Data as of .
BAPR vs CPSP: which one stands where?
As of Sep 21, 2026 BAPR can fall 10.8% before its buffer engages and CPSP 3.4%.
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.
Where each one stands today
BAPR resets first, on Mar 31, 2027, 191 days from now; CPSP runs to Mar 31, 2027, 191 days. A fall from here reaches BAPR’s buffer after 10.8% and CPSP’s after 3.4%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BAPR | CPSP | BAPR | CPSP | |
| 3 months | +2.5% | +1.2% | +0.2 pts | −1.1 pts |
| 6 months | +13.4% | +3.3% | −4.6 pts | −14.7 pts |
| 1 year | +16.6% | +5.8% | 0.0 pts | −10.7 pts |
| 3 years | +51.8% | not published | −26.6 pts | not published |
| 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 | 191 | 191 |
| Starting cap | +18.5% | +6.4% |
| Can still gain | 5.7% | not published |
| Fall before buffer | 10.8% | 3.4% |
| Protection left, index points | 9.0% of 9.0% | 99.7% of 99.7% |
| Index return this period | +19.0% | +16.3% |
| Fund return this period | +11.7% | +3.2% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.69% |
| Net assets | $416m | $24m |
BAPR in plain words
SPY had already risen past this fund's cap of +18.5% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.7% as the period runs out. The fund's price can fall 10.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.0% 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. 191 days remained on Sep 21, 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 Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.2% 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BAPR against CPSP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bapr-vs-cpsp Free to use with attribution; the underlying files are at Open data.