Data as of .
FAPR vs GAPR: which one stands where?
As of Sep 21, 2026 FAPR can fall 6.6% before its buffer engages and GAPR 5.6%.
ETFIQ Downside Cover Score: GAPR scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Both are First Trust funds, so the difference between them is the terms rather than the house.
Where each one stands today
FAPR resets first, on Apr 16, 2027, 207 days from now; GAPR runs to Apr 16, 2027, 207 days. FAPR can still gain 7.7% before its cap, GAPR 6.2%. A fall from here reaches FAPR’s buffer after 6.6% and GAPR’s after 5.6%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’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 | GAPR | FAPR | GAPR | |
| 3 months | +2.2% | +2.0% | 0.0 pts | −0.2 pts |
| 6 months | +7.1% | +5.5% | −10.9 pts | −12.5 pts |
| 1 year | +10.0% | +8.4% | −6.6 pts | −8.2 pts |
| 3 years | +44.4% | +35.9% | −34.0 pts | −42.5 pts |
| FAPR FT Vest U.S. Equity Buffer ETF - April Absorbs the first 10% of loss on SPY and caps the gain at 15.2%, over a period ending Apr 16, 2027 | GAPR FT Vest U.S. Equity Moderate Buffer ETF - April Absorbs the first 15% of loss on SPY and caps the gain at 12.3%, over a period ending Apr 16, 2027 | |
|---|---|---|
| Issuer | First Trust | First Trust |
| Reference index | SPY | SPY |
| Buffer | 10% | 15% |
| Outcome period | Apr 20, 2026 to Apr 16, 2027 | Apr 20, 2026 to Apr 16, 2027 |
| Days left | 207 | 207 |
| Starting cap | +15.2% | +12.3% |
| Can still gain | 7.7% | 6.2% |
| Fall before buffer | 6.6% | 5.6% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +9.0% | +9.0% |
| Fund return this period | +6.2% | +5.0% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $1.3bn | $294m |
FAPR in plain words
From its price on Sep 21, 2026, the fund can gain about 7.7% more before it reaches its cap. The fund's price can fall 6.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.2% 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. 207 days remained on Sep 21, 2026. On Apr 16, 2027 the period ends and a new cap is set.
GAPR in plain words
From its price on Sep 21, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 5.6% 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, FAPR or GAPR?
- From their prices on Sep 21, 2026, FAPR can gain about 7.7% before its cap and GAPR about 6.2%, so FAPR has more room left this period.
- Which resets first, FAPR or GAPR?
- FAPR ends its outcome period on Apr 16, 2027 and GAPR on Apr 16, 2027. A new cap is set the day after each.
- Which is cheaper, FAPR or GAPR?
- FAPR charges 0.85% a year and GAPR charges 0.85%, so FAPR 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 GAPR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/fapr-vs-gapr Free to use with attribution; the underlying files are at Open data.