Data as of . Every figure is the buffer desk's own, on published data.
FAPR vs PAUG
Where each one stands today
FAPR resets first, on Apr 16, 2027, 224 days from now; PAUG runs to Jul 31, 2027, 330 days. FAPR can still gain 8.0% before its cap, PAUG 11.7%. A fall from here reaches FAPR’s buffer after 6.3% and PAUG’s after 1.9%. Both track SPY, so what separates them is where each is in its own period.
Every figure is the buffer desk’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FAPR | PAUG | FAPR | PAUG | |
| 3 months | +3.5% | +3.5% | −1.2 pts | −1.2 pts |
| 6 months | +7.3% | +8.5% | −7.8 pts | −6.6 pts |
| 1 year | +11.0% | +11.6% | −9.0 pts | −8.4 pts |
| 3 years | +44.2% | +46.7% | −33.7 pts | −31.2 pts |
| FAPR FT Vest U.S. Equity Buffer ETF - April | PAUG Innovator U.S. Equity Power Buffer ETF - Aug | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Apr 20, 2026 to Apr 16, 2027 | Jul 31, 2026 to Jul 31, 2027 |
| Days left | 224 | 330 |
| Starting cap | +15.2% | +13.8% |
| Can still gain | 8.0% | 11.7% |
| Fall before buffer | 6.3% | 1.9% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +8.5% | +3.1% |
| Fund return this period | +5.8% | +1.8% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
FAPR in plain words
From its price on Sep 4, 2026, the fund can gain about 8.0% more before it reaches its cap. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.8% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 224 days remained on Sep 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.
PAUG in plain words
From its price on Sep 4, 2026, the fund can gain about 11.7% more before it reaches its cap. The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 330 days remained on Sep 4, 2026. On Jul 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FAPR or PAUG?
- From their prices on Sep 4, 2026, FAPR can gain about 8.0% before its cap and PAUG about 11.7%, so PAUG has more room left this period.
- Which resets first, FAPR or PAUG?
- FAPR ends its outcome period on Apr 16, 2027 and PAUG on Jul 31, 2027. A new cap is set the day after each.
- Which is cheaper, FAPR or PAUG?
- FAPR charges 0.85% a year and PAUG charges 0.79%, so PAUG is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, FAPR against PAUG, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/FAPR-PAUG.html Free to use with attribution; the underlying files are at Open data.