Which resets first, CPSA or SEPT?

CPSA ends its outcome period on Jul 30, 2027 and SEPT on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSA or SEPT?

CPSA charges 0.69% a year and SEPT charges 0.74%, so CPSA is cheaper. Fees come from each fund's prospectus.

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CPSA vs SEPT: Cap, Buffer & Days Left

As of Oct 23, 2026 CPSA can fall 1.0% before its buffer engages and SEPT 0.5%, and CPSA resets 32 days sooner. Net assets: $50m on Oct 23, 2026 for Calamos S&P 500 Structured Alt Protection ETF - August, and $38m on Oct 22, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Sep.

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Answers cite the figures on this page.

CPSA costs 0.05 points a year less; their one-year returns differ by 5.4 points; CPSA is 1.3 times larger.

Points (pts) are percentage points.

CPSA vs SEPT: Cap, Buffer & Days Left
	CPSA	SEPT
Expense ratio	0.69%	0.74%
Net assets, as of Oct 22, 2026	$50m	$38m
Total return, 1 year	+5.4%	+10.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	0.3%	0.0%

CPSAFull floor

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.

SEPTBuffer working

SEPT: reference −0.9% since period start, fund −0.2%; buffer 0 to −10; cap +17.5%; 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. SEPT 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 SEPT 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; SEPT runs to Aug 31, 2027, 312 days. A fall from here reaches CPSA’s buffer after 1.0% and SEPT’s after 0.5%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSA vs SEPT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSA	SEPT	CPSA	SEPT
3 months	+1.0%	+1.9%	−1.8 pts	−0.9 pts
6 months	+2.7%	+5.2%	−3.7 pts	−1.2 pts
1 year	+5.4%	+10.8%	−7.7 pts	−2.3 pts
3 years	–	+59.4%	–	−20.0 pts
Since launch Not the same days: CPSA Aug 2024 · SEPT Sep 2023	+16.2%	+52.9%	−23.7 pts	−15.5 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

CPSA

Calamos S&P 500 Structured Alt Protection ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.8%, over a period ending Jul 30, 2027

SEPT

AllianzIM U.S. Equity Buffer10 ETF - Sep · Absorbs the first 10% of loss on SPY and caps the gain at 17.5%, over a period ending Aug 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 100% 10%

Outcome period Aug 3, 2026 to Jul 30, 2027 Sep 1, 2026 to Aug 31, 2027

Days left 280 312

Starting cap +7.8% +17.5%

Can still gain not published 17.0%

Fall before buffer 1.0% 0.5%

Protection left, index points 100.0% of 100.0% 9.1% of 10.0%

Index return this period +0.3% −0.9%

Fund return this period +0.9% −0.2%

State today Open Buffer working

Expense ratio 0.69% 0.74%

Net assets, CPSA as of Oct 23, 2026 and SEPT as of Oct 22, 2026 $50m $38m

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 SEPT

From its price on Oct 23, 2026, the fund can gain about 17.0% 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 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 9.1% of the 10.0% 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

Which resets first, CPSA or SEPT?: CPSA ends its outcome period on Jul 30, 2027 and SEPT on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSA or SEPT?: CPSA charges 0.69% a year and SEPT charges 0.74%, so CPSA is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSA vs SEPP CPSA vs BAUG CPSA vs AUGC CPSA vs CAUG SEPT vs PMSE SEPT vs FAUG SEPT vs PBSE SEPT vs CPST

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSA on its own →SEPT on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSA filings on SEC EDGAR ↗Calamos website ↗SEPT filings on SEC EDGAR ↗AllianzIM page for SEPT ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

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 SEPT, data as of Oct 23, 2026. https://etfiq.com/compare/buffer/cpsa-vs-sept

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.