{"url":"https://etfiq.com/compare/buffer/cpsa-vs-zsep","section":"compare","title":"CPSA vs ZSEP: Cap, Buffer & Days Left | ETFIQ","description":"As of Oct 21, 2026 CPSA can fall 1.2% and ZSEP 0.8% before its buffer engages, on SPY. CPSA ends on Jul 30, 2027 and ZSEP on Aug 31, 2027.","as_of":"Oct 21, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which resets first, CPSA or ZSEP?","acceptedAnswer":{"@type":"Answer","text":"CPSA ends its outcome period on Jul 30, 2027 and ZSEP on Aug 31, 2027. A new cap is set the day after each."}},{"@type":"Question","name":"Which is cheaper, CPSA or ZSEP?","acceptedAnswer":{"@type":"Answer","text":"CPSA charges 0.69% a year and ZSEP charges 0.79%, so CPSA is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Buffer ETFs","item":"https://etfiq.com/buffer/"},{"@type":"ListItem","position":3,"name":"Compare ETFs","item":"https://etfiq.com/compare/"},{"@type":"ListItem","position":4,"name":"CPSA vs ZSEP","item":"https://etfiq.com/compare/buffer/cpsa-vs-zsep"}]},{"@type":"WebPage","name":"CPSA vs ZSEP: Cap, Buffer & Days Left","description":"As of Oct 21, 2026 CPSA can fall 1.2% and ZSEP 0.8% before its buffer engages, on SPY. CPSA ends on Jul 30, 2027 and ZSEP on Aug 31, 2027.","url":"https://etfiq.com/compare/buffer/cpsa-vs-zsep","dateModified":"2026-10-21","abstract":"As of Oct 21, 2026 CPSA can fall 1.2% before its buffer engages and ZSEP 0.8%, and CPSA resets 32 days sooner.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of CPSA and ZSEP","description":"As of Oct 21, 2026 CPSA can fall 1.2% and ZSEP 0.8% before its buffer engages, on SPY. CPSA ends on Jul 30, 2027 and ZSEP on Aug 31, 2027.","dateModified":"2026-10-21","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/buffer/cpsa-vs-zsep","license":"https://etfiq.com/license/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/funds.json"}],"variableMeasured":["Remaining cap","Fall before the buffer engages","Protection left in index points","Starting buffer","Outcome period","Reference index return","Fund return","Days remaining","Expense ratio"],"keywords":["exchange-traded funds","ETF","Buffer ETFs","fund data","SEC filings"]}],"characters":5688,"truncated":true,"content":"ETFIQ / Buffer ETFs / Compare ETFs / CPSA vs ZSEP \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Oct 21, 2026 .\n\n CPSA vs ZSEP: Cap, Buffer & Days Left\n\n As of Oct 21, 2026 CPSA can fall 1.2% before its buffer engages and ZSEP 0.8%, and CPSA resets 32 days sooner.\n Copy this for sharing \n \n CPSA costs 0.10 points a year less; their one-year returns differ by 0.2 points; ZSEP is 4.9 times larger.\n CPSA and ZSEP at a glance. As of Oct 21, 2026. Source: ETFIQ. CPSA ZSEP \n Expense ratio 0.69% 0.79% \n Net assets $50m $243m \n Total return, 1 year +5.7% +5.5% \n What it tracks SPY SPY \n Holdin","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, CPSA against ZSEP, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsa-vs-zsep","a":{"ticker":"CPSA","name":"Calamos S&P 500 Structured Alt Protection ETF - August","issuer":"Calamos","desk":"buffer","as_of":"2026-10-21","verdict":"Since Aug 3, 2026, CPSA returned 1.1%, against 2.0% for SPY. It can fall 1.2% before its buffer.","url":"https://etfiq.com/funds/cpsa","key_facts":[{"label":"Fall before the buffer from today\u2019s fund price","value":"1.2%","as_of":"2026-10-21","source":null},{"label":"Protection left, index points","value":"100.0%","as_of":"2026-10-21","source":null},{"label":"Days to reset","value":"282","as_of":"2026-10-21","source":null},{"label":"Net assets","value":"$50m","as_of":"2026-10-21","source":"issuer page, as of Oct 21, 2026"},{"label":"Expense ratio","value":"0.69%","as_of":"2026-10-21","source":"issuer page, Oct 21, 2026"},{"label":"Reference index","value":"SPY","as_of":"2026-10-21","source":null}]},"b":{"ticker":"ZSEP","name":"Innovator Equity Defined Protection ETF - 1 Yr September","issuer":"Innovator","desk":"buffer","as_of":"2026-10-21","verdict":"Since Aug 31, 2026, ZSEP returned 0.7%, against 0.8% for SPY. It can gain 8.1% more before its cap.","url":"https://etfiq.com/funds/zsep","key_facts":[{"label":"Can still gain from today\u2019s fund price","value":"8.1%","as_of":"2026-10-21","source":null},{"label":"Fall before the buffer from today\u2019s fund price","value":"0.8%","as_of":"2026-10-21","source":null},{"label":"Protection left, index points","value":"100.0%","as_of":"2026-10-21","source":null},{"label":"Days to reset","value":"314","as_of":"2026-10-21","source":null},{"label":"Net assets","value":"$243m","as_of":"2026-10-21","source":"issuer page, as of Oct 21, 2026"},{"label":"Expense ratio","value":"0.79%","as_of":"2026-10-21","source":"issuer page, Oct 21, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/buffer/cpsa-vs-zsep"}