Which resets first, CPRA or KAPR?

CPRA ends its outcome period on Apr 1, 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.

CPRA vs KAPR: which one stands where?

As of Oct 1, 2026 KAPR can fall 8.9% before its buffer engages and CPRA 3.5%. Calamos Russell 2000 ® Structured Alt Protection ETF - April and Innovator U.S. Small Cap Power Buffer ETF - Apr.

CPRAAt its cap

CPRA: reference +11.3% since period start, fund +3.3%; buffer −0 to floor; cap +7.6%; At its cap.

KAPRBetween buffer and cap

KAPR: reference +12.1% since period start, fund +9.3%; buffer 0 to −15; cap +20.5%; Between buffer and cap.

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 Apr 1, 2027, 182 days from now; KAPR runs to Mar 31, 2027, 182 days. A fall from here reaches CPRA’s buffer after 3.5% and KAPR’s after 8.9%. Both track IWM, 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	CPRA	KAPR	CPRA	KAPR
3 months	+0.5%	−0.8%	+7.5 pts	+6.1 pts
6 months	+3.2%	+8.6%	−8.7 pts	−3.3 pts
1 year	+6.5%	+15.3%	−9.5 pts	−0.7 pts
3 years	not published	+47.4%	not published	−15.2 pts

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

On the same fields

CPRA

Calamos Russell 2000 ® Structured Alt Protection ETF - April · Absorbs losses from 0.3% to 100.0% on IWM and caps the gain at 7.6%, over a period ending Apr 1, 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 0% to 100% 15%

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

Days left 182 182

Starting cap +7.6% +20.5%

Can still gain not published 9.8%

Fall before buffer 3.5% 8.9%

Protection left, index points 99.7% of 99.7% 15.0% of 15.0%

Index return this period +11.3% +12.1%

Fund return this period +3.3% +9.3%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets $13m $214m

CPRA and KAPR on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPRA in plain words

IWM had already risen past this fund's cap of +7.6% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IWM can fall 10.5% 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 IWM level. 182 days remained on Oct 1, 2026. On Apr 1, 2027 the period ends and a new cap is set.

KAPR in plain words

From its price on Oct 1, 2026, the fund can gain about 9.8% more before it reaches its cap. The fund's price can fall 8.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IWM can fall 10.8% 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. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPRA or KAPR?: CPRA ends its outcome period on Apr 1, 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) →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 ↗Calamos website ↗KAPR filings on SEC EDGAR ↗Innovator page for KAPR ↗

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, CPRA against KAPR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpra-vs-kapr

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.