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CPSN vs TAPR

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Innovator Equity Defined Protection ETF

TAPRDCboe

Overlap

Expense ratio

CPSN −0.10pt a year

CPSN0.69%TAPR0.79%

Avg volume · 30D

CPSN 4.9×the volume

CPSN2.03KTAPR413

CPSN vs TAPR Performance

Oct 31, 2025 – Nov 2, 2026

+6.0%CPSN+4.8%TAPR

Oct 31, 2025 to Nov 2, 2026. CPSN +6.0%. TAPR +4.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Nov 2026
Expense ratio
CPSN 0.69%, better
TAPR 0.79%
Fund size
CPSN $34M
TAPR $11M
1Y total return
CPSN +6.0%, better
TAPR +4.8%
Holdings
CPSN 3
TAPR 3
Avg volume (30D)
CPSN 2.03K sh, better
TAPR 413 sh
NAV per share
CPSN $28.45
TAPR $26.96
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. TAPR: Cost 21, Risk 42, Mission not scored, Tradability 22, Holdings not scored, Durability 47.
Pillar letters and Scores for CPSN, TAPR, with each pillar’s weight
PillarCPSNTAPR
Cost30% weightB62HigherF21
Mission25% weightA88Not scored
Risk15% weightB58HigherC42
Tradability15% weightB59HigherF22
Holdings10% weightNot scoredNot scored
Durability5% weightC54HigherC47

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. CPSN 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 ›

CPSN ranks 4th 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 3AMAXJiShares Large Cap Max Buffer Jun ETFScore 75
  4. Rank 4BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberScore 59
  5. Rank 5BCPNQCalamos Nasdaq-100 Structured Alt Protection ETF - DecemberScore 56
  6. Rank 26DZMARInnovator Equity Defined Protection ETF - 1 Yr MarchScore 39
  7. Rank 27DTAPRInnovator Equity Defined Protection ETFScore 28

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

TAPRDInnovator Equity Defined Protection ETF

In short

CPSN A one-year airbag strapped to the S&P 500: CPSN aims to shield 100% of index price losses over its outcome period, before fees, in exchange for a hard cap on the upside that resets every November.

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

CPSN The fund seeks positive S&P 500 price-return exposure up to a defined cap while protecting against 100% of losses over its one-year outcome period, before fees and expenses.

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

  • CPSN Aims to protect against 100% of S&P 500 price losses over its one-year outcome period, before fees and expenses. Not a partial buffer that can be used up.calamos.com
  • 0.69% expense ratio, level with the median for S&P 500 full-protection funds, and it sits in the upper half of that peer group overall.
  • Calamos runs the same structure across the calendar (CPSJ, CPSM, CPSP, CPSA), so a November start is one entry point among many rather than a single make-or-break date.
  • Every November a fresh one-year period opens with a newly set cap, so the terms re-price to current market conditions instead of locking in indefinitely.
  • 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

  • CPSN The upside is capped, and the cap is reset each period from options pricing. Exposure is to S&P 500 price return, so index dividends are not part of the deal.calamos.com
  • The protection is stated before fees and expenses and applies to a full period held start to finish. Buy mid-period and your own cap and protection look different.calamos.com
  • A small, thinly traded fund inside a crowded family of monthly siblings. Spreads can be wider than at the household-name outcome ETFs, so limit orders matter.
  • 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 CPSN profile⁠

Full TAPR profile⁠

CPSN 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.

CPSN vs TAPR Cost

Overpaying TAPR vs CPSN

$1,745

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

  • CPSN 0.69%

    $13,429

  • TAPR 0.79%

    $15,174

$10,000
30 years

Cost over time

  • CPSN 0.69%
  • 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 $15,174CPSN $13,429

Year by year

YearCPSNTAPROverpaying
10$1,232$1,405$173
20$4,697$5,331$634
30$13,429$15,174$1,745

Expense ratio

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

CPSN 8th cheapest of 27 funds

TAPR 21st cheapest of 27 funds

CPSN vs TAPR Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
CPSN None
TAPR None

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

TAPRAll TAPR payments⁠

No distribution history available.

CPSN vs TAPR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSN 2.4%since Dec 2024TAPR 2.3%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024TAPR 1.18since May 2025
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024TAPR −2.6%since Apr 2025
Market sensitivityBeta, 5 years
CPSN 0.18TAPR 0.18Same figure. Both funds show the same value, so neither comes out ahead.

CPSN and TAPR in the news

All news⁠

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