Data as of Nov 4, 2026.
CPSM vs DAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 DAPR can fall 10.4% before its buffer engages and CPSM 2.6%, and DAPR resets 14 days sooner.
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Net assets: $59m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - May, and $334m on Nov 3, 2026 for FT Vest U.S. Equity Deep Buffer ETF - April.
CPSM: reference +6.4% since period start, fund +2.3%; buffer Floor; cap +6.7%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.DAPR: reference +8.0% since period start, fund +5.0%; buffer −5 to −30; cap +12.0%; Between buffer and cap. Data to Nov 4, 2026.
DAPR: reference +8.0% since period start, fund +5.0%; buffer −5 to −30; cap +12.0%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSM costs 0.16 points a year less; their one-year returns differ by 3.6 points; DAPR is 5.7 times larger.
Points (pts) are percentage points.
| Measure | CPSM | DAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.8% | +8.4% |
| Drawdown | ||
| Index fall to the buffer | 6.0% | 12.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.85% |
| Net assets, as of Nov 3, 2026 | $59m | $334m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSM | DAPR | CPSM | DAPR |
| 3 months | +1.0% | +1.1% | +1.3 pts | +1.5 pts |
| 6 months | +2.1% | +3.7% | −2.4 pts | −0.8 pts |
| 1 year | +4.8% | +8.4% | −8.7 pts | −5.2 pts |
| 3 years | – | +36.5% | – | −39.9 pts |
| Since launchNot the same days: CPSM May 2024 · DAPR Apr 2021 | +18.8% | +39.9% | −34.5 pts | −44.8 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSM is a floor fund, which caps how far a holder can fall. DAPR 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
DAPR resets first, on Apr 16, 2027, 163 days from now; CPSM runs to Apr 30, 2027, 177 days. A fall from here reaches CPSM’s buffer after 2.6% and DAPR’s after 10.4%. Both track SPY, so what separates them is where each is in its own period.
CPSM
The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.0% 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 SPY level. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
DAPR
From its price on Nov 4, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 10.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 12.0% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.
Questions people ask
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How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, CPSM against DAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsm-vs-dapr
ETFIQ. (Nov 4, 2026). CPSM against DAPR. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-dapr
[CPSM against DAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-dapr)
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