CPSO vs OCTW: which one stands where?
As of Oct 2, 2026 OCTW can fall 1.1% before its buffer engages and CPSO 0.3%. Calamos S&P 500 ® Structured Alt Protection ETF - October and AllianzIM U.S. Equity Buffer20 ETF - Oct.
CPSO costs 0.05 points a year less; their one-year returns differ by 3.8 points; OCTW is 11.2 times larger.
| CPSO | OCTW | |
|---|---|---|
| Expense ratio | 0.69% | 0.74% |
| Net assets | $28m | $317m |
| Total return, 1 year | +5.9% | +9.7% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
CPSO: reference +0.7% since period start, fund +0.3%; buffer Floor; cap +8.8%; Full floor.
OCTW: reference +0.9% since period start, fund +0.3%; buffer 0 to −20; cap +12.8%; Between buffer and cap.
These are two different products. CPSO is a floor fund, which caps how far a holder can fall. OCTW 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
CPSO resets first, on Sep 30, 2027, 363 days from now; OCTW runs to Sep 30, 2027, 363 days. A fall from here reaches CPSO’s buffer after 0.3% and OCTW’s after 1.1%. 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
| Total return | Gap to the reference | |||
|---|---|---|---|---|
| Window | CPSO | OCTW | CPSO | OCTW |
| 3 months | +2.0% | +2.9% | −1.6 pts | −0.7 pts |
| 6 months | +5.0% | +9.0% | −12.9 pts | −9.0 pts |
| 1 year | +5.9% | +9.7% | −10.4 pts | −6.6 pts |
| 3 years | not published | +36.6% | not published | −52.7 pts |
CPSO and OCTW over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CPSO and OCTW on the same fields, as of Oct 2, 2026. Source: ETFIQ.
CPSO in plain words
The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.7% 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. 363 days remained on Oct 2, 2026. On Sep 30, 2027 the period ends and a new cap is set.
OCTW in plain words
From its price on Oct 2, 2026, the fund can gain about 11.7% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.9% 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.
Questions people ask
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, CPSO against OCTW, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpso-vs-octw
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CPSO against OCTW, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpso-vs-octw Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPSO against OCTW, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpso-vs-octw
- APA
- ETFIQ. (Oct 2, 2026). CPSO against OCTW. Retrieved from https://etfiq.com/compare/buffer/cpso-vs-octw
- Markdown
- [CPSO against OCTW (ETFIQ, Oct 2, 2026)](https://etfiq.com/compare/buffer/cpso-vs-octw)