Data as of .
CPSO vs FSEP: which one stands where?
As of Sep 21, 2026 CPSO can fall 5.9% before its buffer engages and FSEP 1.6%, and CPSO resets 352 days sooner.
These are two different products. CPSO is a floor fund, which caps how far a holder can fall. FSEP 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. CPSO has 9 days of its period left and FSEP has 361, so the two are not the same bet on the same months.
Where each one stands today
CPSO resets first, on Sep 30, 2026, 9 days from now; FSEP runs to Sep 17, 2027, 361 days. A fall from here reaches CPSO’s buffer after 5.9% and FSEP’s after 1.6%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSO | FSEP | CPSO | FSEP | |
| 3 months | +1.6% | +3.9% | −0.6 pts | +1.6 pts |
| 6 months | +4.8% | +13.9% | −13.2 pts | −4.1 pts |
| 1 year | +5.8% | +13.4% | −10.8 pts | −3.1 pts |
| 3 years | not published | +50.4% | not published | −28.0 pts |
| CPSO Calamos S&P 500 ® Structured Alt Protection ETF - October Absorbs losses from 0.6% to 100.0% on SPY and caps the gain at 5.8%, over a period ending Sep 30, 2026 | FSEP FT Vest U.S. Equity Buffer ETF - September Absorbs the first 10% of loss on SPY and caps the gain at 16.7%, over a period ending Sep 17, 2027 | |
|---|---|---|
| Issuer | Calamos | First Trust |
| Reference index | SPY | SPY |
| Buffer | 1% to 100% | 10% |
| Outcome period | Oct 1, 2025 to Sep 30, 2026 | Sep 21, 2026 to Sep 17, 2027 |
| Days left | 9 | 361 |
| Starting cap | +5.8% | +16.7% |
| Can still gain | not published | 14.9% |
| Fall before buffer | 5.9% | 1.6% |
| Protection left, index points | 99.4% of 99.4% | 10.0% of 10.0% |
| Index return this period | +13.9% | +1.6% |
| Fund return this period | +5.6% | +0.8% |
| State today | At cap | Open |
| Expense ratio | 0.69% | 0.85% |
| Net assets | $28m | $2.3bn |
CPSO in plain words
SPY had already risen past this fund's cap of +5.8% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.8% from today's level to the point where the buffer begins. Protection left, in index points: 99.4% of the 99.4% buffer still sits below today's SPY level. 9 days remained on Sep 21, 2026. On Sep 30, 2026 the period ends and a new cap is set.
FSEP in plain words
From its price on Sep 21, 2026, the fund can gain about 14.9% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 361 days remained on Sep 21, 2026. On Sep 17, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSO or FSEP?
- CPSO ends its outcome period on Sep 30, 2026 and FSEP on Sep 17, 2027. A new cap is set the day after each.
- Which is cheaper, CPSO or FSEP?
- CPSO charges 0.69% a year and FSEP charges 0.85%, so CPSO is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPSO against FSEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpso-vs-fsep Free to use with attribution; the underlying files are at Open data.