GAPR ETF — First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - April

First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - April (GAPR)

Updated October 16, 2026.

GAPR is an ETF. its expense ratio is 0.85%. Total return is 43.4% over the past 3.5 years, 49.8 points behind SPY at 93.2%.

This ETF invests substantially all of its assets in customized exchange-traded options (FLEX Options) that reference the S&P 500, with a strategy designed to provide moderate downside buffer protection. The fund does not currently distribute income and carries an expense ratio of 0.85%. It appeals to equity investors seeking downside protection rather than income generation.

GAPR performance versus SPY

Price and return data through 2026-10-16.

Total return is 43.4% over the past 3.5 years, 49.8 points behind SPY at 93.2%. Over the past year its total return — price change plus distributions reinvested — is 9.0%. Its deepest 1-year drawdown was 1.7%.

GAPR key facts

Issuer

First Trust

Asset type

ETF

Asset class

Equity

Inception date

04/21/2023

Expense ratio

0.85%

Distribution frequency

None

Last close

$42.66 (as of 2026-10-16)

AUM

$295,070,290

Average volume

15454.0

Beta

0.28

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: First Trust or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

GAPR risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 1.7%.

Who may consider GAPR — and who may not

It is a weaker fit for investors who need monthly cash flow (GAPR does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on GAPR

• All tickers starting with G

Tagged: Downside Protection, Options, Target.

Frequently asked questions

More securities from First Trust.