Which resets first, CPSO or XSEP?

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

Which is cheaper, CPSO or XSEP?

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

CPSO vs XSEP: which one stands where?

As of Oct 2, 2026 XSEP can fall 1.4% before its buffer engages and CPSO 0.3%, and XSEP resets 13 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - October and FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September.

CPSO costs 0.16 points a year less; their one-year returns differ by 3.4 points; XSEP is 3.5 times larger.

	CPSO	XSEP
Expense ratio	0.69%	0.85%
Net assets	$28m	$100m
Total return, 1 year	+5.9%	+9.3%
What it tracks	SPY	SPY
Holdings in common	not published

CPSOFull floor

CPSO: reference +0.7% since period start, fund +0.3%; buffer Floor; cap +8.8%; Full floor.

XSEPBetween buffer and cap

XSEP: reference +1.0% since period start, fund +0.5%; buffer 0 to −15; cap +11.2%; Between buffer and cap.

These are two different products. CPSO is a floor fund, which caps how far a holder can fall. XSEP 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

XSEP resets first, on Sep 17, 2027, 350 days from now; CPSO runs to Sep 30, 2027, 363 days. A fall from here reaches CPSO’s buffer after 0.3% and XSEP’s after 1.4%. 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	XSEP	CPSO	XSEP
3 months	+2.0%	+2.5%	−1.6 pts	−1.1 pts
6 months	+5.0%	+8.0%	−12.9 pts	−9.9 pts
1 year	+5.9%	+9.3%	−10.4 pts	−7.0 pts
3 years	not published	+35.1%	not published	−54.1 pts

CPSO and XSEP 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

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

XSEP

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September · Absorbs the first 0% to 15% of loss on SPY and caps the gain at 11.2%, over a period ending Sep 17, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 0% to 100% 0% to 15%

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

Days left 363 350

Starting cap +8.8% +11.2%

Can still gain not published 9.8%

Fall before buffer 0.3% 1.4%

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

Index return this period +0.7% +1.0%

Fund return this period +0.3% +0.5%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets $28m $100m

CPSO and XSEP 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.

XSEP in plain words

From its price on Oct 2, 2026, the fund can gain about 9.8% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.0% 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. 350 days remained on Oct 2, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSO vs OCTU CPSO vs OCTW CPSO vs PBNV CPSO vs PBOC XSEP vs CPST XSEP vs DDFO XSEP vs DDSQ XSEP vs DDTO

S&P 500 (SPY) →CPSO on its own →XSEP on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

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.

Cite this page

ETFIQ, CPSO against XSEP, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpso-vs-xsep

Open data

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.