Data as of .
APOC vs CPSO: which one stands where?
As of Sep 21, 2026 CPSO can fall 5.9% before its buffer engages and APOC 3.3%.
Where each one stands today
APOC resets first, on Sep 30, 2026, 9 days from now; CPSO runs to Sep 30, 2026, 9 days. A fall from here reaches APOC’s buffer after 3.3% and CPSO’s after 5.9%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| APOC | CPSO | APOC | CPSO | |
| 3 months | +1.3% | +1.6% | −0.9 pts | −0.6 pts |
| 6 months | +2.6% | +4.8% | −15.4 pts | −13.2 pts |
| 1 year | +2.7% | +5.8% | −13.8 pts | −10.8 pts |
| APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct Absorbs the whole loss on SPY and caps the gain at 3.4%, over a period ending Sep 30, 2026 | CPSO Calamos S&P 500 ® Structured Alt Protection ETF - October Absorbs losses from 0.6% to 100.0% on SPY and caps the gain at 5.8%, over a period ending Sep 30, 2026 | |
|---|---|---|
| Issuer | Innovator | Calamos |
| Reference index | SPY | SPY |
| Buffer | 100% | 1% to 100% |
| Outcome period | Mar 31, 2026 to Sep 30, 2026 | Oct 1, 2025 to Sep 30, 2026 |
| Days left | 9 | 9 |
| Starting cap | +3.4% | +5.8% |
| Can still gain | 0.0% | not published |
| Fall before buffer | 3.3% | 5.9% |
| Protection left, index points | 100.0% of 100.0% | 99.4% of 99.4% |
| Index return this period | +19.0% | +13.9% |
| Fund return this period | +3.0% | +5.6% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.69% |
| Net assets | $70m | $28m |
APOC in plain words
SPY had already risen past this fund's cap of +3.4% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.0% as the period runs out. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.0% 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. 9 days remained on Sep 21, 2026. On Sep 30, 2026 the period ends and a new cap is set.
CPSO in plain words
SPY had already risen past this fund's cap of +5.8% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.8% from today's level to the point where the buffer begins. Protection left, in index points: 99.4% of the 99.4% buffer still sits below today's SPY level.
Questions people ask
- Which resets first, APOC or CPSO?
- APOC ends its outcome period on Sep 30, 2026 and CPSO on Sep 30, 2026. A new cap is set the day after each.
- Which is cheaper, APOC or CPSO?
- APOC charges 0.79% a year and CPSO charges 0.69%, so CPSO is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, APOC against CPSO, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/apoc-vs-cpso Free to use with attribution; the underlying files are at Open data.