Data as of .
CPSM vs XAPR: which one stands where?
As of Sep 21, 2026 XAPR can fall 5.2% before its buffer engages and CPSM 2.0%, and XAPR resets 14 days sooner.
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, 207 days from now; CPSM runs to Apr 30, 2027, 221 days. A fall from here reaches CPSM’s buffer after 2.0% and XAPR’s after 5.2%. 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 | XAPR | CPSM | XAPR | |
| 3 months | +1.0% | +2.1% | −1.2 pts | −0.2 pts |
| 6 months | +2.6% | +4.8% | −15.4 pts | −13.2 pts |
| 1 year | +4.6% | +7.6% | −11.9 pts | −8.9 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 | 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 | 221 | 207 |
| Starting cap | +6.5% | +10.4% |
| Can still gain | not published | 4.8% |
| Fall before buffer | 2.0% | 5.2% |
| 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% | +4.5% |
| State today | Open | Open |
| Expense ratio | 0.69% | 0.85% |
| Net assets | $58m | $30m |
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.
XAPR in plain words
From its price on Sep 21, 2026, the fund can gain about 4.8% more before it reaches its cap. The fund's price can fall 5.2% 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 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
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 XAPR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsm-vs-xapr Free to use with attribution; the underlying files are at Open data.