CPRA vs KMAY: which one stands where?
As of Oct 1, 2026 CPRA can fall 3.5% before its buffer engages and KMAY 2.2%, and CPRA resets 30 days sooner. Calamos Russell 2000 ® Structured Alt Protection ETF - April and Innovator U.S. Small Cap Power Buffer ETF - May.
CPRA: reference +11.3% since period start, fund +3.3%; buffer −0 to floor; cap +7.6%; At its cap.
KMAY: reference 0.0% since period start, fund +1.9%; buffer 0 to −15; cap +18.4%; Buffer working.
These are two different products. CPRA is a floor fund, which caps how far a holder can fall. KMAY 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.
They do not reset together. CPRA has 182 days of its period left and KMAY has 212, so the two are not the same bet on the same months.
Where each one stands today
CPRA resets first, on Apr 1, 2027, 182 days from now; KMAY runs to Apr 30, 2027, 212 days. A fall from here reaches CPRA’s buffer after 3.5% and KMAY’s after 2.2%. 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 | KMAY | CPRA | KMAY |
| 3 months | +0.5% | −2.5% | +7.5 pts | +4.4 pts |
| 6 months | +3.2% | +2.9% | −8.7 pts | −9.0 pts |
| 1 year | +6.5% | +7.5% | −9.5 pts | −8.5 pts |
CPRA and KMAY 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 and KMAY 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.
KMAY in plain words
From its price on Oct 1, 2026, the fund can gain about 15.9% more before it reaches its cap. The fund's price can fall 2.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IWM can fall 0.0% 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. 212 days remained on Oct 1, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
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.
ETFIQ, CPRA against KMAY, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpra-vs-kmay
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CPRA against KMAY, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpra-vs-kmay Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPRA against KMAY, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpra-vs-kmay
- APA
- ETFIQ. (Oct 1, 2026). CPRA against KMAY. Retrieved from https://etfiq.com/compare/buffer/cpra-vs-kmay
- Markdown
- [CPRA against KMAY (ETFIQ, Oct 1, 2026)](https://etfiq.com/compare/buffer/cpra-vs-kmay)