Which resets first, AIOO or CPSD?

AIOO ends its outcome period on Dec 31, 2026 and CPSD on Dec 1, 2026. A new cap is set the day after each.

Which is cheaper, AIOO or CPSD?

AIOO charges 0.64% a year and CPSD charges 0.69%, so AIOO is cheaper. Fees come from each fund's prospectus.

AIOO vs CPSD: which one stands where?

As of Oct 1, 2026 CPSD can fall 5.0% before its buffer engages and AIOO 0.0%, and CPSD resets 31 days sooner. AllianzIM U.S. Equity Buffer100 ETF - Jan and Calamos S&P 500 ® Structured Alt Protection ETF - December.

AIOONo cap

AIOO: reference 0.0% since period start, fund 0.0%; buffer Floor; no cap; No cap.

CPSDAt its cap

CPSD: reference +12.1% since period start, fund +4.7%; buffer −1 to floor; cap +6.1%; At its cap.

AIOO has no cap. It takes 30% of whatever the index does, where CPSD takes all of the rise up to 6.1% and nothing above it.

CPSD is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. CPSD has 61 days of its period left and AIOO has 92, so the two are not the same bet on the same months.

Where each one stands today

CPSD resets first, on Dec 1, 2026, 61 days from now; AIOO runs to Dec 31, 2026, 92 days. A fall from here reaches AIOO’s buffer after 0.0% and CPSD’s after 5.0%. 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

	Total return		Gap to the reference
Window	AIOO	CPSD	AIOO	CPSD
3 months	+0.4%	+1.6%	−2.1 pts	−0.9 pts
6 months	+2.9%	+4.5%	−14.1 pts	−12.5 pts
1 year	+3.6%	+6.3%	−12.1 pts	−9.4 pts

AIOO and CPSD over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AIOO

AllianzIM U.S. Equity Buffer100 ETF - Jan · Absorbs the whole loss on SPY and does not cap the gain, over a period ending Dec 31, 2026

CPSD

Calamos S&P 500 ® Structured Alt Protection ETF - December · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 6.1%, over a period ending Dec 1, 2026

Issuer AllianzIM Calamos

Reference index SPY SPY

Buffer 100% 1% to 100%

Outcome period Oct 1, 2026 to Dec 31, 2026 Dec 1, 2025 to Dec 1, 2026

Days left 92 61

Starting cap uncapped +6.1%

Can still gain uncapped not published

Fall before buffer 0.0% 5.0%

Protection left, index points 100.0% of 100.0% 99.5% of 99.5%

Index return this period 0.0% +12.1%

Fund return this period 0.0% +4.7%

State today Uncapped At cap

Expense ratio 0.64% 0.69%

Net assets $50m $46m

AIOO and CPSD on the same fields, as of Oct 1, 2026. Source: ETFIQ.

AIOO in plain words

This fund has no cap. It takes a share of any further rise in SPY. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

CPSD in plain words

SPY had already risen past this fund's cap of +6.1% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's SPY level. 61 days remained on Oct 1, 2026. On Dec 1, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, AIOO or CPSD?: AIOO ends its outcome period on Dec 31, 2026 and CPSD on Dec 1, 2026. A new cap is set the day after each.
Which is cheaper, AIOO or CPSD?: AIOO charges 0.64% a year and CPSD charges 0.69%, so AIOO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AIOO vs JANU AIOO vs JANW AIOO vs OCTP AIOO vs OCTT CPSD vs BDEC CPSD vs DDEC CPSD vs DDFD CPSD vs DDFJ

SPDR® S&P 500® ETF Trust →AIOO on its own →CPSD on its own →How every figure is computed →Standards and sources →

Where these figures came from

AIOO filings on SEC EDGAR ↗AllianzIM page for AIOO ↗CPSD filings on SEC EDGAR ↗Calamos website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AIOO against CPSD, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/aioo-vs-cpsd

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.