Which resets first, APXM or CPSM?

APXM ends its outcome period on Apr 16, 2027 and CPSM on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, APXM or CPSM?

APXM charges 0.85% a year and CPSM charges 0.69%, so CPSM is cheaper. Fees come from each fund's prospectus.

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APXM vs CPSM: Cap, Buffer & Days Left

As of Oct 9, 2026 APXM can fall 3.6% before its buffer engages and CPSM 2.4%, and APXM resets 14 days sooner. Net assets on Oct 9, 2026: $22m for FT Vest U.S. Equity Max Buffer ETF - April and $59m for Calamos S&P 500 ® Structured Alt Protection ETF - May.

CPSM costs 0.16 points a year less; their one-year returns differ by 0.3 points; CPSM is 2.7 times larger.

Points (pts) are percentage points.

APXM vs CPSM: Cap, Buffer & Days Left
	APXM	CPSM
Expense ratio	0.85%	0.69%
Net assets	$22m	$59m
Total return, 1 year	+5.2%	+4.9%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	8.8%	7.4%

APXMAt its cap

APXM: reference +9.6% since period start, fund +2.8%; buffer 0 to −50; cap +7.0%; At its cap. Figures to Oct 9, 2026.

CPSMAt its cap

CPSM: reference +8.0% since period start, fund +2.2%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

These are two different products. CPSM is a floor fund, which caps how far a holder can fall. APXM 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

APXM resets first, on Apr 16, 2027, 189 days from now; CPSM runs to Apr 30, 2027, 203 days. A fall from here reaches APXM’s buffer after 3.6% and CPSM’s after 2.4%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: APXM vs CPSM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	APXM	CPSM	APXM	CPSM
3 months	+1.5%	+1.3%	−1.6 pts	−1.9 pts
6 months	+2.9%	+2.5%	−11.7 pts	−12.1 pts
1 year	+5.2%	+4.9%	−10.8 pts	−11.1 pts
Since launch Not the same days: APXM Apr 2025 · CPSM May 2024	+9.6%	+18.7%	−41.9 pts	−37.0 pts

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

On the same fields

APXM

FT Vest U.S. Equity Max Buffer ETF - April · Absorbs the first 50% of loss on SPY and caps the gain at 7.0%, over a period ending Apr 16, 2027

CPSM

Calamos S&P 500 ® Structured Alt Protection ETF - May · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Apr 30, 2027

Issuer First Trust Calamos

Reference index SPY SPY

Buffer 50% 100%

Outcome period Apr 20, 2026 to Apr 16, 2027 May 1, 2026 to Apr 30, 2027

Days left 189 203

Starting cap +7.0% +6.7%

Can still gain 3.2% not published

Fall before buffer 3.6% 2.4%

Protection left, index points 50.1% of 50.1% 100.0% of 100.0%

Index return this period +9.6% +8.0%

Fund return this period +2.8% +2.2%

State today At cap At cap

Expense ratio 0.85% 0.69%

Net assets $22m $59m

As of Oct 9, 2026. Source: ETFIQ.

About APXM

SPY had already risen past this fund's cap of +7.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. 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 8.8% from today's level to the point where the buffer begins. Protection left, in index points: 50.1% of the 50.1% buffer still sits below today's SPY level. 189 days remained on Oct 9, 2026. On Apr 16, 2027 the period ends and a new cap is set.

About CPSM

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 2.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.4% 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. 203 days remained on Oct 9, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, APXM or CPSM?: APXM ends its outcome period on Apr 16, 2027 and CPSM on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, APXM or CPSM?: APXM charges 0.85% a year and CPSM charges 0.69%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

APXM vs XAPR APXM vs BMAY APXM vs FAPR APXM vs CMAY CPSM vs XMAY CPSM vs CPSU CPSM vs MAYP CPSM vs DDTZ

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →APXM on its own →CPSM on its own →How every figure is computed →Standards and sources →

Where these figures came from

APXM filings on SEC EDGAR ↗First Trust page for APXM ↗CPSM filings on SEC EDGAR ↗Calamos website ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, APXM against CPSM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/apxm-vs-cpsm

Open data

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