CPSA vs SEPW: Cap, Buffer & Days Left
As of Oct 21, 2026 SEPW can fall 1.5% before its buffer engages and CPSA 1.2%, and CPSA resets 32 days sooner. Net assets on Oct 21, 2026: $50m for Calamos S&P 500 Structured Alt Protection ETF - August and $134m for AllianzIM U.S. Equity Buffer20 ETF - Sep.
CPSA costs 0.05 points a year less; their one-year returns differ by 2.7 points; SEPW is 2.7 times larger.
Points (pts) are percentage points.
| CPSA | SEPW | |
|---|---|---|
| Expense ratio | 0.69% | 0.74% |
| Net assets | $50m | $134m |
| Total return, 1 year | +5.7% | +8.4% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 2.0% | 0.8% |
CPSA and SEPW 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. SEPW: Absorbs the first 20% of loss on SPY and caps the gain at 12.3%, over a period ending Aug 31, 2027. The starting caps are 4.5 points apart.
- One-year total return. Over 1 year to Oct 21, 2026 CPSA returned +5.7% and SEPW +8.4% with distributions reinvested, a gap of 2.7 points.
- Outcome period (similar). CPSA runs Aug 3, 2026 to Jul 30, 2027 with 282 days left; SEPW runs Sep 1, 2026 to Aug 31, 2027 with 314 days left.
Data as of Oct 21, 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 +2.0% since period start, fund +1.1%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 21, 2026.
Figures to Oct 21, 2026.
SEPW: reference +0.8% since period start, fund +0.8%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Figures to Oct 21, 2026.
SEPW: reference +0.8% since period start, fund +0.8%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Figures to Oct 21, 2026.
These are two different products. CPSA is a floor fund, which caps how far a holder can fall. SEPW 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 282 days of its period left and SEPW has 314, so the two are not the same bet on the same months.
Where each one stands today
CPSA resets first, on Jul 30, 2027, 282 days from now; SEPW runs to Aug 31, 2027, 314 days. A fall from here reaches CPSA’s buffer after 1.2% and SEPW’s after 1.5%. 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 | SEPW | CPSA | SEPW |
| 3 months | +1.4% | +1.8% | −2.1 pts | −1.7 pts |
| 6 months | +3.0% | +4.4% | −5.7 pts | −4.3 pts |
| 1 year | +5.7% | +8.4% | −9.5 pts | −6.8 pts |
| 3 years | – | +40.3% | – | −43.3 pts |
| Since launch Not the same days: CPSA Aug 2024 · SEPW Sep 2023 | +16.5% | +36.1% | −25.9 pts | −35.3 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 21, 2026. Source: ETFIQ.
About CPSA
The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% 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. 282 days remained on Oct 21, 2026. On Jul 30, 2027 the period ends and a new cap is set.
About SEPW
From its price on Oct 21, 2026, the fund can gain about 10.7% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.8% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 314 days remained on Oct 21, 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 SEPW, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsa-vs-sepw
ETFIQ. (Oct 21, 2026). CPSA against SEPW. Retrieved from https://etfiq.com/compare/buffer/cpsa-vs-sepw
[CPSA against SEPW (ETFIQ, Oct 21, 2026)](https://etfiq.com/compare/buffer/cpsa-vs-sepw)
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