Which has more room to gain, APXM or XAPR?

From their prices on Oct 13, 2026, APXM can gain about 3.2% before its cap and XAPR about 4.2%, so XAPR has more room left this period.

Which resets first, APXM or XAPR?

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

Which is cheaper, APXM or XAPR?

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

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APXM vs XAPR: Cap, Buffer & Days Left

As of Oct 13, 2026 XAPR can fall 5.7% before its buffer engages and APXM 3.6%. Net assets on Oct 12, 2026: $22m for FT Vest U.S. Equity Max Buffer ETF - April and $52m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April.

Both cost 0.85% a year; their one-year returns differ by 3.5 points; XAPR is 2.4 times larger.

Points (pts) are percentage points.

APXM vs XAPR: Cap, Buffer & Days Left
	APXM	XAPR
Expense ratio	0.85%	0.85%
Net assets, as of Oct 12, 2026	$22m	$52m
Total return, 1 year	+5.2%	+8.7%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	8.6%

3.6%

APXM can fall this far before its buffer

5.7%

XAPR can fall this far before its buffer

3.2%

APXM can still gain

4.2%

XAPR can still gain

APXMAt its cap

APXM: reference +9.4% since period start, fund +2.9%; buffer 0 to −50; cap +7.0%; At its cap. Figures to Oct 13, 2026.

XAPRBetween buffer and cap

XAPR: reference +9.4% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. XAPR is a floor fund, which caps how far a holder can fall. APXM is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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, 185 days from now; XAPR runs to Apr 16, 2027, 185 days. APXM can still gain 3.2% before its cap, XAPR 4.2%. A fall from here reaches APXM’s buffer after 3.6% and XAPR’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APXM vs XAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APXM	XAPR	APXM	XAPR
3 months	+1.6%	+2.7%	−2.3 pts	−1.2 pts
6 months	+2.9%	+5.1%	−10.5 pts	−8.3 pts
1 year	+5.2%	+8.7%	−13.9 pts	−10.5 pts
Since launch Not the same days: APXM Apr 2025 · XAPR Apr 2024	+9.6%	+29.9%	−41.8 pts	−25.8 pts

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

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

XAPR

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April · Absorbs the first 15% of loss on SPY and caps the gain at 10.4%, over a period ending Apr 16, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 50% 15%

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

Days left 185 185

Starting cap +7.0% +10.4%

Can still gain 3.2% 4.2%

Fall before buffer 3.6% 5.7%

Protection left, index points 50.1% of 50.1% 15.0% of 15.0%

Index return this period +9.4% +9.4%

Fund return this period +2.9% +5.2%

State today At cap Open

Expense ratio 0.85% 0.85%

Net assets, as of Oct 12, 2026 $22m $52m

As of Oct 13, 2026. Source: ETFIQ.

About APXM

SPY had already risen past this fund's cap of +7.0% for the period on Oct 13, 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 8.6% 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. 185 days remained on Oct 13, 2026. On Apr 16, 2027 the period ends and a new cap is set.

About XAPR

From its price on Oct 13, 2026, the fund can gain about 4.2% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, APXM or XAPR?: From their prices on Oct 13, 2026, APXM can gain about 3.2% before its cap and XAPR about 4.2%, so XAPR has more room left this period.
Which resets first, APXM or XAPR?: APXM ends its outcome period on Apr 16, 2027 and XAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, APXM or XAPR?: APXM and XAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs UMAY APXM vs CPSM APXM vs MAYU APXM vs PBMY XAPR vs CPSM XAPR vs ZMAY XAPR vs MAYP XAPR vs DDTY

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APXM on its own →XAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

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

How this is computed

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 pageCitation, APA and Markdown

ETFIQ, APXM against XAPR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/apxm-vs-xapr

Open data

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