Which resets first, CPST or FLAO?

CPST ends its outcome period on Sep 1, 2027 and FLAO on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, CPST or FLAO?

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

CPST vs FLAO: which one stands where?

As of Oct 1, 2026 FLAO can fall 5.4% before its buffer engages and CPST 0.1%, and FLAO resets 153 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - September and AllianzIM U.S. Equity Floor5 ETF - Apr.

CPSTFull floor

CPST: reference +0.1% since period start, fund 0.0%; buffer −0 to floor; cap +8.0%; Full floor.

FLAOFull floor

FLAO: reference 0.0% since period start, fund 0.0%; buffer −5 to floor; cap +7.1%; Full floor.

They do not reset together. FLAO has 182 days of its period left and CPST has 335, so the two are not the same bet on the same months.

Where each one stands today

FLAO resets first, on Mar 31, 2027, 182 days from now; CPST runs to Sep 1, 2027, 335 days. A fall from here reaches CPST’s buffer after 0.1% and FLAO’s after 5.4%. 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	CPST	FLAO	CPST	FLAO
3 months	+1.0%	+1.6%	−1.5 pts	−0.9 pts
6 months	+3.9%	+5.4%	−13.0 pts	−11.6 pts
1 year	+5.2%	+2.7%	−10.5 pts	−13.0 pts

CPST and FLAO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPST

Calamos S&P 500 ® Structured Alt Protection ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.0%, over a period ending Sep 1, 2027

FLAO

AllianzIM U.S. Equity Floor5 ETF - Apr · Absorbs losses from 5.0% to 100.0% on SPY and caps the gain at 7.1%, over a period ending Mar 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 0% to 100% 5% to 100%

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

Days left 335 182

Starting cap +8.0% +7.1%

Can still gain not published 6.7%

Fall before buffer 0.1% 5.4%

Protection left, index points 100.0% of 100.0% 95.0% of 95.0%

Index return this period +0.1% 0.0%

Fund return this period 0.0% 0.0%

State today Open Open

Expense ratio 0.69% 0.74%

Net assets $37m $9m

CPST and FLAO on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPST in plain words

The fund's price can fall 0.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.1% 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. 335 days remained on Oct 1, 2026. On Sep 1, 2027 the period ends and a new cap is set.

FLAO in plain words

From its price on Oct 1, 2026, the fund can gain about 6.7% more before it reaches its cap. The fund's price can fall 5.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.0% 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. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPST or FLAO?: CPST ends its outcome period on Sep 1, 2027 and FLAO on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, CPST or FLAO?: CPST charges 0.69% a year and FLAO charges 0.74%, so CPST is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPST vs FAUG CPST vs GAUG CPST vs GSEP CPST vs OCTP FLAO vs BAPR FLAO vs DDFA FLAO vs DDFO FLAO vs DDSQ

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

Where these figures came from

CPST filings on SEC EDGAR ↗Calamos website ↗FLAO filings on SEC EDGAR ↗AllianzIM page for FLAO ↗

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, CPST against FLAO, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpst-vs-flao

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.