |
| 2024 | +14.5% | +14.61% |
| 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 | Before this security existed |
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 $2.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.07%, +0.50%, +1.46%.
How it works
GAPR doesn't own stocks directly. First Trust is the adviser and Vest Financial is the sub-advisor. The fund puts substantially all of its assets in FLEX options, which are exchange-traded options whose strike prices and expiration dates can be customized. These options are tied to SPY, a unit investment trust that holds the stocks in the S&P 500 Index. As of August 31, 2026, 16 option positions made up about 99% of assets, and cash was about 0.8%. Returns follow SPY's price only, so SPY's dividends are not included.
Each outcome period lasts about a year. For April 21, 2025 through April 17, 2026, the cap was 14.78% before fees (13.93% after fees). The buffer covered the first 15% of SPY losses (14.15% after fees). Losses beyond 15% pass through one for one. If SPY fell 20%, the fund would lose about 5% before fees. At each reset the fund buys new options. The buffer stays at 15%, but the cap moves with market conditions. About a week before a period ends, the fund's website posts an expected cap range.
The stated outcomes apply only to investors who hold from the first day of a period to the last. Buying or selling mid-period can produce very different results. The fund may also create and redeem shares for cash, which can make it less tax-efficient.
What it really costs
- GAPR 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 trades part of the S&P 500's upside for a cushion against the first 15% of losses over each yearly outcome period.
GAPR launched in April 2023, so it has no record in the 2008, 2020 or 2022 sell-offs. Its deepest drop was 9%, from February 19 to April 8, 2025. It recovered by June 26, 2025, about 2.6 months later. Its weakest calendar year was 2025, which was still a 6.7% gain. For someone who may need to sell in a bad year, the buffer may soften losses. But it works fully only for a complete outcome period, and losses beyond 15% pass through. The fund recorded no distributions, so it doesn't provide income, and it doesn't capture SPY's dividends. Its 0.85% expense ratio is well above what plain S&P 500 index funds typically charge. 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 price exposure with a 15% loss buffer over each April-to-April period and accept a cap on gains.
- Holders who can buy near the April reset and hold a full year, which is the only way the stated cap and buffer fully apply.
- Investors comparing buffer funds who value smaller swings. One-year volatility was 3.6% as of October 27, 2026.
Look elsewhere if
- Investors seeking income. GAPR recorded no distributions, and its returns leave out SPY's dividends.
- Anyone wanting full stock-market upside. The 2025–26 cap was 14.78% before fees, and the fund ranked last of eight peers over one and three years.
- Those who prefer a long track record or a large fund. GAPR launched in April 2023 and was the smallest of its listed peers, at about $294 million.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GAPR this fund | 0.85% | $294.3M | +8.4% | +12.6% |
| 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
What is the cap and buffer on GAPR?
The buffer covers the first 15% of SPY's price losses over each outcome period, before fees. The cap changes every year. For April 21, 2025 through April 17, 2026, the cap was 14.78% before fees (13.93% after) and the buffer was 14.15% after fees. Losses beyond 15% pass through one for one. A new cap is set when each period starts, based on market conditions at the time.
Does GAPR pay dividends?
No. GAPR recorded no distributions. It holds options on the SPDR S&P 500 ETF Trust (SPY) rather than the stocks themselves, and its returns track SPY's price only. That means SPY's dividends are not included. Investors who rely on portfolio income would need it from other holdings.
What's the difference between GAPR and BUFR?
GAPR follows one buffer series that resets each April. BUFR, the FT Vest Laddered Buffer ETF, is laddered. That generally means it spreads money across buffer series with different start dates, so it is less tied to one reset date. BUFR charges 0.95% against GAPR's 0.85%. As of October 27, 2026, BUFR returned 11.6% over one year and about 16.8% a year over three years. GAPR returned 8.4% and about 12.6%.
What happens if you buy GAPR in the middle of the outcome period?
Your results will likely differ from the stated cap and buffer. The cap and buffer are fixed when each period starts. If SPY has already risen, you may have less room left before the cap, and the buffer may not protect you until prices fall further. During a period, the fund's value may also not move as much as SPY. Results match the targets only for holders who stay in from the first day to the last.
How has GAPR performed?
GAPR returned 14.61% in 2024, according to its prospectus, and 6.68% in 2025 on a price basis. As of October 27, 2026, it returned 8.4% over one year and about 12.6% a year over three years. Both figures ranked last among eight similar buffer funds. Its deepest drop was 9%, in early 2025, and it recovered in about 2.6 months.