Data as of .
CPST vs USEP: which one stands where?
As of Sep 21, 2026 USEP can fall 5.6% before its buffer engages and CPST 0.2%.
These are two different products. CPST is a floor fund, which caps how far a holder can fall. USEP 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, 344 days from now; USEP runs to Aug 31, 2027, 344 days. A fall from here reaches CPST’s buffer after 0.2% and USEP’s after 5.6%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPST | USEP | CPST | USEP | |
| 3 months | +1.1% | +1.7% | −1.2 pts | −0.6 pts |
| 6 months | +4.1% | +8.8% | −14.0 pts | −9.2 pts |
| 1 year | +5.0% | +8.8% | −11.6 pts | −7.8 pts |
| 3 years | not published | +40.6% | not published | −37.8 pts |
| CPST Calamos S&P 500 ® Structured Alt Protection ETF - September Absorbs the whole loss on SPY and caps the gain at 8.0%, over a period ending Aug 31, 2027 | USEP Innovator U.S. Equity Ultra Buffer ETF - Sep Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.7%, over a period ending Aug 31, 2027 | |
|---|---|---|
| Issuer | Calamos | Innovator |
| Reference index | SPY | SPY |
| Buffer | 100% | 5% to 35% |
| Outcome period | Sep 1, 2026 to Aug 31, 2027 | Aug 31, 2026 to Aug 31, 2027 |
| Days left | 344 | 344 |
| Starting cap | +8.0% | +14.7% |
| Can still gain | not published | 13.9% |
| Fall before buffer | 0.2% | 5.6% |
| Protection left, index points | 100.0% of 100.0% | 30.0% of 30.0% |
| Index return this period | 0.0% | +0.9% |
| Fund return this period | +0.1% | +0.6% |
| State today | Buffer working | Open |
| Expense ratio | 0.69% | 0.79% |
| Net assets | $37m | $176m |
CPST in plain words
The fund's price can fall 0.2% 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: 100.0% of the 100.0% buffer still sits below today's SPY level. 344 days remained on Sep 21, 2026. On Aug 31, 2027 the period ends and a new cap is set.
USEP in plain words
From its price on Sep 21, 2026, the fund can gain about 13.9% more before it reaches its cap. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.8% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
- Which resets first, CPST or USEP?
- CPST ends its outcome period on Aug 31, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each.
- Which is cheaper, CPST or USEP?
- CPST charges 0.69% a year and USEP charges 0.79%, so CPST is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPST against USEP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpst-vs-usep Free to use with attribution; the underlying files are at Open data.