APOC vs CPSP: Cap, Buffer & Days Left
As of Oct 9, 2026 CPSP can fall 3.8% before its buffer engages and APOC 0.6%. Net assets on Oct 9, 2026: $78m for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct and $24m for Calamos S&P 500 ® Structured Alt Protection ETF - April.
CPSP costs 0.10 points a year less; their one-year returns differ by 3.1 points; APOC is 3.2 times larger.
| APOC | CPSP | |
|---|---|---|
| Expense ratio | 0.79% | 0.69% |
| Net assets | $78m | $24m |
| Total return, 1 year | +3.0% | +6.1% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 2.0% | 15.8% |
APOC: reference +2.1% since period start, fund +0.6%; buffer Floor; cap +4.3%; Full floor. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
CPSP: reference +18.8% since period start, fund +3.6%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
CPSP is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
APOC resets first, on Mar 31, 2027, 173 days from now; CPSP runs to Mar 31, 2027, 173 days. A fall from here reaches APOC’s buffer after 0.6% and CPSP’s after 3.8%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | APOC | CPSP | APOC | CPSP |
| 3 months | +1.5% | +1.4% | −1.6 pts | −1.8 pts |
| 6 months | +3.0% | +2.8% | −11.6 pts | −11.8 pts |
| 1 year | +3.0% | +6.1% | −13.0 pts | −9.9 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
APOC in plain words
From its price on Oct 9, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% 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. 173 days remained on Oct 9, 2026. On Mar 31, 2027 the period ends and a new cap is set.
CPSP in plain words
SPY had already risen past this fund's cap of +6.7% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.8% from today's level to the point where the buffer begins.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, APOC against CPSP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/apoc-vs-cpsp
ETFIQ. (Oct 9, 2026). APOC against CPSP. Retrieved from https://etfiq.com/compare/buffer/apoc-vs-cpsp
[APOC against CPSP (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/apoc-vs-cpsp)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.