CPSA vs PSEP: Cap, Buffer & Days Left
As of Oct 23, 2026 CPSA can fall 1.0% before its buffer engages and PSEP 0.2%, and CPSA resets 32 days sooner. Net assets: $50m on Oct 23, 2026 for Calamos S&P 500 Structured Alt Protection ETF - August, and $1.2bn on Oct 22, 2026 for Innovator U.S. Equity Power Buffer ETF - Sep.
CPSA costs 0.10 points a year less; their one-year returns differ by 3.3 points; PSEP is far larger, $1.2bn against $50m.
Points (pts) are percentage points.
| CPSA | PSEP | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets, as of Oct 22, 2026 | $50m | $1.2bn |
| Total return, 1 year | +5.4% | +8.7% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 0.3% | 0.0% |
CPSA and PSEP are built for the same job. How do they differ in cost, holdings and results?
- Protection and cap. CPSA: Absorbs the whole loss on SPY and caps the gain at 7.8%, over a period ending Jul 30, 2027. PSEP: Absorbs the first 15% of loss on SPY and caps the gain at 15.0%, over a period ending Aug 31, 2027. The starting caps are 7.2 points apart.
- One-year total return. Over 1 year to Oct 23, 2026 CPSA returned +5.4% and PSEP +8.7% with distributions reinvested, a gap of 3.3 points.
- Cost. CPSA charges 0.69% of assets a year and PSEP 0.79%, a gap of 0.10 points.
Data as of Oct 23, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.
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CPSA: reference +0.3% since period start, fund +0.9%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 23, 2026.
Figures to Oct 23, 2026.
PSEP: reference −0.9% since period start, fund 0.0%; buffer 0 to −15; cap +15.0%; Buffer working. Figures to Oct 23, 2026.
PSEP: reference −0.9% since period start, fund 0.0%; buffer 0 to −15; cap +15.0%; Buffer working. Figures to Oct 23, 2026.
These are two different products. CPSA is a floor fund, which caps how far a holder can fall. PSEP 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 280 days of its period left and PSEP has 312, so the two are not the same bet on the same months.
Where each one stands today
CPSA resets first, on Jul 30, 2027, 280 days from now; PSEP runs to Aug 31, 2027, 312 days. A fall from here reaches CPSA’s buffer after 1.0% and PSEP’s after 0.2%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSA | PSEP | CPSA | PSEP |
| 3 months | +1.0% | +1.4% | −1.8 pts | −1.4 pts |
| 6 months | +2.7% | +4.1% | −3.7 pts | −2.3 pts |
| 1 year | +5.4% | +8.7% | −7.7 pts | −4.4 pts |
| 3 years | – | +45.4% | – | −34.0 pts |
| Since launch Not the same days: CPSA Aug 2024 · PSEP Sep 2019 | +16.2% | +90.4% | −23.7 pts | −71.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →
On the same fields
As of Oct 23, 2026. Source: ETFIQ.
About CPSA
The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.3% 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. 280 days remained on Oct 23, 2026. On Jul 30, 2027 the period ends and a new cap is set.
About PSEP
From its price on Oct 23, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 0.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 14.1% of the 15.0% buffer still sits below today's SPY level. 312 days remained on Oct 23, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
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How this is computed
ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every figure is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSA against PSEP, data as of Oct 23, 2026. https://etfiq.com/compare/buffer/cpsa-vs-psep
ETFIQ. (Oct 23, 2026). CPSA against PSEP. Retrieved from https://etfiq.com/compare/buffer/cpsa-vs-psep
[CPSA against PSEP (ETFIQ, Oct 23, 2026)](https://etfiq.com/compare/buffer/cpsa-vs-psep)
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