Which resets first, CPSO or SEPM?

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

Which is cheaper, CPSO or SEPM?

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

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CPSO vs SEPM: Cap, Buffer & Days Left

As of Oct 9, 2026 SEPM can fall 1.5% before its buffer engages and CPSO 0.7%, and SEPM resets 13 days sooner. Net assets on Oct 9, 2026: $31m for Calamos S&P 500 ® Structured Alt Protection ETF - October and $36m for FT Vest U.S. Equity Max Buffer ETF - September.

CPSO costs 0.16 points a year less; their one-year returns differ by 0.3 points; SEPM is 1.2 times larger.

	CPSO	SEPM
Expense ratio	0.69%	0.85%
Net assets	$31m	$36m
Total return, 1 year	+6.3%	+6.6%
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.

SEPMFull floor

SEPM: reference +2.2% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Figures to Oct 9, 2026.

Where each one stands today

SEPM 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 SEPM’s after 1.5%. 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	CPSO	SEPM	CPSO	SEPM
3 months	+2.1%	+1.8%	−1.1 pts	−1.3 pts
6 months	+4.7%	+4.7%	−9.9 pts	−9.9 pts
1 year	+6.3%	+6.6%	−9.7 pts	−9.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

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

SEPM

FT Vest U.S. Equity Max Buffer ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 0% to 100%

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

Days left 356 343

Starting cap +8.8% +8.2%

Can still gain not published 6.7%

Fall before buffer 0.7% 1.5%

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

Index return this period +1.9% +2.2%

Fund return this period +0.7% +0.6%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets $31m $36m

As of Oct 9, 2026. Source: ETFIQ.

CPSO in plain words

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.

SEPM in plain words

From its price on Oct 9, 2026, the fund can gain about 6.7% more before it reaches its cap. The fund's price can fall 1.5% 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. 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 SEPM?: CPSO ends its outcome period on Sep 30, 2027 and SEPM on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, CPSO or SEPM?: CPSO charges 0.69% a year and SEPM charges 0.85%, so CPSO is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSO vs NOVP CPSO vs PBNV CPSO vs NVBU CPSO vs XOCT SEPM vs QBSV SEPM vs CPST SEPM vs XBOC SEPM vs QBSF

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

Where these figures came from

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

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 page

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

Open data

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