##  [# First Trust Completes Buffer ETF Series](/sections/daily-etf-watch/first-trust-completes-buffer-etf-series) 

 

# First Trust Completes Buffer ETF Series

 

 

The funds are all tied to the price performance of 'SPY.'



 

 

 

 

 [![HeatherBell_green_bg](/sites/default/files/styles/author_image_icon/public/2023-03/heather2.png?itok=5J9vBlda)](/contributors/heather-bell) 

[By Heather Bell](/contributors/heather-bell)

 Apr 19, 2021

 Edited by: Heather Bell

 

 

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Today, First Trust further expanded its lineup of defined outcome ETFs with the launch of two funds that are tied to the returns of the [**SPDR S&amp;P 500 ETF Trust (SPY)**](https://www.etf.com/spy) and reset annually in April. The [**FT Cboe Vest U.S. Equity Buffer ETF – April (FAPR)**](https://www.sec.gov/Archives/edgar/data/0001667919/000144554621001952/etf8_fapr497k.htm) and the [**FT Cboe Vest U.S. Equity Deep Buffer ETF – April (DAPR)**](https://www.sec.gov/Archives/edgar/data/0001667919/000144554621001954/etf8_dapr497k.htm) both offer downside protection while limiting the potential for upside returns.

Both funds come with expense ratios of 0.85% and list on Cboe Global Markets.

FAPR has an upside cap before expenses of 12% and protects against losses up to 10%. Meanwhile, DAPR has a cap on upside performance before expenses of 7.50% and protects against any losses of more than 5% but less than 30%. The ETFs achieve their performance goals by relying on flexible exchange (FLEX) options on SPY.

With this launch, First Trust has completed the series, which it started rolling out in November 2019. It also offers buffered ETFs tied to the performance of the price of gold, the MSCI EAFE Index and the Nasdaq-100 Index.

*Contact Heather Bell at* [*hbell@etf.com*](mailto:hbell@etf.com)



 

 

 [ Heather Bell ](/contributors/heather-bell) 

 

 

  Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a…   [View Bio](/contributors/heather-bell)

 



 

 


 Related Topics  [Defined Outcome](http://www.etf.com/topics/defined-outcome) 

 [Large Cap](http://www.etf.com/topics/large-cap) 

 [U.S.](http://www.etf.com/topics/us) 

 [Equity](http://www.etf.com/topics/equity)