Which resets first, CPRA or KAPR?

CPRA ends its outcome period on Mar 31, 2027 and KAPR on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, CPRA or KAPR?

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

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CPRA vs KAPR: Cap, Buffer & Days Left

As of Oct 13, 2026 KAPR can fall 8.6% before its buffer engages and CPRA 3.7%. Net assets on Oct 12, 2026: $13m for Calamos Russell 2000 ® Structured Alt Protection ETF - April and $179m for Innovator U.S. Small Cap Power Buffer ETF - Apr.

CPRA costs 0.10 points a year less; their one-year returns differ by 9.2 points; KAPR is 13.4 times larger.

Points (pts) are percentage points.

CPRA vs KAPR: Cap, Buffer & Days Left
	CPRA	KAPR
Expense ratio	0.69%	0.79%
Net assets, as of Oct 12, 2026	$13m	$179m
Total return, 1 year	+6.8%	+16.0%
What it tracks	IWM	IWM
Holdings in common	not published
Index fall to the buffer	10.2%	10.3%

CPRAAt its cap

CPRA: reference +11.4% since period start, fund +3.5%; buffer Floor; cap +7.9%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

KAPRBetween buffer and cap

KAPR: reference +11.5% since period start, fund +8.9%; buffer 0 to −15; cap +20.5%; Between buffer and cap. Figures to Oct 13, 2026.

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

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

Where each one stands today

CPRA resets first, on Mar 31, 2027, 169 days from now; KAPR runs to Mar 31, 2027, 169 days. A fall from here reaches CPRA’s buffer after 3.7% and KAPR’s after 8.6%. Both track IWM, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPRA vs KAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPRA	KAPR	CPRA	KAPR
3 months	+0.7%	−0.3%	+6.0 pts	+5.0 pts
6 months	+2.4%	+5.0%	−2.4 pts	+0.2 pts
1 year	+6.8%	+16.0%	−10.1 pts	−0.9 pts
3 years	not published	+50.7%	not published	−12.5 pts
Since launch Not the same days: CPRA Apr 2025 · KAPR Apr 2020	+12.2%	+78.0%	−27.1 pts	−82.5 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

CPRA

Calamos Russell 2000 ® Structured Alt Protection ETF - April · Absorbs the whole loss on IWM and caps the gain at 7.9%, over a period ending Mar 31, 2027

KAPR

Innovator U.S. Small Cap Power Buffer ETF - Apr · Absorbs the first 15% of loss on IWM and caps the gain at 20.5%, over a period ending Mar 31, 2027

Issuer Calamos Innovator

Reference index IWM IWM

Buffer 100% 15%

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

Days left 169 169

Starting cap +7.9% +20.5%

Can still gain not published 10.2%

Fall before buffer 3.7% 8.6%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +11.4% +11.5%

Fund return this period +3.5% +8.9%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets, as of Oct 12, 2026 $13m $179m

As of Oct 13, 2026. Source: ETFIQ.

About CPRA

IWM had already risen past this fund's cap of +7.9% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IWM can fall 10.2% 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 IWM level. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About KAPR

From its price on Oct 13, 2026, the fund can gain about 10.2% more before it reaches its cap. The fund's price can fall 8.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IWM can fall 10.3% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's IWM level.

Questions people ask

Which resets first, CPRA or KAPR?: CPRA ends its outcome period on Mar 31, 2027 and KAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, CPRA or KAPR?: CPRA charges 0.69% a year and KAPR charges 0.79%, so CPRA is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPRA vs KMAY CPRA vs SCMY

Russell 2000 (IWM) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPRA on its own →KAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPRA filings on SEC EDGAR ↗CPRA prospectus with the expense ratio (SEC) ↗Calamos website ↗KAPR filings on SEC EDGAR ↗Innovator page for KAPR ↗

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, CPRA against KAPR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpra-vs-kapr

Open data

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