Which resets first, AAPR or CPSP?

AAPR ends its outcome period on Mar 31, 2028 and CPSP on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, AAPR or CPSP?

AAPR charges 0.79% a year and CPSP charges 0.69%, so CPSP is cheaper. Fees come from each fund's prospectus.

AAPR vs CPSP: which one stands where?

As of Oct 2, 2026 AAPR can fall 4.0% before its buffer engages and CPSP 3.6%, and CPSP resets 366 days sooner. Innovator Equity Defined Protection ETF - Apr 2028 and Calamos S&P 500 ® Structured Alt Protection ETF - April.

CPSP costs 0.10 points a year less; their one-year returns differ by 0.8 points; AAPR is 3.0 times larger.

	AAPR	CPSP
Expense ratio	0.79%	0.69%
Net assets	$71m	$24m
Total return, 1 year	+6.7%	+5.9%
What it tracks	SPY	SPY
Holdings in common	not published

AAPRAt its cap

AAPR: reference +18.3% since period start, fund +3.7%; buffer Floor; cap +15.7%; At its cap.

CPSPAt its cap

CPSP: reference +17.5% since period start, fund +3.4%; buffer −0 to floor; cap +6.4%; At its cap.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

They do not reset together. CPSP has 180 days of its period left and AAPR has 546, so the two are not the same bet on the same months.

Where each one stands today

CPSP resets first, on Mar 31, 2027, 180 days from now; AAPR runs to Mar 31, 2028, 546 days. A fall from here reaches AAPR’s buffer after 4.0% and CPSP’s after 3.6%. 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

	Total return		Gap to the reference
Window	AAPR	CPSP	AAPR	CPSP
3 months	+1.1%	+1.3%	−2.5 pts	−2.3 pts
6 months	+3.3%	+3.1%	−14.6 pts	−14.8 pts
1 year	+6.7%	+5.9%	−9.5 pts	−10.3 pts

AAPR and CPSP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AAPR

Innovator Equity Defined Protection ETF - Apr 2028 · Absorbs the whole loss on SPY and caps the gain at 15.7%, over a period ending Mar 31, 2028

CPSP

Calamos S&P 500 ® Structured Alt Protection ETF - April · Absorbs losses from 0.3% to 100.0% on SPY and caps the gain at 6.4%, over a period ending Mar 31, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 100% 0% to 100%

Outcome period Mar 31, 2026 to Mar 31, 2028 Apr 1, 2026 to Mar 31, 2027

Days left 546 180

Starting cap +15.7% +6.4%

Can still gain 11.2% not published

Fall before buffer 4.0% 3.6%

Protection left, index points 100.0% of 100.0% 99.7% of 99.7%

Index return this period +18.3% +17.5%

Fund return this period +3.7% +3.4%

State today At cap At cap

Expense ratio 0.79% 0.69%

Net assets $71m $24m

AAPR and CPSP on the same fields, as of Oct 2, 2026. Source: ETFIQ.

AAPR in plain words

SPY had already risen past this fund's cap of +15.7% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 11.2% as the period runs out. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 546 days remained on Oct 2, 2026. On Mar 31, 2028 the period ends and a new cap is set.

CPSP in plain words

SPY had already risen past this fund's cap of +6.4% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.1% from today's level to the point where the buffer begins. Protection left, in index points: 99.7% of the 99.7% buffer still sits below today's SPY level. 180 days remained on Oct 2, 2026. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, AAPR or CPSP?: AAPR ends its outcome period on Mar 31, 2028 and CPSP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, AAPR or CPSP?: AAPR charges 0.79% a year and CPSP charges 0.69%, so CPSP is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPR vs APRT AAPR vs APRW AAPR vs ARLU AAPR vs BAPR CPSP vs APOC CPSP vs APXM CPSP vs BMAY CPSP vs CMAY

SPY →AAPR on its own →CPSP on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AAPR ↗CPSP filings on SEC EDGAR ↗Calamos website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AAPR against CPSP, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/aapr-vs-cpsp

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.