CPSO vs TOCT: Cap, Buffer & Days Left
As of Oct 13, 2026 TOCT can fall 5.3% before its buffer engages and CPSO 0.7%. Net assets on Oct 13, 2026: $32m for Calamos S&P 500 ® Structured Alt Protection ETF - October and $14m for Innovator Equity Defined Protection ETF - Oct 2027.
CPSO costs 0.10 points a year less; their one-year returns differ by 2.3 points; CPSO is 2.3 times larger.
Points (pts) are percentage points.
| CPSO | TOCT | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $32m | $14m |
| Total return, 1 year | +6.4% | +4.1% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 1.8% | 14.4% |
CPSO: reference +1.8% since period start, fund +0.7%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
TOCT: reference +16.8% since period start, fund +4.7%; buffer Floor; cap +12.8%; At its cap. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
TOCT is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
CPSO resets first, on Sep 30, 2027, 352 days from now; TOCT runs to Sep 30, 2027, 352 days. A fall from here reaches CPSO’s buffer after 0.7% and TOCT’s after 5.3%. 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 | TOCT | CPSO | TOCT |
| 3 months | +2.1% | +1.1% | −1.3 pts | −2.4 pts |
| 6 months | +4.3% | +2.7% | −7.8 pts | −9.3 pts |
| 1 year | +6.4% | +4.1% | −10.9 pts | −13.3 pts |
| Since launch Not the same days: CPSO Oct 2024 · TOCT Oct 2025 | +12.9% | +3.9% | −23.9 pts | −12.5 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
As of Oct 13, 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 1.8% 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. 352 days remained on Oct 13, 2026. On Sep 30, 2027 the period ends and a new cap is set.
About TOCT
SPY had already risen past this fund's cap of +12.8% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 6.9% as the period runs out. The fund's price can fall 5.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.4% from today's level to the point where the buffer begins.
Questions people ask
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 TOCT, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpso-vs-toct
ETFIQ. (Oct 13, 2026). CPSO against TOCT. Retrieved from https://etfiq.com/compare/buffer/cpso-vs-toct
[CPSO against TOCT (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/cpso-vs-toct)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.