Which resets first, CPSO or GSEP?

CPSO ends its outcome period on Sep 30, 2027 and GSEP on Sep 17, 2027. A new cap is set the day after each.

Which is cheaper, CPSO or GSEP?

CPSO charges 0.69% a year and GSEP charges 0.85%, so CPSO is cheaper. Fees come from each fund's prospectus.

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CPSO vs GSEP: Cap, Buffer & Days Left

As of Oct 9, 2026 GSEP can fall 2.1% before its buffer engages and CPSO 0.7%, and GSEP resets 13 days sooner. Net assets on Oct 9, 2026: $31m for Calamos S&P 500 ® Structured Alt Protection ETF - October and $364m for FT Vest U.S. Equity Moderate Buffer ETF - September.

CPSO costs 0.16 points a year less; their one-year returns differ by 5.3 points; GSEP is 11.8 times larger.

Points (pts) are percentage points.

CPSO vs GSEP: Cap, Buffer & Days Left
	CPSO	GSEP
Expense ratio	0.69%	0.85%
Net assets	$31m	$364m
Total return, 1 year	+6.3%	+11.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	1.9%	2.2%

CPSOFull floor

CPSO: reference +1.9% since period start, fund +0.7%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

GSEPBetween buffer and cap

GSEP: reference +2.2% since period start, fund +1.3%; buffer 0 to −15; cap +14.1%; Between buffer and cap. Figures to Oct 9, 2026.

These are two different products. CPSO is a floor fund, which caps how far a holder can fall. GSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Where each one stands today

GSEP resets first, on Sep 17, 2027, 343 days from now; CPSO runs to Sep 30, 2027, 356 days. A fall from here reaches CPSO’s buffer after 0.7% and GSEP’s after 2.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSO vs GSEP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSO	GSEP	CPSO	GSEP
3 months	+2.1%	+3.4%	−1.1 pts	+0.3 pts
6 months	+4.7%	+9.2%	−9.9 pts	−5.4 pts
1 year	+6.3%	+11.6%	−9.7 pts	−4.4 pts
3 years	not published	+42.5%	not published	−36.7 pts
Since launch Not the same days: CPSO Oct 2024 · GSEP Sep 2023	+12.9%	+41.1%	−24.0 pts	−34.4 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

CPSO

Calamos S&P 500 ® Structured Alt Protection ETF - October · Absorbs the whole loss on SPY and caps the gain at 8.8%, over a period ending Sep 30, 2027

GSEP

FT Vest U.S. Equity Moderate Buffer ETF - September · Absorbs the first 0% to 15% of loss on SPY and caps the gain at 14.1%, over a period ending Sep 17, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 0% to 15%

Outcome period Oct 1, 2026 to Sep 30, 2027 Sep 21, 2026 to Sep 17, 2027

Days left 356 343

Starting cap +8.8% +14.1%

Can still gain not published 11.8%

Fall before buffer 0.7% 2.1%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +1.9% +2.2%

Fund return this period +0.7% +1.3%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets $31m $364m

As of Oct 9, 2026. Source: ETFIQ.

About CPSO

The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.9% 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. 356 days remained on Oct 9, 2026. On Sep 30, 2027 the period ends and a new cap is set.

About GSEP

From its price on Oct 9, 2026, the fund can gain about 11.8% more before it reaches its cap. The fund's price can fall 2.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.2% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 343 days remained on Oct 9, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSO or GSEP?: CPSO ends its outcome period on Sep 30, 2027 and GSEP on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, CPSO or GSEP?: CPSO charges 0.69% a year and GSEP charges 0.85%, so CPSO is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSO vs NVBW CPSO vs FSEP CPSO vs DHDG CPSO vs SIXZ GSEP vs QBSV GSEP vs TOCT GSEP vs PQX GSEP vs DDFO

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

Where these figures came from

CPSO filings on SEC EDGAR ↗Calamos website ↗GSEP filings on SEC EDGAR ↗First Trust page for GSEP ↗

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, CPSO against GSEP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpso-vs-gsep

Open data

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