Which has more room to gain, APXM or DAPR?

From their prices on Oct 9, 2026, APXM can gain about 3.2% before its cap and DAPR about 5.5%, so DAPR has more room left this period.

Which resets first, APXM or DAPR?

APXM ends its outcome period on Apr 16, 2027 and DAPR on Apr 16, 2027. A new cap is set the day after each.

Which is cheaper, APXM or DAPR?

APXM and DAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

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APXM vs DAPR: Cap, Buffer & Days Left

As of Oct 9, 2026 DAPR can fall 10.7% before its buffer engages and APXM 3.6%. Net assets on Oct 9, 2026: $22m for FT Vest U.S. Equity Max Buffer ETF - April and $331m for FT Vest U.S. Equity Deep Buffer ETF - April.

Both cost 0.85% a year; their one-year returns differ by 3.6 points; DAPR is 15.2 times larger.

	APXM	DAPR
Expense ratio	0.85%	0.85%
Net assets	$22m	$331m
Total return, 1 year	+5.2%	+8.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	8.8%	13.4%

3.6%

APXM can fall this far before its buffer

10.7%

DAPR can fall this far before its buffer

3.2%

APXM can still gain

5.5%

DAPR can still gain

APXMAt its cap

APXM: reference +9.6% since period start, fund +2.8%; buffer 0 to −50; cap +7.0%; At its cap. Figures to Oct 9, 2026.

DAPRBetween buffer and cap

DAPR: reference +9.6% since period start, fund +5.4%; buffer −5 to −30; cap +12.0%; Between buffer and cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · APXM scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

APXM 95

DAPR 22.8

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

APXM is already at its cap, so more rise in the index adds nothing to it before the period ends.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

APXM resets first, on Apr 16, 2027, 189 days from now; DAPR runs to Apr 16, 2027, 189 days. APXM can still gain 3.2% before its cap, DAPR 5.5%. A fall from here reaches APXM’s buffer after 3.6% and DAPR’s after 10.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	APXM	DAPR	APXM	DAPR
3 months	+1.5%	+2.4%	−1.6 pts	−0.7 pts
6 months	+2.9%	+5.3%	−11.7 pts	−9.3 pts
1 year	+5.2%	+8.8%	−10.8 pts	−7.2 pts
3 years	not published	+37.4%	not published	−41.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

APXM

FT Vest U.S. Equity Max Buffer ETF - April · Absorbs the first 50% of loss on SPY and caps the gain at 7.0%, over a period ending Apr 16, 2027

DAPR

FT Vest U.S. Equity Deep Buffer ETF - April · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 12.0%, over a period ending Apr 16, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 50% 5% to 30%

Outcome period Apr 20, 2026 to Apr 16, 2027 Apr 20, 2026 to Apr 16, 2027

Days left 189 189

Starting cap +7.0% +12.0%

Can still gain 3.2% 5.5%

Fall before buffer 3.6% 10.7%

Protection left, index points 50.1% of 50.1% 25.0% of 25.0%

Index return this period +9.6% +9.6%

Fund return this period +2.8% +5.4%

State today At cap Open

Expense ratio 0.85% 0.85%

Net assets $22m $331m

As of Oct 9, 2026. Source: ETFIQ.

APXM in plain words

SPY had already risen past this fund's cap of +7.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.8% from today's level to the point where the buffer begins. Protection left, in index points: 50.1% of the 50.1% buffer still sits below today's SPY level. 189 days remained on Oct 9, 2026. On Apr 16, 2027 the period ends and a new cap is set.

DAPR in plain words

From its price on Oct 9, 2026, the fund can gain about 5.5% more before it reaches its cap. The fund's price can fall 10.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 13.4% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APXM or DAPR?: From their prices on Oct 9, 2026, APXM can gain about 3.2% before its cap and DAPR about 5.5%, so DAPR has more room left this period.
Which resets first, APXM or DAPR?: APXM ends its outcome period on Apr 16, 2027 and DAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, APXM or DAPR?: APXM and DAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs GAPR APXM vs MAYT APXM vs MAYW APXM vs BMAY DAPR vs MAYP DAPR vs DDTY DAPR vs PBMY DAPR vs MAYU

State Street® SPDR® S&P 500® ETF Trust →APXM on its own →DAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

APXM and DAPR filings on SEC EDGAR ↗First Trust page for APXM ↗First Trust page for DAPR ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, APXM against DAPR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/apxm-vs-dapr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.