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.

Data as of Nov 4, 2026.

Buffer ETFs

APXM vs CPSM: Cap, Buffer & Days Left

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As of Nov 4, 2026 APXM can fall 3.7% before its buffer engages and CPSM 2.6%, and APXM resets 14 days sooner.

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Net assets: $22m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - April, and $59m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - May.

APXM on its own →CPSM on its own →

At a glance

APXM At its cap

APXM: reference +8.0% since period start, fund +3.0%; buffer 0 to −50; cap +7.0%; At its cap. Data to Nov 4, 2026.

CPSM Full floor

CPSM: reference +6.4% since period start, fund +2.3%; buffer Floor; cap +6.7%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

CPSM costs 0.16 points a year less; their one-year returns differ by 0.2 points; CPSM is 2.7 times larger.

Points (pts) are percentage points.

APXM vs CPSM: Cap, Buffer & Days Left
Measure	APXM	CPSM
Return
Measure	APXM	CPSM
Total return, 1 year	+5.0%	+4.8%
Drawdown
Measure	APXM	CPSM
Index fall to the buffer	7.4%	6.0%
Benchmark
Measure	APXM	CPSM
What it tracks	SPY	SPY
Cost and size
Measure	APXM	CPSM
Expense ratio	0.85%	0.69%
Net assets, as of Nov 3, 2026	$22m	$59m
Holdings
Measure	APXM	CPSM
Holdings in common	not published

Method

Window by window

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	+1.0%	+1.0%	+1.4 pts	+1.3 pts
6 months	+2.4%	+2.1%	−2.1 pts	−2.4 pts
1 year	+5.0%	+4.8%	−8.6 pts	−8.7 pts
Since launchNot the same days: APXM Apr 2025 · CPSM May 2024	+9.7%	+18.8%	−39.5 pts	−34.5 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

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 163 177

Starting cap +7.0% +6.7%

Can still gain 3.1% not published

Fall before buffer 3.7% 2.6%

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

Index return this period +8.0% +6.4%

Fund return this period +3.0% +2.3%

State today At cap Open

Expense ratio 0.85% 0.69%

Net assets, APXM as of Nov 3, 2026 and CPSM as of Nov 4, 2026 $22m $59m

As of Nov 4, 2026. Source: ETFIQ.

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.

APXM is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

APXM resets first, on Apr 16, 2027, 163 days from now; CPSM runs to Apr 30, 2027, 177 days. A fall from here reaches APXM’s buffer after 3.7% and CPSM’s after 2.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

APXM

SPY had already risen past this fund's cap of +7.0% 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 3.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% 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. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.

CPSM

The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.0% 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. 177 days remained on Nov 4, 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 PMAY APXM vs FAPR CPSM vs XMAY CPSM vs CPSU CPSM vs DDTY CPSM vs DDTZ

Where to next

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 →Method →Standards and sources →

Sources and dates

APXM filings on SEC EDGAR ↗

First Trust page for APXM ↗

CPSM 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, APXM against CPSM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/apxm-vs-cpsm

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