Data as of . Every figure is the buffer desk's own, on published data.
FOCT vs PAPR
FT Vest U.S. Equity Buffer ETF - October and Innovator U.S. Equity Power Buffer ETF - Apr, side by side on the buffer desk.
Open the live comparison on ETFIQ| FOCT FT Vest U.S. Equity Buffer ETF - October | PAPR Innovator U.S. Equity Power Buffer ETF - Apr | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Oct 20, 2025 to Oct 16, 2026 | Mar 31, 2026 to Mar 31, 2027 |
| Days left | 42 | 208 |
| Starting cap | +15.1% | +14.0% |
| Can still gain | 1.6% | 4.8% |
| Fall before buffer | 11.9% | 8.1% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +15.9% | +18.4% |
| Fund return this period | +12.5% | +8.4% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.79% |
FOCT in plain words
SPY had already risen past this fund's cap of +15.1% for the period on Sep 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.6% as the period runs out. The fund's price can fall 11.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 13.7% 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. 42 days remained on Sep 4, 2026. On Oct 16, 2026 the period ends and a new cap is set.
PAPR in plain words
SPY had already risen past this fund's cap of +14.0% for the period on Sep 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.8% as the period runs out. The fund's price can fall 8.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.6% 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. 208 days remained on Sep 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FOCT or PAPR?
- From their prices on Sep 4, 2026, FOCT can gain about 1.6% before its cap and PAPR about 4.8%, so PAPR has more room left this period.
- Which resets first, FOCT or PAPR?
- FOCT ends its outcome period on Oct 16, 2026 and PAPR on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, FOCT or PAPR?
- FOCT charges 0.85% a year and PAPR charges 0.79%, so PAPR is cheaper. Fees come from each fund's prospectus.
Other comparisons
Cite this page. ETFIQ, FOCT against PAPR, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/FOCT-PAPR.html Free to use with attribution; the underlying files are at Open data.
ETFIQ is an independent publisher of exchange-traded fund data. It is not a fund issuer, broker-dealer or investment adviser, and it makes no recommendations; every figure here is stated arithmetic on published data. Standards and sources