Which resets first, BSEP or CPSA?

BSEP ends its outcome period on Aug 31, 2027 and CPSA on Jul 31, 2027. A new cap is set the day after each.

Which is cheaper, BSEP or CPSA?

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

BSEP vs CPSA: which one stands where?

As of Oct 1, 2026 CPSA can fall 0.7% before its buffer engages and BSEP 0.0%, and CPSA resets 32 days sooner. Innovator U.S. Equity Buffer ETF - Sep and Calamos S&P 500 ® Structured Alt Protection ETF - August.

BSEPBuffer working

BSEP: reference −0.6% since period start, fund −0.2%; buffer 0 to −9; cap +19.8%; Buffer working.

CPSAFull floor

CPSA: reference +0.7% since period start, fund +0.7%; buffer −0 to floor; cap +7.7%; Full floor.

These are two different products. CPSA is a floor fund, which caps how far a holder can fall. BSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. CPSA has 303 days of its period left and BSEP has 335, so the two are not the same bet on the same months.

Where each one stands today

CPSA resets first, on Jul 31, 2027, 303 days from now; BSEP runs to Aug 31, 2027, 335 days. A fall from here reaches BSEP’s buffer after 0.0% and CPSA’s after 0.7%. 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	BSEP	CPSA	BSEP	CPSA
3 months	+2.3%	+1.2%	−0.2 pts	−1.3 pts
6 months	+11.6%	+4.2%	−5.4 pts	−12.8 pts
1 year	+11.8%	+5.5%	−3.9 pts	−10.2 pts
3 years	+60.3%	not published	−24.6 pts	not published

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

On the same fields

BSEP

Innovator U.S. Equity Buffer ETF - Sep · Absorbs the first 9% of loss on SPY and caps the gain at 19.8%, over a period ending Aug 31, 2027

CPSA

Calamos S&P 500 ® Structured Alt Protection ETF - August · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.7%, over a period ending Jul 31, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 0% to 100%

Outcome period Aug 31, 2026 to Aug 31, 2027 Aug 3, 2026 to Jul 31, 2027

Days left 335 303

Starting cap +19.8% +7.7%

Can still gain 19.9% not published

Fall before buffer 0.0% 0.7%

Protection left, index points 8.4% of 9.0% 99.9% of 99.9%

Index return this period −0.6% +0.7%

Fund return this period −0.2% +0.7%

State today Buffer working Open

Expense ratio 0.79% 0.69%

Net assets $460m $49m

BSEP and CPSA on the same fields, as of Oct 1, 2026. Source: ETFIQ.

BSEP in plain words

From its price on Oct 1, 2026, the fund can gain about 19.9% more before it reaches its cap. Protection left, in index points: 8.4% of the 9.0% buffer still sits below today's SPY level. 335 days remained on Oct 1, 2026. On Aug 31, 2027 the period ends and a new cap is set.

CPSA in plain words

The fund's price can fall 0.7% 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. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 303 days remained on Oct 1, 2026. On Jul 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BSEP or CPSA?: BSEP ends its outcome period on Aug 31, 2027 and CPSA on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, BSEP or CPSA?: BSEP charges 0.79% a year and CPSA charges 0.69%, so CPSA is cheaper. Fees come from each fund's prospectus.

Other comparisons

BSEP vs DAUG BSEP vs DDFS BSEP vs DDTS BSEP vs BAPR CPSA vs AUGC CPSA vs AUGM CPSA vs DAUG CPSA vs AUGP

SPY →BSEP on its own →CPSA on its own →How every figure is computed →Standards and sources →

Where these figures came from

BSEP filings on SEC EDGAR ↗Innovator page for BSEP ↗CPSA 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, BSEP against CPSA, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/bsep-vs-cpsa

Open data

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