CPST vs OCTT: which one stands where?

As of Oct 1, 2026 OCTT can fall 0.7% before its buffer engages and CPST 0.1%, and CPST resets 30 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - September and AllianzIM U.S. Equity Buffer10 ETF - Oct.

CPSTFull floor
Full floorCPST: reference +0.1% since period start, fund 0.0%; buffer −0 to floor; cap +8.0%; Full floor.full floor beneathfull floor0.0% buffer start0% period start+8.0% capTODAY · SPY +0.1%Full floorCPST: reference +0.1% since period start, fund 0.0%; buffer −0 to floor; cap +8.0%; Full floor.full floor beneathfull floor0.0% buffer start0% start+8.0% capTODAY · SPY +0.1%

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

OCTTBetween buffer and cap
Between buffer and capOCTT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +18.0%; Between buffer and cap.10 pts+18% to cap−10.0% floor0% period start+18.0% capTODAY · SPY 0.0%Between buffer and capOCTT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +18.0%; Between buffer and cap.−10.0% floor0% start+18.0% capTODAY · SPY 0.0%

OCTT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +18.0%; Between buffer and cap.

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

They do not reset together. CPST has 335 days of its period left and OCTT has 365, so the two are not the same bet on the same months.

Where each one stands today

CPST resets first, on Sep 1, 2027, 335 days from now; OCTT runs to Sep 30, 2027, 365 days. A fall from here reaches CPST’s buffer after 0.1% and OCTT’s after 0.7%. 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 returnGap to the reference
WindowCPSTOCTTCPSTOCTT
3 months+1.0%+4.1%−1.5 pts+1.6 pts
6 months+3.9%+13.9%−13.0 pts−3.1 pts
1 year+5.2%+13.8%−10.5 pts−1.9 pts
3 yearsnot published+53.3%not published−31.7 pts

CPST and OCTT 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
OCTT
AllianzIM U.S. Equity Buffer10 ETF - Oct · Absorbs the first 10% of loss on SPY and caps the gain at 18.0%, over a period ending Sep 30, 2027
Issuer Calamos AllianzIM
Reference index SPY SPY
Buffer 0% to 100% 10%
Outcome period Sep 1, 2026 to Sep 1, 2027 Oct 1, 2026 to Sep 30, 2027
Days left 335 365
Starting cap +8.0% +18.0%
Can still gain not published 17.3%
Fall before buffer 0.1% 0.7%
Protection left, index points 100.0% of 100.0% 10.0% of 10.0%
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 $56m

CPST and OCTT 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.

OCTT in plain words

From its price on Oct 1, 2026, the fund can gain about 17.3% more before it reaches its cap. 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 0.0% 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. 365 days remained on Oct 1, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPST or OCTT?
CPST ends its outcome period on Sep 1, 2027 and OCTT on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, CPST or OCTT?
CPST charges 0.69% a year and OCTT charges 0.74%, so CPST is cheaper. Fees come from each fund's prospectus.
Cite this page

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

Open data

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