Which resets first, CPSP or PAPR?

CPSP ends its outcome period on Mar 31, 2027 and PAPR on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSP or PAPR?

CPSP charges 0.69% a year and PAPR charges 0.79%, so CPSP is cheaper. Fees come from each fund's prospectus.

CPSP vs PAPR: which one stands where?

As of Oct 2, 2026 PAPR can fall 8.5% before its buffer engages and CPSP 3.6%. Calamos S&P 500 ® Structured Alt Protection ETF - April and Innovator U.S. Equity Power Buffer ETF - Apr.

CPSP costs 0.10 points a year less; their one-year returns differ by 6.8 points; PAPR is 40.2 times larger.

	CPSP	PAPR
Expense ratio	0.69%	0.79%
Net assets	$24m	$961m
Total return, 1 year	+5.9%	+12.7%
What it tracks	SPY	SPY
Holdings in common	not published

CPSPAt its cap

CPSP: reference +17.5% since period start, fund +3.4%; buffer −0 to floor; cap +6.4%; At its cap.

PAPRAt its cap

PAPR: reference +18.3% since period start, fund +8.8%; buffer 0 to −15; cap +14.0%; At its cap.

These are two different products. CPSP is a floor fund, which caps how far a holder can fall. PAPR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

CPSP resets first, on Mar 31, 2027, 180 days from now; PAPR runs to Mar 31, 2027, 180 days. A fall from here reaches CPSP’s buffer after 3.6% and PAPR’s after 8.5%. 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	PAPR	CPSP	PAPR
3 months	+1.3%	+2.4%	−2.3 pts	−1.2 pts
6 months	+3.1%	+8.1%	−14.8 pts	−9.8 pts
1 year	+5.9%	+12.7%	−10.3 pts	−3.5 pts
3 years	not published	+42.6%	not published	−46.7 pts

CPSP and PAPR 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

Calamos S&P 500 ® Structured Alt Protection ETF - April · Absorbs losses from 0.3% to 100.0% on SPY and caps the gain at 6.4%, over a period ending Mar 31, 2027

PAPR

Innovator U.S. Equity Power Buffer ETF - Apr · Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 15%

Outcome period Apr 1, 2026 to Mar 31, 2027 Mar 31, 2026 to Mar 31, 2027

Days left 180 180

Starting cap +6.4% +14.0%

Can still gain not published 4.3%

Fall before buffer 3.6% 8.5%

Protection left, index points 99.7% of 99.7% 15.0% of 15.0%

Index return this period +17.5% +18.3%

Fund return this period +3.4% +8.8%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $24m $961m

CPSP and PAPR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSP in plain words

SPY had already risen past this fund's cap of +6.4% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.1% 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. 180 days remained on Oct 2, 2026. On Mar 31, 2027 the period ends and a new cap is set.

PAPR in plain words

SPY had already risen past this fund's cap of +14.0% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.3% as the period runs out. The fund's price can fall 8.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% 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.

Questions people ask

Which resets first, CPSP or PAPR?: CPSP ends its outcome period on Mar 31, 2027 and PAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSP or PAPR?: CPSP charges 0.69% a year and PAPR charges 0.79%, so CPSP is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSP vs MARM CPSP vs PBMY CPSP vs PMAP CPSP vs PMAY PAPR vs UOCT PAPR vs DAPR PAPR vs DJAN PAPR vs DOCT

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

Where these figures came from

CPSP filings on SEC EDGAR ↗Calamos website ↗PAPR filings on SEC EDGAR ↗Innovator page for PAPR ↗

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, CPSP against PAPR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsp-vs-papr

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.