CPSP vs FLAO: Cap, Buffer & Days Left
As of Oct 21, 2026 FLAO can fall 6.1% before its buffer engages and CPSP 3.9%. Net assets on Oct 21, 2026: $24m for Calamos S&P 500 Structured Alt Protection ETF - April and $9m for AllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF - Apr.
CPSP costs 0.05 points a year less; their one-year returns differ by 2.9 points; CPSP is 2.8 times larger.
Points (pts) are percentage points.
| CPSP | FLAO | |
|---|---|---|
| Expense ratio | 0.69% | 0.74% |
| Net assets | $24m | $9m |
| Total return, 1 year | +6.0% | +3.1% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 15.2% | 6.3% |
CPSP: reference +18.0% since period start, fund +3.6%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 21, 2026.
Figures to Oct 21, 2026.
FLAO: reference +1.4% since period start, fund +0.8%; buffer −5 to floor; cap +7.1%; Full floor. Figures to Oct 21, 2026.
FLAO: reference +1.4% since period start, fund +0.8%; buffer −5 to floor; cap +7.1%; Full floor. Figures to Oct 21, 2026.
CPSP is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
CPSP resets first, on Mar 31, 2027, 161 days from now; FLAO runs to Mar 31, 2027, 161 days. A fall from here reaches CPSP’s buffer after 3.9% and FLAO’s after 6.1%. 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 | CPSP | FLAO | CPSP | FLAO |
| 3 months | +1.4% | +2.0% | −2.0 pts | −1.5 pts |
| 6 months | +2.4% | +4.0% | −6.3 pts | −4.7 pts |
| 1 year | +6.0% | +3.1% | −9.2 pts | −12.1 pts |
| Since launch Not the same days: CPSP Apr 2025 · FLAO Apr 2024 | +10.7% | +15.8% | −27.2 pts | −32.3 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 21, 2026. Source: ETFIQ.
About CPSP
SPY had already risen past this fund's cap of +6.7% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.2% 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. 161 days remained on Oct 21, 2026. On Mar 31, 2027 the period ends and a new cap is set.
About FLAO
From its price on Oct 21, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 6.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.3% from today's level to the point where the buffer begins. Protection left, in index points: 95.0% of the 95.0% buffer still sits below today's SPY level.
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, CPSP against FLAO, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsp-vs-flao
ETFIQ. (Oct 21, 2026). CPSP against FLAO. Retrieved from https://etfiq.com/compare/buffer/cpsp-vs-flao
[CPSP against FLAO (ETFIQ, Oct 21, 2026)](https://etfiq.com/compare/buffer/cpsp-vs-flao)
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