Which has more room to gain, FAPR or XAPR?

From their prices on Nov 4, 2026, FAPR can gain about 7.5% before its cap and XAPR about 4.1%, so FAPR has more room left this period.

Which resets first, FAPR or XAPR?

FAPR 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, FAPR or XAPR?

FAPR and XAPR 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 XAPR: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 FAPR can fall 6.7% before its buffer engages and XAPR 5.7%.

askIQ about this page

askIQ about FAPR and XAPR

Net assets on Nov 3, 2026: $1.3bn for FT Vest U.S. Equity Buffer ETF - April and $52m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April.

FAPR on its own →XAPR on its own →

At a glance

6.7%

FAPR can fall this far before its buffer

5.7%

XAPR can fall this far before its buffer

7.5%

FAPR can still gain

4.1%

XAPR 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.

XAPR Between buffer and cap

XAPR: reference +8.0% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 2.2 points; FAPR is far larger, $1.3bn against $52m.

Points (pts) are percentage points.

FAPR vs XAPR: Cap, Buffer & Days Left
Measure	FAPR	XAPR
Return
Measure	FAPR	XAPR
Total return, 1 year	+10.3%	+8.1%
Drawdown
Measure	FAPR	XAPR
Index fall to the buffer	7.4%
Benchmark
Measure	FAPR	XAPR
What it tracks	SPY	SPY
Cost and size
Measure	FAPR	XAPR
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$1.3bn	$52m
Holdings
Measure	FAPR	XAPR
Holdings in common	not published

Method

Window by window

Window by window: FAPR vs XAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FAPR	XAPR	FAPR	XAPR
3 months	+1.1%	+1.5%	+1.5 pts	+1.9 pts
6 months	+4.6%	+4.1%	+0.1 pts	−0.4 pts
1 year	+10.3%	+8.1%	−3.3 pts	−5.5 pts
3 years	+47.3%	–	−29.1 pts	–
Since launchNot the same days: FAPR Apr 2021 · XAPR Apr 2024	+60.4%	+29.9%	−24.3 pts	−23.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. 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 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 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% +10.4%

Can still gain 7.5% 4.1%

Fall before buffer 6.7% 5.7%

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% +5.2%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $1.3bn $52m

As of Nov 4, 2026. Source: ETFIQ.

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

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; XAPR runs to Apr 16, 2027, 163 days. FAPR can still gain 7.5% before its cap, XAPR 4.1%. A fall from here reaches FAPR’s buffer after 6.7% and XAPR’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

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.

XAPR

From its price on Nov 4, 2026, the fund can gain about 4.1% 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 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 XAPR?: From their prices on Nov 4, 2026, FAPR can gain about 7.5% before its cap and XAPR about 4.1%, so FAPR has more room left this period.
Which resets first, FAPR or XAPR?: FAPR 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, FAPR or XAPR?: FAPR and XAPR both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FAPR vs CPSM FAPR vs MAYU FAPR vs SIXZ FAPR vs ZMAY XAPR vs PMAY XAPR vs MAYW XAPR vs GAPR XAPR vs MAYT

Where to next

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

Sources and dates

FAPR and XAPR filings on SEC EDGAR ↗

First Trust page for FAPR ↗

First Trust page for XAPR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

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 XAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fapr-vs-xapr

Open data →

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