Which resets first, CPSO or SIXZ?

CPSO ends its outcome period on Sep 30, 2027 and SIXZ on Oct 31, 2026. A new cap is set the day after each.

Which is cheaper, CPSO or SIXZ?

CPSO charges 0.69% a year and SIXZ charges 0.74%, so CPSO is cheaper. Fees come from each fund's prospectus.

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CPSO vs SIXZ: Cap, Buffer & Days Left

As of Oct 22, 2026 SIXZ can fall 5.6% before its buffer engages and CPSO 0.5%, and SIXZ resets 334 days sooner. Net assets on Oct 22, 2026: $31m for Calamos S&P 500 Structured Alt Protection ETF - October and $64m for AllianzIM U.S. Equity Buffer10 ETF - May.

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Answers cite the figures on this page.

CPSO costs 0.05 points a year less; their one-year returns differ by 5.0 points; SIXZ is 2.1 times larger.

Points (pts) are percentage points.

CPSO vs SIXZ: Cap, Buffer & Days Left
	CPSO	SIXZ
Expense ratio	0.69%	0.74%
Net assets	$31m	$64m
Total return, 1 year	+6.0%	+11.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	0.0%	5.9%

Client brief · page 1 of 2Report BR-747E9622EA

CPSO and SIXZ are built for the same job. How do they differ in cost, holdings and results?

Protection and cap. CPSO: Absorbs the whole loss on SPY and caps the gain at 8.8%, over a period ending Sep 30, 2027. SIXZ: Absorbs the first 10% of loss on SPY and caps the gain at 7.7%, over a period ending Oct 31, 2026. The starting caps are 1.1 points apart.
Outcome period. CPSO runs Oct 1, 2026 to Sep 30, 2027 with 343 days left; SIXZ runs May 1, 2026 to Oct 31, 2026 with 9 days left.
One-year total return. Over 1 year to Oct 22, 2026 CPSO returned +6.0% and SIXZ +11.0% with distributions reinvested, a gap of 5.0 points.

Data as of Oct 22, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.

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CPSOBuffer working

CPSO: reference 0.0% since period start, fund +0.5%; buffer Floor; cap +8.8%; Buffer working. Figures to Oct 22, 2026.

Figures to Oct 22, 2026.

SIXZBetween buffer and cap

SIXZ: reference +6.3% since period start, fund +5.6%; buffer 0 to −10; cap +7.7%; Between buffer and cap. Figures to Oct 22, 2026.

These are two different products. CPSO is a floor fund, which caps how far a holder can fall. SIXZ 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. SIXZ has 9 days of its period left and CPSO has 343, so the two are not the same bet on the same months.

Where each one stands today

SIXZ resets first, on Oct 31, 2026, 9 days from now; CPSO runs to Sep 30, 2027, 343 days. A fall from here reaches CPSO’s buffer after 0.5% and SIXZ’s after 5.6%. 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 SIXZ: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSO	SIXZ	CPSO	SIXZ
3 months	+2.0%	+3.1%	−1.5 pts	−0.3 pts
6 months	+3.6%	+6.9%	−4.2 pts	−0.9 pts
1 year	+6.0%	+11.0%	−8.4 pts	−3.4 pts
Since launch Not the same days: CPSO Oct 2024 · SIXZ May 2024	+12.6%	+30.0%	−21.8 pts	−22.6 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

SIXZ

AllianzIM U.S. Equity Buffer10 ETF - May · Absorbs the first 10% of loss on SPY and caps the gain at 7.7%, over a period ending Oct 31, 2026

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 100% 10%

Outcome period Oct 1, 2026 to Sep 30, 2027 May 1, 2026 to Oct 31, 2026

Days left 343 9

Starting cap +8.8% +7.7%

Can still gain not published 1.7%

Fall before buffer 0.5% 5.6%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period 0.0% +6.3%

Fund return this period +0.5% +5.6%

State today Buffer working Open

Expense ratio 0.69% 0.74%

Net assets $31m $64m

As of Oct 22, 2026. Source: ETFIQ.

About CPSO

The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% 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. 343 days remained on Oct 22, 2026. On Sep 30, 2027 the period ends and a new cap is set.

About SIXZ

From its price on Oct 22, 2026, the fund can gain about 1.7% more before it reaches its cap. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.9% 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. 9 days remained on Oct 22, 2026. On Oct 31, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSO or SIXZ?: CPSO ends its outcome period on Sep 30, 2027 and SIXZ on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSO or SIXZ?: CPSO charges 0.69% a year and SIXZ charges 0.74%, so CPSO is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSO vs AOCT CPSO vs PBOC CPSO vs DDFN CPSO vs DHDG SIXZ vs NVBT SIXZ vs PMNV SIXZ vs DOCT SIXZ vs FOCT

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

Where these figures came from

CPSO filings on SEC EDGAR ↗Calamos website ↗SIXZ filings on SEC EDGAR ↗AllianzIM page for SIXZ ↗

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 SIXZ, data as of Oct 22, 2026. https://etfiq.com/compare/buffer/cpso-vs-sixz

Open data

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