CPST vs SEPP: which one stands where?
As of Oct 2, 2026 SEPP can fall 1.0% before its buffer engages and CPST 0.3%. Calamos S&P 500 ® Structured Alt Protection ETF - September and PGIM S&P 500 Buffer 12 ETF - September.
SEPP costs 0.19 points a year less; their one-year returns differ by 5.9 points; CPST is 1.2 times larger.
| CPST | SEPP | |
|---|---|---|
| Expense ratio | 0.69% | 0.50% |
| Net assets | $39m | $32m |
| Total return, 1 year | +5.2% | +11.1% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
CPST: reference +1.0% since period start, fund +0.3%; buffer −0 to floor; cap +8.0%; Full floor.
SEPP: reference +0.3% since period start, fund +0.5%; buffer 0 to −12; cap +15.9%; Between buffer and cap.
These are two different products. CPST is a floor fund, which caps how far a holder can fall. SEPP 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
CPST resets first, on Aug 31, 2027, 333 days from now; SEPP runs to Aug 31, 2027, 333 days. A fall from here reaches CPST’s buffer after 0.3% and SEPP’s after 1.0%. 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 | SEPP | CPST | SEPP |
| 3 months | +1.2% | +2.6% | −2.4 pts | −1.0 pts |
| 6 months | +4.1% | +10.4% | −13.8 pts | −7.5 pts |
| 1 year | +5.2% | +11.1% | −11.1 pts | −5.2 pts |
CPST and SEPP 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 and SEPP on the same fields, as of Oct 2, 2026. Source: ETFIQ.
CPST 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 1.1% 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. 333 days remained on Oct 2, 2026. On Aug 31, 2027 the period ends and a new cap is set.
SEPP in plain words
From its price on Oct 2, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.3% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.
Questions people ask
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.
ETFIQ, CPST against SEPP, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpst-vs-sepp
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.
Cite this page. ETFIQ, CPST against SEPP, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpst-vs-sepp Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPST against SEPP, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpst-vs-sepp
- APA
- ETFIQ. (Oct 2, 2026). CPST against SEPP. Retrieved from https://etfiq.com/compare/buffer/cpst-vs-sepp
- Markdown
- [CPST against SEPP (ETFIQ, Oct 2, 2026)](https://etfiq.com/compare/buffer/cpst-vs-sepp)