Which resets first, CPSM or XAPR?

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

Which is cheaper, CPSM or XAPR?

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

CPSM vs XAPR: which one stands where?

As of Oct 2, 2026 XAPR can fall 5.3% before its buffer engages and CPSM 2.2%, and XAPR resets 14 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - May and FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April.

CPSM costs 0.16 points a year less; their one-year returns differ by 3.1 points; CPSM is 1.1 times larger.

	CPSM	XAPR
Expense ratio	0.69%	0.85%
Net assets	$59m	$52m
Total return, 1 year	+4.7%	+7.8%
What it tracks	SPY	SPY
Holdings in common	not published

CPSMAt its cap

CPSM: reference +6.8% since period start, fund +2.0%; buffer −0 to floor; cap +6.5%; At its cap.

XAPRBetween buffer and cap

XAPR: reference +8.4% since period start, fund +4.7%; buffer 0 to −15; cap +10.4%; Between buffer and cap.

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.

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

XAPR resets first, on Apr 16, 2027, 196 days from now; CPSM runs to Apr 30, 2027, 210 days. A fall from here reaches CPSM’s buffer after 2.2% and XAPR’s after 5.3%. 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

	Total return		Gap to the reference
Window	CPSM	XAPR	CPSM	XAPR
3 months	+1.2%	+2.5%	−2.4 pts	−1.1 pts
6 months	+2.6%	+4.9%	−15.4 pts	−13.1 pts
1 year	+4.7%	+7.8%	−11.6 pts	−8.4 pts

CPSM and XAPR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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

XAPR

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - April · Absorbs the first 15% of loss on SPY and caps the gain at 10.4%, 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 210 196

Starting cap +6.5% +10.4%

Can still gain not published 4.6%

Fall before buffer 2.2% 5.3%

Protection left, index points 99.8% of 99.8% 15.0% of 15.0%

Index return this period +6.8% +8.4%

Fund return this period +2.0% +4.7%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets $59m $52m

CPSM and XAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSM in plain words

SPY had already risen past this fund's cap of +6.5% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 2.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.6% 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. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

XAPR in plain words

From its price on Oct 2, 2026, the fund can gain about 4.6% more before it reaches its cap. The fund's price can fall 5.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.7% 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. 196 days remained on Oct 2, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSM vs UJUN CPSM vs UMAY CPSM vs XMAY CPSM vs ZJUN XAPR vs GAPR XAPR vs HMAY XAPR vs MAYC XAPR vs MAYP

S&P 500 (SPY) →CPSM on its own →XAPR on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSM filings on SEC EDGAR ↗Calamos website ↗XAPR filings on SEC EDGAR ↗First Trust page for XAPR ↗

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.

Cite this page

ETFIQ, CPSM against XAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsm-vs-xapr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.