Skip to content
etf.net

CPSL vs TAPR

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Innovator Equity Defined Protection ETF

TAPRDCboe

Overlap

Expense ratio

CPSL −0.69pt a year

CPSL0.10%TAPR0.79%

Avg volume · 30D

CPSL 90.5×the volume

CPSL37.4KTAPR413

CPSL vs TAPR Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+4.9%TAPR

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. TAPR +4.9%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
TAPR 0.79%
Fund size
CPSL $163M
TAPR $11M
1Y total return
CPSL +5.3%, better
TAPR +4.9%
Holdings
CPSL 13
TAPR 3
Avg volume (30D)
CPSL 37.4K sh, better
TAPR 413 sh
NAV per share
CPSL $28.38
TAPR $26.96
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. TAPR: Cost 21, Risk 42, Mission not scored, Tradability 23, Holdings not scored, Durability 47.
Pillar letters and Scores for CPSL, TAPR, with each pillar’s weight
PillarCPSLTAPR
Cost30% weightA99HigherF21
Mission25% weightNot scoredNot scored
Risk15% weightC52HigherC42
Tradability15% weightA75HigherF23
Holdings10% weightA93Not scored
Durability5% weightB69HigherC47

Rank among S&P 500 Full Protection funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CPSL and TAPR are both graded against the same 27 S&P 500 Full Protection funds, so their Grades compare head to head.

S&P 500 Full Protection⁠

Category · 27 funds
See all 27 ›

CPSL ranks 1st and TAPR 27th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 80
  2. Rank 2AMMAXiShares Large Cap Max Buffer Mar ETFScore 76
  3. Rank 26DZMARInnovator Equity Defined Protection ETF - 1 Yr MarchScore 39
  4. Rank 27DTAPRInnovator Equity Defined Protection ETFScore 28

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

TAPRDInnovator Equity Defined Protection ETF

In short

CPSL No data

TAPR Innovator's maximalist take on the buffer trade: a two-year term that aims to shield 100% of SPY's downside before fees, with upside stopped at a cap fixed the day the period starts.

Stated mandate

CPSL No data

TAPR The Fund seeks to track SPY's return subject to a cap while providing a 100% downside buffer over the two-year outcome period, before fees and expenses.

Why people hold it

CPSL No data

  • TAPR No partial cushion here. The stated goal is protection against 100% of SPY's decline across the outcome period running to March 31, 2027, before fees and expenses.innovatoretfs.com
  • The cap is set at the start of the two-year term, so the bargain (full downside covered, upside stopped at a defined level) is known going in rather than discovered later.innovatoretfs.com
  • It's a registered 1940 Act fund built from an options package on SPY, so the outcome doesn't ride on a single bank's balance sheet the way a structured note does.innovatoretfs.com

Worth knowing

CPSL No data

  • TAPR At 0.79% a year, it costs more than the 0.69% charged by the Calamos protection lineup (CPSM, CPSA, CPST) chasing the same S&P 500 exposure.
  • The stated outcomes apply to shares held from the start of the period through March 31, 2027. Buy or sell in between and you get whatever the options package is worth that day.innovatoretfs.com
  • Small and thinly traded next to its peers, so bid-ask spreads deserve a look. It also hasn't paid distributions, meaning any return shows up in the share price.

Full CPSL profile⁠

Full TAPR profile⁠

CPSL vs TAPR Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CPSL vs TAPR Cost

Overpaying TAPR vs CPSL

$13,068

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPSL 0.10%

    $2,106

  • TAPR 0.79%

    $15,174

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • TAPR 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TAPR $15,174CPSL $2,106

Year by year

YearCPSLTAPROverpaying
10$183$1,405$1,222
20$717$5,331$4,614
30$2,106$15,174$13,068

Expense ratio

  • 0.10%CPSL, cheaper
  • 0.79%TAPR
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

TAPR 21st cheapest of 27 funds

CPSL vs TAPR Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPSL None
TAPR None

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

TAPRAll TAPR payments⁠

No distribution history available.

CPSL vs TAPR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSL 2.3%since Oct 2024TAPR 2.3%since May 2025Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024TAPR 1.18since May 2025
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024TAPR −2.6%since Apr 2025
Market sensitivityBeta, 5 years
CPSL 0.17TAPR 0.18

CPSL and TAPR in the news

All news⁠

Popular comparisons

  • CPSLAvsMMAXA

    Calamos Laddered S&P 500 Structured Alt Protection ETF · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
    0.10% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TAPRDvsMMAXA

    Innovator Equity Defined Protection ETF · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
    0.79% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSLAvsMAXJA

    Calamos Laddered S&P 500 Structured Alt Protection ETF · iShares Large Cap Max Buffer Jun ETF

    Expense ratio
    0.10% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TAPRDvsMAXJA

    Innovator Equity Defined Protection ETF · iShares Large Cap Max Buffer Jun ETF

    Expense ratio
    0.79% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSLAvsCPSNB

    Calamos Laddered S&P 500 Structured Alt Protection ETF · Calamos S&P 500 Structured Alt Protection ETF – November

    Expense ratio
    0.10% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TAPRDvsCPSNB

    Innovator Equity Defined Protection ETF · Calamos S&P 500 Structured Alt Protection ETF – November

    Expense ratio
    0.79% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.