Which has more room to gain, FAPR or GAPR?

From their prices on Nov 4, 2026, FAPR can gain about 7.5% before its cap and GAPR about 5.8%, 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 and GAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FAPR vs GAPR: Cap, Buffer & Days Left

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As of Nov 4, 2026 FAPR can fall 6.7% before its buffer engages and GAPR 5.9%.

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Net assets on Nov 3, 2026: $1.3bn for FT Vest U.S. Equity Buffer ETF - April and $293m for FT Vest U.S. Equity Moderate Buffer ETF - April.

FAPR on its own →GAPR on its own →

At a glance

6.7%

FAPR can fall this far before its buffer

5.9%

GAPR can fall this far before its buffer

7.5%

FAPR can still gain

5.8%

GAPR can still gain

FAPR Between buffer and cap

FAPR: reference +8.0% since period start, fund +6.3%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Data to Nov 4, 2026.

GAPR Between buffer and cap

GAPR: reference +8.0% since period start, fund +5.4%; buffer 0 to −15; cap +12.3%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 1.6 points; FAPR is 4.4 times larger.

Points (pts) are percentage points.

FAPR vs GAPR: Cap, Buffer & Days Left
Measure	FAPR	GAPR
Return
Measure	FAPR	GAPR
Total return, 1 year	+10.3%	+8.7%
Drawdown
Measure	FAPR	GAPR
Index fall to the buffer	7.4%
Benchmark
Measure	FAPR	GAPR
What it tracks	SPY	SPY
Cost and size
Measure	FAPR	GAPR
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$1.3bn	$293m
Holdings
Measure	FAPR	GAPR
Holdings in common	not published

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

IQ Buffer Score38.7FAPR71.1GAPR

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

FAPR 38.7

GAPR 71.1

0.3, the lowest in this set 99.7, the highest

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 →

Method

Risk and return

May 5, 2023 to Oct 30, 2026 · 182 weekly returns · each against SPY

FAPR GAPR

Return

Total return edge FAPR +53.0% +42.8%

Annualized edge FAPR +12.9% +10.7%

Price return edge FAPR +53.0% +42.8%

Risk

Volatility edge GAPR 7.8% 6.4%

Max drawdown edge GAPR −10.5% −8.2%

Downside capture 48.9% 37.9%

Beta 0.51 0.40

Risk-adjusted

Sharpe edge FAPR (slight) 1.01 0.91

Sortino edge FAPR 1.46 1.30

Treynor 0.156 0.144

Calmar edge GAPR (slight) 1.23 1.31

Against the benchmark

Alpha +0.3% a year −0.2% a year

Alpha t-stat 0.18 −0.14

Information ratio −0.93 −1.04

Tracking error 7.6% 8.8%

Reading

From May 2023 to Oct 2026, FAPR returned more: +53.0% to +42.8%. GAPR swung less: 6.4% to 7.8%. GAPR fell less at its worst: −8.2% to −10.5%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: FAPR vs GAPR: Cap, Buffer & Days Left
Measure	FAPR	GAPR	SPY	Edge	How it is measured
Return
Total return	+53.0%	+42.8%		FAPR	Price change plus distributions, reinvested.
Annualized	+12.9%	+10.7%		FAPR	Total return as a yearly rate.
Price return	+53.0%	+42.8%		FAPR	Price change alone, distributions left out.
Risk
Volatility	7.8%	6.4%		GAPR	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	5.4%	4.5%		GAPR	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−10.5%	−8.2%		GAPR	Deepest fall from a high to the low after it.
Upside capture	40.0%	30.4%	100.0%	FAPR	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	48.9%	37.9%	100.0%	GAPR	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.51	0.40	1.00	GAPR lower	How far it moves for each 1% its benchmark moves.
R squared	0.82	0.78	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	1.01	0.91		FAPR (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.46	1.30		FAPR	Return above Treasury bills per unit of downside deviation.
Treynor	0.156	0.144	0.149	FAPR (slight)	Return above Treasury bills per unit of beta.
Calmar	1.23	1.31		GAPR (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	+0.3% a year	−0.2% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.18	−0.14		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−3.2% to +3.9%	−3.4% to +2.9%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.93	−1.04		FAPR	Return against its benchmark per unit of tracking error.
Tracking error	7.6%	8.8%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 182 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: FAPR vs GAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FAPR	GAPR	FAPR	GAPR
3 months	+1.1%	+1.2%	+1.5 pts	+1.6 pts
6 months	+4.6%	+4.2%	+0.1 pts	−0.3 pts
1 year	+10.3%	+8.7%	−3.3 pts	−4.8 pts
3 years	+47.3%	+37.8%	−29.1 pts	−38.6 pts
Since launchNot the same days: FAPR Apr 2021 · GAPR Apr 2023	+60.4%	+44.1%	−24.3 pts	−41.8 pts

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

Side by side

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 163 163

Starting cap +15.2% +12.3%

Can still gain 7.5% 5.8%

Fall before buffer 6.7% 5.9%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +8.0% +8.0%

Fund return this period +6.3% +5.4%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $1.3bn $293m

As of Nov 4, 2026. Source: ETFIQ.

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, 163 days from now; GAPR runs to Apr 16, 2027, 163 days. FAPR can still gain 7.5% before its cap, GAPR 5.8%. A fall from here reaches FAPR’s buffer after 6.7% and GAPR’s after 5.9%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

FAPR

From its price on Nov 4, 2026, the fund can gain about 7.5% more before it reaches its cap. The fund's price can fall 6.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% 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. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.

GAPR

From its price on Nov 4, 2026, the fund can gain about 5.8% more before it reaches its cap. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's number. 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 Nov 4, 2026, FAPR can gain about 7.5% before its cap and GAPR about 5.8%, 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 and GAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FAPR vs UOCT FAPR vs UJAN FAPR vs MAYT FAPR vs UAPR GAPR vs MAYW GAPR vs MAYT GAPR vs SIXZ GAPR vs CPSM

Where to next

State Street® SPDR® S&P 500® ETF Trust →FAPR on its own →GAPR on its own →Method →Standards and sources →

Sources and dates

FAPR and GAPR filings on SEC EDGAR ↗

First Trust page for FAPR ↗

First Trust page for GAPR ↗

Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, FAPR against GAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fapr-vs-gapr

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