Data as of Nov 4, 2026.
CPSM vs XAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 XAPR can fall 5.7% before its buffer engages and CPSM 2.6%, and XAPR 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 $52m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate 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.XAPR: reference +8.0% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; Between buffer and cap. Data to Nov 4, 2026.
XAPR: reference +8.0% since period start, fund +5.2%; buffer 0 to −15; cap +10.4%; 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 3.3 points; CPSM is 1.1 times larger.
Points (pts) are percentage points.
| Measure | CPSM | XAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.8% | +8.1% |
| Drawdown | ||
| Index fall to the buffer | 6.0% | 7.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.85% |
| Net assets, as of Nov 3, 2026 | $59m | $52m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSM | XAPR | CPSM | XAPR |
| 3 months | +1.0% | +1.5% | +1.3 pts | +1.9 pts |
| 6 months | +2.1% | +4.1% | −2.4 pts | −0.4 pts |
| 1 year | +4.8% | +8.1% | −8.7 pts | −5.5 pts |
| Since launchNot the same days: CPSM May 2024 · XAPR Apr 2024 | +18.8% | +29.9% | −34.5 pts | −23.5 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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. XAPR 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
XAPR 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 XAPR’s after 5.7%. 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.
XAPR
From its price on Nov 4, 2026, the fund can gain about 4.1% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% 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. 163 days remained on Nov 4, 2026. On Apr 16, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSM against XAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsm-vs-xapr
ETFIQ. (Nov 4, 2026). CPSM against XAPR. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-xapr
[CPSM against XAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-xapr)
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