Which resets first, APRW or CPSP?

APRW 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, APRW or CPSP?

APRW charges 0.74% a year and CPSP charges 0.69%, so CPSP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

APRW vs CPSP: Cap, Buffer & Days Left

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As of Nov 4, 2026 APRW can fall 8.0% before its buffer engages and CPSP 4.0%.

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Net assets: $203m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Apr, and $24m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - April.

APRW on its own →CPSP on its own →

At a glance

APRW At its cap

APRW: reference +17.9% since period start, fund +7.8%; buffer 0 to −20; cap +11.9%; 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

CPSP costs 0.05 points a year less; their one-year returns differ by 4.8 points; APRW is 8.5 times larger.

Points (pts) are percentage points.

APRW vs CPSP: Cap, Buffer & Days Left
Measure	APRW	CPSP
Return
Measure	APRW	CPSP
Total return, 1 year	+11.0%	+6.2%
Drawdown
Measure	APRW	CPSP
Index fall to the buffer	15.2%	14.5%
Benchmark
Measure	APRW	CPSP
What it tracks	SPY	SPY
Cost and size
Measure	APRW	CPSP
Expense ratio	0.74%	0.69%
Net assets, as of Nov 3, 2026	$203m	$24m
Holdings
Measure	APRW	CPSP
Holdings in common	not published

Method

Window by window

Window by window: APRW vs CPSP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APRW	CPSP	APRW	CPSP
3 months	+1.5%	+1.1%	+1.9 pts	+1.5 pts
6 months	+3.7%	+2.2%	−0.8 pts	−2.3 pts
1 year	+11.0%	+6.2%	−2.6 pts	−7.4 pts
3 years	+34.6%	–	−41.9 pts	–
Since launchNot the same days: APRW Jun 2020 · CPSP Apr 2025	+57.5%	+10.8%	−93.4 pts	−25.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

APRW AllianzIM U.S. Equity Buffer20 ETF - Apr · Absorbs the first 20% of loss on SPY and caps the gain at 11.9%, 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 AllianzIM Calamos

Reference index SPY SPY

Buffer 20% 100%

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

Days left 147 147

Starting cap +11.9% +6.7%

Can still gain 3.1% not published

Fall before buffer 8.0% 4.0%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +17.9% +17.0%

Fund return this period +7.8% +3.8%

State today At cap At cap

Expense ratio 0.74% 0.69%

Net assets, APRW as of Nov 3, 2026 and CPSP as of Nov 4, 2026 $203m $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. APRW 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

APRW resets first, on Mar 31, 2027, 147 days from now; CPSP runs to Mar 31, 2027, 147 days. A fall from here reaches APRW’s buffer after 8.0% 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

APRW

SPY had already risen past this fund's cap of +11.9% 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 3.1% as the period runs out. The fund's price can fall 8.0% 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: 20.0% of the 20.0% 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, APRW or CPSP?: APRW 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, APRW or CPSP?: APRW charges 0.74% a year and CPSP charges 0.69%, so CPSP is cheaper. Fees come from each fund's prospectus.

Other comparisons

APRW vs DDTA APRW vs PBAP APRW vs TAPR APRW vs ARLU CPSP vs BMAY CPSP vs MAYT CPSP vs GAPR CPSP vs DAPR

Where to next

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

Sources and dates

APRW filings on SEC EDGAR ↗

AllianzIM page for APRW ↗

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.

Cite this pageCitation, APA and Markdown

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

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