Which resets first, APRP or CPSP?

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

Which is cheaper, APRP or CPSP?

APRP charges 0.50% a year and CPSP charges 0.69%, so APRP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

APRP vs CPSP: Cap, Buffer & Days Left

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As of Nov 4, 2026 APRP can fall 10.5% before its buffer engages and CPSP 4.0%.

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Net assets on Nov 4, 2026: $37m for PGIM S&P 500 Buffer 12 ETF - April and $24m for Calamos S&P 500 Structured Alt Protection ETF - April.

APRP on its own →CPSP on its own →

At a glance

APRP At its cap

APRP: reference +17.9% since period start, fund +11.2%; buffer 0 to −12; cap +16.6%; At its cap. Data to Nov 4, 2026.

CPSP At its cap

CPSP: reference +17.0% since period start, fund +3.8%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

APRP costs 0.19 points a year less; their one-year returns differ by 9.0 points; APRP is 1.5 times larger.

Points (pts) are percentage points.

APRP vs CPSP: Cap, Buffer & Days Left
Measure	APRP	CPSP
Return
Measure	APRP	CPSP
Total return, 1 year	+15.2%	+6.2%
Drawdown
Measure	APRP	CPSP
Index fall to the buffer	15.2%	14.5%
Benchmark
Measure	APRP	CPSP
What it tracks	SPY	SPY
Cost and size
Measure	APRP	CPSP
Expense ratio	0.50%	0.69%
Net assets	$37m	$24m
Holdings
Measure	APRP	CPSP
Holdings in common	not published

Method

Window by window

Window by window: APRP vs CPSP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRP	CPSP	APRP	CPSP
3 months	+1.7%	+1.1%	+2.1 pts	+1.5 pts
6 months	+4.6%	+2.2%	+0.1 pts	−2.3 pts
1 year	+15.2%	+6.2%	+1.7 pts	−7.4 pts
Since launchNot the same days: APRP Apr 2024 · CPSP Apr 2025	+34.6%	+10.8%	−12.3 pts	−25.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

APRP PGIM S&P 500 Buffer 12 ETF - April · Absorbs the first 12% of loss on SPY and caps the gain at 16.6%, over a period ending Mar 31, 2027 CPSP Calamos S&P 500 Structured Alt Protection ETF - April · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Mar 31, 2027

Issuer PGIM Calamos

Reference index SPY SPY

Buffer 12% 100%

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

Days left 147 147

Starting cap +16.6% +6.7%

Can still gain 4.4% not published

Fall before buffer 10.5% 4.0%

Protection left, index points 12.0% of 12.0% 100.0% of 100.0%

Index return this period +17.9% +17.0%

Fund return this period +11.2% +3.8%

State today At cap At cap

Expense ratio 0.50% 0.69%

Net assets $37m $24m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. CPSP is a floor fund, which caps how far a holder can fall. APRP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

Where each one stands today

APRP resets first, on Mar 31, 2027, 147 days from now; CPSP runs to Mar 31, 2027, 147 days. A fall from here reaches APRP’s buffer after 10.5% and CPSP’s after 4.0%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

APRP

SPY had already risen past this fund's cap of +16.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.4% as the period runs out. The fund's price can fall 10.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

CPSP

SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.5% 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.

Questions people ask

Which resets first, APRP or CPSP?: APRP ends its outcome period on Mar 31, 2027 and CPSP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, APRP or CPSP?: APRP charges 0.50% a year and CPSP charges 0.69%, so APRP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRP vs DDTA APRP vs TAPR APRP vs FLAO APRP vs PMAP CPSP vs DDTY CPSP vs APXM CPSP vs FLAO CPSP vs PMMY

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APRP on its own →CPSP on its own →Method →Standards and sources →

Sources and dates

APRP filings on SEC EDGAR ↗

PGIM website ↗

CPSP filings on SEC EDGAR ↗

Calamos website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, APRP against CPSP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/aprp-vs-cpsp

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.