Data as of . Every figure is the buffer desk's own, on published data.
FAPR vs PDEC
Where each one stands today
PDEC resets first, on Nov 30, 2026, 87 days from now; FAPR runs to Apr 16, 2027, 224 days. FAPR can still gain 8.0% before its cap, PDEC 3.0%. A fall from here reaches FAPR’s buffer after 6.3% and PDEC’s after 9.0%. 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 | PDEC | FAPR | PDEC | |
| 3 months | +3.5% | +3.5% | −1.2 pts | −1.2 pts |
| 6 months | +7.3% | +9.0% | −7.8 pts | −6.2 pts |
| 1 year | +11.0% | +13.7% | −9.0 pts | −6.2 pts |
| 3 years | +44.2% | +39.8% | −33.7 pts | −38.2 pts |
| FAPR FT Vest U.S. Equity Buffer ETF - April | PDEC Innovator U.S. Equity Power Buffer ETF - Dec | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Apr 20, 2026 to Apr 16, 2027 | Nov 30, 2025 to Nov 30, 2026 |
| Days left | 224 | 87 |
| Starting cap | +15.2% | +13.1% |
| Can still gain | 8.0% | 3.0% |
| Fall before buffer | 6.3% | 9.0% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +8.5% | +12.7% |
| Fund return this period | +5.8% | +9.2% |
| 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.
PDEC in plain words
From its price on Sep 4, 2026, the fund can gain about 3.0% more before it reaches its cap. The fund's price can fall 9.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% 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. 87 days remained on Sep 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FAPR or PDEC?
- From their prices on Sep 4, 2026, FAPR can gain about 8.0% before its cap and PDEC about 3.0%, so FAPR has more room left this period.
- Which resets first, FAPR or PDEC?
- FAPR ends its outcome period on Apr 16, 2027 and PDEC on Nov 30, 2026. A new cap is set the day after each.
- Which is cheaper, FAPR or PDEC?
- FAPR charges 0.85% a year and PDEC charges 0.79%, so PDEC 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 PDEC, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/FAPR-PDEC.html Free to use with attribution; the underlying files are at Open data.