CPSP vs GAPR: which one stands where?
As of Oct 1, 2026 GAPR can fall 5.3% before its buffer engages and CPSP 3.5%, and CPSP resets 16 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - April and FT Vest U.S. Equity Moderate Buffer ETF - April.
CPSP: reference +16.4% since period start, fund +3.3%; buffer −0 to floor; cap +6.4%; At its cap.
GAPR: reference +7.4% since period start, fund +4.7%; buffer 0 to −15; cap +12.3%; Between buffer and cap.
These are two different products. CPSP 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.
CPSP is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
CPSP resets first, on Apr 1, 2027, 182 days from now; GAPR runs to Apr 16, 2027, 198 days. A fall from here reaches CPSP’s buffer after 3.5% and GAPR’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 | CPSP | GAPR | CPSP | GAPR |
| 3 months | +1.3% | +2.2% | −1.2 pts | −0.3 pts |
| 6 months | +3.0% | +5.1% | −13.9 pts | −11.8 pts |
| 1 year | +5.9% | +8.5% | −9.8 pts | −7.2 pts |
| 3 years | not published | +38.8% | not published | −46.2 pts |
CPSP and GAPR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CPSP and GAPR on the same fields, as of Oct 1, 2026. Source: ETFIQ.
CPSP in plain words
SPY had already risen past this fund's cap of +6.4% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.3% from today's level to the point where the buffer begins. Protection left, in index points: 99.7% of the 99.7% buffer still sits below today's SPY level. 182 days remained on Oct 1, 2026. On Apr 1, 2027 the period ends and a new cap is set.
GAPR in plain words
From its price on Oct 1, 2026, the fund can gain about 6.5% 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 6.9% 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. 198 days remained on Oct 1, 2026. On Apr 16, 2027 the period ends and a new cap is set.
Questions people ask
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.
ETFIQ, CPSP against GAPR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsp-vs-gapr
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CPSP against GAPR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsp-vs-gapr Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPSP against GAPR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsp-vs-gapr
- APA
- ETFIQ. (Oct 1, 2026). CPSP against GAPR. Retrieved from https://etfiq.com/compare/buffer/cpsp-vs-gapr
- Markdown
- [CPSP against GAPR (ETFIQ, Oct 1, 2026)](https://etfiq.com/compare/buffer/cpsp-vs-gapr)