Which resets first, BAPR or CPSP?

BAPR 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, BAPR or CPSP?

BAPR charges 0.79% a year and CPSP charges 0.69%, so CPSP is cheaper. Fees come from each fund's prospectus.

BAPR vs CPSP: which one stands where?

As of Oct 2, 2026 BAPR can fall 11.0% before its buffer engages and CPSP 3.6%. Innovator U.S. Equity Buffer ETF - Apr and Calamos S&P 500 ® Structured Alt Protection ETF - April.

CPSP costs 0.10 points a year less; their one-year returns differ by 11.0 points; BAPR is 17.5 times larger.

	BAPR	CPSP
Expense ratio	0.79%	0.69%
Net assets	$418m	$24m
Total return, 1 year	+16.9%	+5.9%
What it tracks	SPY	SPY
Holdings in common	not published

BAPRBetween buffer and cap

BAPR: reference +18.3% since period start, fund +11.8%; buffer 0 to −9; cap +18.5%; Between buffer and cap.

CPSPAt its cap

CPSP: reference +17.5% since period start, fund +3.4%; buffer −0 to floor; cap +6.4%; At its cap.

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

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

BAPR resets first, on Mar 31, 2027, 180 days from now; CPSP runs to Mar 31, 2027, 180 days. A fall from here reaches BAPR’s buffer after 11.0% and CPSP’s after 3.6%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	BAPR	CPSP	BAPR	CPSP
3 months	+3.0%	+1.3%	−0.6 pts	−2.3 pts
6 months	+11.1%	+3.1%	−6.9 pts	−14.8 pts
1 year	+16.9%	+5.9%	+0.7 pts	−10.3 pts
3 years	+58.1%	not published	−31.1 pts	not published

BAPR and CPSP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BAPR

Innovator U.S. Equity Buffer ETF - Apr · Absorbs the first 9% of loss on SPY and caps the gain at 18.5%, over a period ending Mar 31, 2027

CPSP

Calamos S&P 500 ® Structured Alt Protection ETF - April · Absorbs losses from 0.3% to 100.0% on SPY and caps the gain at 6.4%, over a period ending Mar 31, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 0% to 100%

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

Days left 180 180

Starting cap +18.5% +6.4%

Can still gain 5.5% not published

Fall before buffer 11.0% 3.6%

Protection left, index points 9.0% of 9.0% 99.7% of 99.7%

Index return this period +18.3% +17.5%

Fund return this period +11.8% +3.4%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $418m $24m

BAPR and CPSP on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 5.5% more before it reaches its cap. The fund's price can fall 11.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 180 days remained on Oct 2, 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 +6.4% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. 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 15.1% from today's level to the point where the buffer begins. Protection left, in index points: 99.7% of the 99.7% buffer still sits below today's SPY level.

Questions people ask

Which resets first, BAPR or CPSP?: BAPR 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, BAPR or CPSP?: BAPR charges 0.79% a year and CPSP charges 0.69%, so CPSP is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAPR vs SIXO BAPR vs UAPR BAPR vs UJAN BAPR vs UJUL CPSP vs BMAY CPSP vs CMAY CPSP vs CTMA CPSP vs DAPR

SPY →BAPR on its own →CPSP on its own →How every figure is computed →Standards and sources →

Where these figures came from

BAPR filings on SEC EDGAR ↗Innovator page for BAPR ↗CPSP filings on SEC EDGAR ↗Calamos website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BAPR against CPSP, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bapr-vs-cpsp

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.