Data as of .
FAPR vs PAPR: which one stands where?
As of Sep 13, 2026 PAPR can fall 7.9% before its buffer engages and FAPR 5.9%, and PAPR resets 16 days sooner.
ETFIQ Downside Cover Score: PAPR 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
Where each one stands today
PAPR resets first, on Mar 31, 2027, 201 days from now; FAPR runs to Apr 16, 2027, 217 days. FAPR can still gain 8.5% before its cap, PAPR 5.0%. A fall from here reaches FAPR’s buffer after 5.9% and PAPR’s after 7.9%. 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 | PAPR | FAPR | PAPR | |
| 3 months | +3.0% | +2.4% | −0.3 pts | −0.9 pts |
| 6 months | +7.1% | +9.0% | −8.9 pts | −7.0 pts |
| 1 year | +10.1% | +12.4% | −7.4 pts | −5.1 pts |
| 3 years | +44.4% | +37.8% | −33.5 pts | −40.1 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 | PAPR Innovator U.S. Equity Power Buffer ETF - Apr Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 10% | 15% |
| Outcome period | Apr 20, 2026 to Apr 16, 2027 | Mar 31, 2026 to Mar 31, 2027 |
| Days left | 217 | 201 |
| Starting cap | +15.2% | +14.0% |
| Can still gain | 8.5% | 5.0% |
| Fall before buffer | 5.9% | 7.9% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +7.6% | +17.5% |
| Fund return this period | +5.4% | +8.2% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.79% |
FAPR in plain words
From its price on Sep 13, 2026, the fund can gain about 8.5% 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 figure. In index terms, SPY can fall 7.1% 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. 217 days remained on Sep 13, 2026. On Apr 16, 2027 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 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.0% as the period runs out. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.9% 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. 201 days remained on Sep 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FAPR or PAPR?
- From their prices on Sep 13, 2026, FAPR can gain about 8.5% before its cap and PAPR about 5.0%, so FAPR has more room left this period.
- Which resets first, FAPR or PAPR?
- FAPR ends its outcome period on Apr 16, 2027 and PAPR on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, FAPR or PAPR?
- FAPR charges 0.85% a year and PAPR charges 0.79%, so PAPR 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 PAPR, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/fapr-vs-papr Free to use with attribution; the underlying files are at Open data.