Data as of Nov 4, 2026.
CPST vs SEPP: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPP can fall 1.1% before its buffer engages and CPST 0.6%.
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Net assets on Nov 4, 2026: $41m for Calamos S&P 500 Structured Alt Protection ETF - September and $91m for PGIM S&P 500 Buffer 12 ETF - September.
CPST: reference +0.7% since period start, fund +0.5%; buffer Floor; cap +8.1%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.
SEPP: reference 0.0% since period start, fund +0.6%; buffer 0 to −12; cap +15.9%; Buffer working. Data to Nov 4, 2026.Pair scorecard
SEPP costs 0.19 points a year less; their one-year returns differ by 5.7 points; SEPP is 2.2 times larger.
Points (pts) are percentage points.
| Measure | CPST | SEPP |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.2% | +10.9% |
| Drawdown | ||
| Index fall to the buffer | 0.7% | 0.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.50% |
| Net assets | $41m | $91m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPST | SEPP | CPST | SEPP |
| 3 months | +0.8% | +1.1% | +1.2 pts | +1.5 pts |
| 6 months | +2.3% | +4.3% | −2.1 pts | −0.2 pts |
| 1 year | +5.2% | +10.9% | −8.4 pts | −2.7 pts |
| Since launchNot the same days: CPST Sep 2024 · SEPP May 2024 | +14.1% | +32.7% | −24.8 pts | −12.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
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, 300 days from now; SEPP runs to Aug 31, 2027, 300 days. A fall from here reaches CPST’s buffer after 0.6% and SEPP’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
CPST
The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% 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. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.
SEPP
From its price on Nov 4, 2026, the fund can gain about 14.7% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% 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
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, CPST against SEPP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpst-vs-sepp
ETFIQ. (Nov 4, 2026). CPST against SEPP. Retrieved from https://etfiq.com/compare/buffer/cpst-vs-sepp
[CPST against SEPP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpst-vs-sepp)
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