CPSP vs UAPR: Cap, Buffer & Days Left
As of Oct 9, 2026 UAPR can fall 12.8% before its buffer engages and CPSP 3.8%. Net assets on Oct 9, 2026: $24m for Calamos S&P 500 ® Structured Alt Protection ETF - April and $160m for Innovator U.S. Equity Ultra Buffer ETF - Apr.
CPSP costs 0.10 points a year less; their one-year returns differ by 5.9 points; UAPR is 6.7 times larger.
| CPSP | UAPR | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $24m | $160m |
| Total return, 1 year | +6.1% | +12.0% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 15.8% | 20.6% |
CPSP: reference +18.8% since period start, fund +3.6%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
UAPR: reference +19.7% since period start, fund +8.4%; buffer −5 to −35; cap +13.0%; At its cap. Figures to Oct 9, 2026.
UAPR: reference +19.7% since period start, fund +8.4%; buffer −5 to −35; cap +13.0%; At its cap. Figures to Oct 9, 2026.
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, 173 days from now; UAPR runs to Mar 31, 2027, 173 days. A fall from here reaches CPSP’s buffer after 3.8% and UAPR’s after 12.8%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSP | UAPR | CPSP | UAPR |
| 3 months | +1.4% | +2.4% | −1.8 pts | −0.8 pts |
| 6 months | +2.8% | +6.2% | −11.8 pts | −8.4 pts |
| 1 year | +6.1% | +12.0% | −9.9 pts | −4.0 pts |
| 3 years | not published | +38.8% | not published | −40.4 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CPSP in plain words
SPY had already risen past this fund's cap of +6.7% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.8% 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. 173 days remained on Oct 9, 2026. On Mar 31, 2027 the period ends and a new cap is set.
UAPR in plain words
SPY had already risen past this fund's cap of +13.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.9% as the period runs out. The fund's price can fall 12.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 20.6% 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
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, CPSP against UAPR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsp-vs-uapr
ETFIQ. (Oct 9, 2026). CPSP against UAPR. Retrieved from https://etfiq.com/compare/buffer/cpsp-vs-uapr
[CPSP against UAPR (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsp-vs-uapr)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.