Data as of .
CPSP vs ZAPR: which one stands where?
As of Sep 21, 2026 ZAPR can fall 3.8% before its buffer engages and CPSP 3.4%.
Where each one stands today
CPSP resets first, on Mar 31, 2027, 191 days from now; ZAPR runs to Mar 31, 2027, 191 days. A fall from here reaches CPSP’s buffer after 3.4% and ZAPR’s after 3.8%. 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 | ||
|---|---|---|---|---|
| CPSP | ZAPR | CPSP | ZAPR | |
| 3 months | +1.2% | +1.4% | −1.1 pts | −0.8 pts |
| 6 months | +3.3% | +3.7% | −14.7 pts | −14.3 pts |
| 1 year | +5.8% | +6.1% | −10.7 pts | −10.4 pts |
| 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 | ZAPR Innovator Equity Defined Protection ETF - 1 Yr April Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Mar 31, 2027 | |
|---|---|---|
| Issuer | Calamos | Innovator |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 100% |
| Outcome period | Apr 1, 2026 to Mar 31, 2027 | Mar 31, 2026 to Mar 31, 2027 |
| Days left | 191 | 191 |
| Starting cap | +6.4% | +7.3% |
| Can still gain | not published | 3.2% |
| Fall before buffer | 3.4% | 3.8% |
| Protection left, index points | 99.7% of 99.7% | 100.0% of 100.0% |
| Index return this period | +16.3% | +19.0% |
| Fund return this period | +3.2% | +3.6% |
| State today | At cap | At cap |
| Expense ratio | 0.69% | 0.79% |
| Net assets | $24m | $67m |
CPSP in plain words
SPY had already risen past this fund's cap of +6.4% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.2% 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. 191 days remained on Sep 21, 2026. On Mar 31, 2027 the period ends and a new cap is set.
ZAPR in plain words
SPY had already risen past this fund's cap of +7.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. 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 16.0% 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.
Questions people ask
- Which resets first, CPSP or ZAPR?
- CPSP ends its outcome period on Mar 31, 2027 and ZAPR on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, CPSP or ZAPR?
- CPSP charges 0.69% a year and ZAPR charges 0.79%, so CPSP 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, CPSP against ZAPR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsp-vs-zapr Free to use with attribution; the underlying files are at Open data.