Which resets first, CPSP or SIXO?

CPSP ends its outcome period on Mar 31, 2027 and SIXO on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSP or SIXO?

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

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CPSP vs SIXO: Cap, Buffer & Days Left

As of Oct 21, 2026 CPSP can fall 3.9% before its buffer engages and SIXO 1.2%. Net assets on Oct 21, 2026: $24m for Calamos S&P 500 Structured Alt Protection ETF - April and $120m for AllianzIM U.S. Equity Buffer10 ETF - Apr.

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Answers cite the figures on this page.

CPSP costs 0.05 points a year less; their one-year returns differ by 2.3 points; SIXO is 5.0 times larger.

Points (pts) are percentage points.

CPSP vs SIXO: Cap, Buffer & Days Left
	CPSP	SIXO
Expense ratio	0.69%	0.74%
Net assets	$24m	$120m
Total return, 1 year	+6.0%	+8.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	15.2%	1.4%

CPSPAt its cap

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.

SIXOBetween buffer and cap

SIXO: reference +1.4% since period start, fund +0.8%; buffer 0 to −10; cap +7.7%; Between buffer and cap. Figures to Oct 21, 2026.

These are two different products. CPSP is a floor fund, which caps how far a holder can fall. SIXO is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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; SIXO runs to Mar 31, 2027, 161 days. A fall from here reaches CPSP’s buffer after 3.9% and SIXO’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSP vs SIXO: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSP	SIXO	CPSP	SIXO
3 months	+1.4%	+2.4%	−2.0 pts	−1.0 pts
6 months	+2.4%	+5.2%	−6.3 pts	−3.5 pts
1 year	+6.0%	+8.3%	−9.2 pts	−6.9 pts
3 years	–	+36.5%	–	−47.0 pts
Since launch Not the same days: CPSP Apr 2025 · SIXO Oct 2021	+10.7%	+46.7%	−27.2 pts	−31.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →

On the same fields

CPSP

Calamos S&P 500 Structured Alt Protection ETF - April · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Mar 31, 2027

SIXO

AllianzIM U.S. Equity Buffer10 ETF - Apr · Absorbs the first 10% of loss on SPY and caps the gain at 7.7%, over a period ending Mar 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 100% 10%

Outcome period Apr 1, 2026 to Mar 31, 2027 Oct 1, 2026 to Mar 31, 2027

Days left 161 161

Starting cap +6.7% +7.7%

Can still gain not published 6.5%

Fall before buffer 3.9% 1.2%

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

Index return this period +18.0% +1.4%

Fund return this period +3.6% +0.8%

State today At cap Open

Expense ratio 0.69% 0.74%

Net assets $24m $120m

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 SIXO

From its price on Oct 21, 2026, the fund can gain about 6.5% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.4% 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.

Questions people ask

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

Other comparisons

CPSP vs UAPR CPSP vs XMAR CPSP vs MAYT CPSP vs PAPR SIXO vs PMOC SIXO vs PQXV SIXO vs PQXX SIXO vs PQV

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

Where these figures came from

CPSP filings on SEC EDGAR ↗Calamos website ↗SIXO filings on SEC EDGAR ↗AllianzIM page for SIXO ↗

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 SIXO, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsp-vs-sixo

Open data

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