Data as of Nov 4, 2026.
CPSP vs UAPR: Cap, Buffer & Days Left
As of Nov 4, 2026 UAPR can fall 12.9% before its buffer engages and CPSP 4.0%.
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Net assets on Nov 4, 2026: $24m for Calamos S&P 500 Structured Alt Protection ETF - April and $159m for Innovator U.S. Equity Ultra Buffer ETF - Apr.
CPSP: reference +17.0% since period start, fund +3.8%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.UAPR: reference +17.9% since period start, fund +8.5%; buffer −5 to −35; cap +13.0%; At its cap. Data to Nov 4, 2026.
UAPR: reference +17.9% since period start, fund +8.5%; buffer −5 to −35; cap +13.0%; At its cap. Data to Nov 4, 2026.Pair scorecard
CPSP costs 0.10 points a year less; their one-year returns differ by 5.9 points; UAPR is 6.6 times larger.
Points (pts) are percentage points.
| Measure | CPSP | UAPR |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.2% | +12.1% |
| Drawdown | ||
| Index fall to the buffer | 14.5% | 19.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $24m | $159m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSP | UAPR | CPSP | UAPR |
| 3 months | +1.1% | +1.6% | +1.5 pts | +2.0 pts |
| 6 months | +2.2% | +3.9% | −2.3 pts | −0.6 pts |
| 1 year | +6.2% | +12.1% | −7.4 pts | −1.4 pts |
| 3 years | – | +38.4% | – | −38.0 pts |
| Since launchNot the same days: CPSP Apr 2025 · UAPR Apr 2019 | +10.8% | +46.7% | −25.9 pts | −121.5 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSP is a floor fund, which caps how far a holder can fall. UAPR 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, 147 days from now; UAPR runs to Mar 31, 2027, 147 days. A fall from here reaches CPSP’s buffer after 4.0% and UAPR’s after 12.9%. Both track SPY, so what separates them is where each is in its own period.
CPSP
SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.5% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
UAPR
SPY had already risen past this fund's cap of +13.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.7% as the period runs out. The fund's price can fall 12.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 19.4% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
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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.
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ETFIQ, CPSP against UAPR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsp-vs-uapr
ETFIQ. (Nov 4, 2026). CPSP against UAPR. Retrieved from https://etfiq.com/compare/buffer/cpsp-vs-uapr
[CPSP against UAPR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsp-vs-uapr)
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