# APXM (FT Vest U.S. Equity Max Buffer ETF - April)

First Trust · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, APXM has reached its cap.

## Key facts

- APXM, past the cap, price drift left: 3.9%, as of Sep 11, 2026.
- APXM, fall before the buffer: 2.9%, as of Sep 11, 2026.
- APXM, protection left, index points: 50.1%, as of Sep 11, 2026.
- APXM, days to reset: 217, as of Sep 11, 2026.
- APXM, net assets: $21m (issuer page, as of Sep 11, 2026).
- APXM, expense ratio: 0.85% (issuer page, Sep 11, 2026).

## APXM over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +1.4% | +3.3% | −1.9 pts |
| 6 months | +2.7% | +16.0% | −13.4 pts |
| 1 year | +4.8% | +17.5% | −12.8 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 50% | ETFIQ |
| Outcome period | Apr 20, 2026 to Apr 16, 2027 | ETFIQ |
| Starting cap | +7.0% | ETFIQ |
| SPY return since period start | +7.6% | ETFIQ |
| Fund return since period start | +2.1% | ETFIQ |
| Net assets | $21m | issuer page, as of Sep 11, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 3.9% | issuer, fund price |
| Fall before buffer | 2.9% | issuer, fund price |
| Fall to the buffer in index terms | 7.1% | ETFIQ |
| Protection left in index points | 50.1% of 50.1% | ETFIQ |
| Days left in period | 217 | ETFIQ |
| Expense ratio | 0.85% | issuer page, Sep 11, 2026 |

## Questions

### How much can APXM still gain?

Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +7.0% for this period, which runs from Apr 20, 2026 to Apr 16, 2027.

### How far can APXM fall before the buffer helps?

2.9% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 7.1% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the APXM buffer is left?

50.1% of the 50.1% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does APXM reset?

The outcome period ends on Apr 16, 2027, 217 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does APXM cost?

The prospectus expense ratio is 0.85% a year.


## Cite this page

ETFIQ, APXM, data as of Sep 11, 2026. https://etfiq.com/funds/apxm
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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