Which resets first, AOCT or CPSO?

AOCT ends its outcome period on Sep 30, 2028 and CPSO on Sep 30, 2027. A new cap is set the day after each.

Which is cheaper, AOCT or CPSO?

AOCT charges 0.79% a year and CPSO charges 0.69%, so CPSO is cheaper. Fees come from each fund's prospectus.

AOCT vs CPSO: which one stands where?

As of Oct 2, 2026 AOCT can fall 0.5% before its buffer engages and CPSO 0.3%, and CPSO resets 366 days sooner. Innovator Equity Defined Protection ETF - Oct 2028 and Calamos S&P 500 ® Structured Alt Protection ETF - October.

CPSO costs 0.10 points a year less; their one-year returns differ by 0.0 points; AOCT is 1.7 times larger.

	AOCT	CPSO
Expense ratio	0.79%	0.69%
Net assets	$47m	$28m
Total return, 1 year	+5.9%	+5.9%
What it tracks	SPY	SPY
Holdings in common	not published

AOCTFull floor

AOCT: reference +0.9% since period start, fund +0.5%; buffer Floor; cap +21.3%; Full floor.

CPSOFull floor

CPSO: reference +0.7% since period start, fund +0.3%; buffer Floor; cap +8.8%; Full floor.

They do not reset together. CPSO has 363 days of its period left and AOCT has 729, so the two are not the same bet on the same months.

Where each one stands today

CPSO resets first, on Sep 30, 2027, 363 days from now; AOCT runs to Sep 30, 2028, 729 days. A fall from here reaches AOCT’s buffer after 0.5% and CPSO’s after 0.3%. 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	AOCT	CPSO	AOCT	CPSO
3 months	+1.7%	+2.0%	−1.9 pts	−1.6 pts
6 months	+4.9%	+5.0%	−13.0 pts	−12.9 pts
1 year	+5.9%	+5.9%	−10.3 pts	−10.4 pts

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

On the same fields

AOCT

Innovator Equity Defined Protection ETF - Oct 2028 · Absorbs the whole loss on SPY and caps the gain at 21.3%, over a period ending Sep 30, 2028

CPSO

Calamos S&P 500 ® Structured Alt Protection ETF - October · Absorbs the whole loss on SPY and caps the gain at 8.8%, over a period ending Sep 30, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 100% 0% to 100%

Outcome period Sep 30, 2026 to Sep 30, 2028 Oct 1, 2026 to Sep 30, 2027

Days left 729 363

Starting cap +21.3% +8.8%

Can still gain 20.8% not published

Fall before buffer 0.5% 0.3%

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

Index return this period +0.9% +0.7%

Fund return this period +0.5% +0.3%

State today Open Open

Expense ratio 0.79% 0.69%

Net assets $47m $28m

AOCT and CPSO on the same fields, as of Oct 2, 2026. Source: ETFIQ.

AOCT in plain words

From its price on Oct 2, 2026, the fund can gain about 20.8% more before it reaches its cap. The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.9% 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. 729 days remained on Oct 2, 2026. On Sep 30, 2028 the period ends and a new cap is set.

CPSO in plain words

The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. 363 days remained on Oct 2, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, AOCT or CPSO?: AOCT ends its outcome period on Sep 30, 2028 and CPSO on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, AOCT or CPSO?: AOCT charges 0.79% a year and CPSO charges 0.69%, so CPSO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AOCT vs BOCT AOCT vs OCTT AOCT vs OCTU AOCT vs OCTW CPSO vs BNOV CPSO vs CPSN CPSO vs DDFN CPSO vs DDFO

SPY →AOCT on its own →CPSO on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AOCT ↗CPSO 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, AOCT against CPSO, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/aoct-vs-cpso

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.