Which resets first, CPSM or FAPR?

CPSM ends its outcome period on Apr 30, 2027 and FAPR on Apr 16, 2027. A new cap is set the day after each.

Which is cheaper, CPSM or FAPR?

CPSM charges 0.69% a year and FAPR charges 0.85%, so CPSM is cheaper. Fees come from each fund's prospectus.

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CPSM vs FAPR: Cap, Buffer & Days Left

As of Oct 13, 2026 FAPR can fall 7.2% before its buffer engages and CPSM 2.5%, and FAPR resets 14 days sooner. Net assets on Oct 12, 2026: $59m for Calamos S&P 500 ® Structured Alt Protection ETF - May and $1.3bn for FT Vest U.S. Equity Buffer ETF - April.

CPSM costs 0.16 points a year less; their one-year returns differ by 6.8 points; FAPR is far larger, $1.3bn against $59m.

Points (pts) are percentage points.

CPSM vs FAPR: Cap, Buffer & Days Left
	CPSM	FAPR
Expense ratio	0.69%	0.85%
Net assets, as of Oct 12, 2026	$59m	$1.3bn
Total return, 1 year	+5.0%	+11.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	7.4%	8.6%

CPSMAt its cap

CPSM: reference +8.0% since period start, fund +2.3%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

FAPRBetween buffer and cap

FAPR: reference +9.4% since period start, fund +6.8%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Figures to Oct 13, 2026.

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

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

Where each one stands today

FAPR resets first, on Apr 16, 2027, 185 days from now; CPSM runs to Apr 30, 2027, 199 days. A fall from here reaches CPSM’s buffer after 2.5% and FAPR’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSM vs FAPR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSM	FAPR	CPSM	FAPR
3 months	+1.4%	+3.3%	−2.5 pts	−0.6 pts
6 months	+2.4%	+6.9%	−11.0 pts	−6.5 pts
1 year	+5.0%	+11.8%	−14.1 pts	−7.4 pts
3 years	not published	+49.0%	not published	−31.4 pts
Since launch Not the same days: CPSM May 2024 · FAPR Apr 2021	+18.7%	+61.1%	−36.9 pts	−26.3 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

CPSM

Calamos S&P 500 ® Structured Alt Protection ETF - May · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Apr 30, 2027

FAPR

FT Vest U.S. Equity Buffer ETF - April · Absorbs the first 10% of loss on SPY and caps the gain at 15.2%, over a period ending Apr 16, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 10%

Outcome period May 1, 2026 to Apr 30, 2027 Apr 20, 2026 to Apr 16, 2027

Days left 199 185

Starting cap +6.7% +15.2%

Can still gain not published 7.0%

Fall before buffer 2.5% 7.2%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +8.0% +9.4%

Fund return this period +2.3% +6.8%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets, as of Oct 12, 2026 $59m $1.3bn

As of Oct 13, 2026. Source: ETFIQ.

About CPSM

SPY had already risen past this fund's cap of +6.7% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 2.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.4% 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. 199 days remained on Oct 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.

About FAPR

From its price on Oct 13, 2026, the fund can gain about 7.0% more before it reaches its cap. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.6% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 185 days remained on Oct 13, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSM or FAPR?: CPSM ends its outcome period on Apr 30, 2027 and FAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or FAPR?: CPSM charges 0.69% a year and FAPR charges 0.85%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs FMAY CPSM vs PJUN CPSM vs PMAY CPSM vs MAYW FAPR vs XAPR FAPR vs DDFY FAPR vs MAYU FAPR vs ZMAY

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSM on its own →FAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSM filings on SEC EDGAR ↗CPSM prospectus with the expense ratio (SEC) ↗Calamos website ↗FAPR filings on SEC EDGAR ↗First Trust page for FAPR ↗

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, CPSM against FAPR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsm-vs-fapr

Open data

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