CPSN vs CPSO: Cap, Buffer & Days Left
As of Oct 21, 2026 CPSN can fall 6.3% before its buffer engages and CPSO 0.6%, and CPSN resets 335 days sooner. Net assets on Oct 21, 2026: $34m for Calamos S&P 500 Structured Alt Protection ETF - November and $32m for Calamos S&P 500 Structured Alt Protection ETF - October.
Both cost 0.69% a year; their one-year returns differ by 0.2 points.
Points (pts) are percentage points.
| CPSN | CPSO | |
|---|---|---|
| Expense ratio | 0.69% | 0.69% |
| Net assets | $34m | $32m |
| Total return, 1 year | +6.2% | +6.0% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 11.6% | 1.2% |
CPSN: reference +13.1% since period start, fund +6.0%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 21, 2026.
Figures to Oct 21, 2026.
CPSO: reference +1.2% since period start, fund +0.6%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 21, 2026.
Figures to Oct 21, 2026.
CPSN is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. CPSN has 9 days of its period left and CPSO has 344, so the two are not the same bet on the same months.
Both are Calamos funds, so the difference between them is the terms rather than the house.
Where each one stands today
CPSN resets first, on Oct 30, 2026, 9 days from now; CPSO runs to Sep 30, 2027, 344 days. A fall from here reaches CPSN’s buffer after 6.3% and CPSO’s after 0.6%. 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 | CPSN | CPSO | CPSN | CPSO |
| 3 months | +2.0% | +1.9% | −1.4 pts | −1.5 pts |
| 6 months | +3.8% | +3.7% | −4.9 pts | −5.0 pts |
| 1 year | +6.2% | +6.0% | −9.0 pts | −9.1 pts |
| Since launch Not the same days: CPSN Nov 2024 · CPSO Oct 2024 | +13.0% | +12.8% | −22.4 pts | −23.2 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →
On the same fields
As of Oct 21, 2026. Source: ETFIQ.
About CPSN
SPY had already risen past this fund's cap of +6.8% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.6% 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. 9 days remained on Oct 21, 2026. On Oct 30, 2026 the period ends and a new cap is set.
About CPSO
The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.2% from today's level to the point where the buffer begins. 344 days remained on Oct 21, 2026. On Sep 30, 2027 the period ends and a new cap is set.
Questions people ask
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, CPSN against CPSO, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-cpso
ETFIQ. (Oct 21, 2026). CPSN against CPSO. Retrieved from https://etfiq.com/compare/buffer/cpsn-vs-cpso
[CPSN against CPSO (ETFIQ, Oct 21, 2026)](https://etfiq.com/compare/buffer/cpsn-vs-cpso)
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