Data as of .
CPSM vs GAPR: which one stands where?
As of Sep 21, 2026 GAPR can fall 5.6% before its buffer engages and CPSM 2.0%, and GAPR resets 14 days sooner.
These are two different products. CPSM is a floor fund, which caps how far a holder can fall. GAPR 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
GAPR resets first, on Apr 16, 2027, 207 days from now; CPSM runs to Apr 30, 2027, 221 days. A fall from here reaches CPSM’s buffer after 2.0% and GAPR’s after 5.6%. Both track SPY, 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSM | GAPR | CPSM | GAPR | |
| 3 months | +1.0% | +2.0% | −1.2 pts | −0.2 pts |
| 6 months | +2.6% | +5.5% | −15.4 pts | −12.5 pts |
| 1 year | +4.6% | +8.4% | −11.9 pts | −8.2 pts |
| 3 years | not published | +35.9% | not published | −42.5 pts |
| CPSM Calamos S&P 500 ® Structured Alt Protection ETF - May Absorbs losses from 0.2% to 100.0% on SPY and caps the gain at 6.5%, over a period ending Apr 30, 2027 | GAPR FT Vest U.S. Equity Moderate Buffer ETF - April Absorbs the first 15% of loss on SPY and caps the gain at 12.3%, over a period ending Apr 16, 2027 | |
|---|---|---|
| Issuer | Calamos | First Trust |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 15% |
| Outcome period | May 1, 2026 to Apr 30, 2027 | Apr 20, 2026 to Apr 16, 2027 |
| Days left | 221 | 207 |
| Starting cap | +6.5% | +12.3% |
| Can still gain | not published | 6.2% |
| Fall before buffer | 2.0% | 5.6% |
| Protection left, index points | 99.8% of 99.8% | 15.0% of 15.0% |
| Index return this period | +5.7% | +9.0% |
| Fund return this period | +1.8% | +5.0% |
| State today | Open | Open |
| Expense ratio | 0.69% | 0.85% |
| Net assets | $58m | $294m |
CPSM in plain words
The fund's price can fall 2.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.6% from today's level to the point where the buffer begins. Protection left, in index points: 99.8% of the 99.8% buffer still sits below today's SPY level. 221 days remained on Sep 21, 2026. On Apr 30, 2027 the period ends and a new cap is set.
GAPR in plain words
From its price on Sep 21, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.2% 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 SPY level. 207 days remained on Sep 21, 2026. On Apr 16, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSM or GAPR?
- CPSM ends its outcome period on Apr 30, 2027 and GAPR on Apr 16, 2027. A new cap is set the day after each.
- Which is cheaper, CPSM or GAPR?
- CPSM charges 0.69% a year and GAPR charges 0.85%, so CPSM is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPSM against GAPR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsm-vs-gapr Free to use with attribution; the underlying files are at Open data.