{"url":"https://etfiq.com/compare/buffer/cpst-vs-usep","section":"compare","title":"CPST vs USEP: Cap, Buffer & Days Left | ETFIQ","description":"As of Oct 22, 2026 CPST can fall 0.4% and USEP 5.3% before its buffer engages, on SPY. Both end their outcome period on Aug 31, 2027.","as_of":"Oct 22, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which resets first, CPST or USEP?","acceptedAnswer":{"@type":"Answer","text":"CPST ends its outcome period on Aug 31, 2027 and USEP on Aug 31, 2027. A new cap is set the day after each."}},{"@type":"Question","name":"Which is cheaper, CPST or USEP?","acceptedAnswer":{"@type":"Answer","text":"CPST charges 0.69% a year and USEP charges 0.79%, so CPST is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Buffer ETFs","item":"https://etfiq.com/buffer/"},{"@type":"ListItem","position":3,"name":"Compare ETFs","item":"https://etfiq.com/compare/"},{"@type":"ListItem","position":4,"name":"CPST vs USEP","item":"https://etfiq.com/compare/buffer/cpst-vs-usep"}]},{"@type":"WebPage","name":"CPST vs USEP: Cap, Buffer & Days Left","description":"As of Oct 22, 2026 CPST can fall 0.4% and USEP 5.3% before its buffer engages, on SPY. Both end their outcome period on Aug 31, 2027.","url":"https://etfiq.com/compare/buffer/cpst-vs-usep","dateModified":"2026-10-22","abstract":"As of Oct 22, 2026 USEP can fall 5.3% before its buffer engages and CPST 0.4%.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of CPST and USEP","description":"As of Oct 22, 2026 CPST can fall 0.4% and USEP 5.3% before its buffer engages, on SPY. Both end their outcome period on Aug 31, 2027.","dateModified":"2026-10-22","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/buffer/cpst-vs-usep","license":"https://etfiq.com/license/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/funds.json"}],"variableMeasured":["Remaining cap","Fall before the buffer engages","Protection left in index points","Starting buffer","Outcome period","Reference index return","Fund return","Days remaining","Expense ratio"],"keywords":["exchange-traded funds","ETF","Buffer ETFs","fund data","SEC filings"]}],"characters":6089,"truncated":true,"content":"ETFIQ / Buffer ETFs / Compare ETFs / CPST vs USEP \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Oct 22, 2026 .\n\n CPST vs USEP: Cap, Buffer & Days Left\n\n As of Oct 22, 2026 USEP can fall 5.3% before its buffer engages and CPST 0.4%.\n Copy this for sharing \n \n CPST costs 0.10 points a year less; their one-year returns differ by 3.5 points; USEP is 5.8 times larger.\n CPST and USEP at a glance. As of Oct 22, 2026. Source: ETFIQ. CPST USEP \n Expense ratio 0.69% 0.79% \n Net assets, as of Oct 21, 2026 $41m $238m \n Total return, 1 year +5.2% +8.7% \n What it tracks SPY SPY \n Holdings in common","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, CPST against USEP, data as of Oct 22, 2026. https://etfiq.com/compare/buffer/cpst-vs-usep","a":{"ticker":"CPST","name":"Calamos S&P 500 Structured Alt Protection ETF - September","issuer":"Calamos","desk":"buffer","as_of":"2026-10-22","verdict":"Since Sep 1, 2026, CPST returned 0.3%, against 0.3% for SPY. It can fall 0.4% before its buffer.","url":"https://etfiq.com/funds/cpst","key_facts":[{"label":"Fall before the buffer from today\u2019s fund price","value":"0.4%","as_of":"2026-10-22","source":null},{"label":"Protection left, index points","value":"100.0%","as_of":"2026-10-22","source":null},{"label":"Days to reset","value":"313","as_of":"2026-10-22","source":null},{"label":"Net assets","value":"$41m","as_of":"2026-10-22","source":"issuer page, as of Oct 22, 2026"},{"label":"Expense ratio","value":"0.69%","as_of":"2026-10-22","source":"issuer page, Oct 22, 2026"},{"label":"Reference index","value":"SPY","as_of":"2026-10-22","source":null}]},"b":{"ticker":"USEP","name":"Innovator U.S. Equity Ultra Buffer ETF - Sep","issuer":"Innovator","desk":"buffer","as_of":"2026-10-22","verdict":"Since Aug 31, 2026, USEP returned 0.2%, against \u22120.4% for SPY. It can gain 14.3% more before its cap.","url":"https://etfiq.com/funds/usep","key_facts":[{"label":"Can still gain from today\u2019s fund price","value":"14.3%","as_of":"2026-10-22","source":null},{"label":"Fall before the buffer from today\u2019s fund price","value":"5.3%","as_of":"2026-10-22","source":null},{"label":"Protection left, index points","value":"30.0%","as_of":"2026-10-22","source":null},{"label":"Days to reset","value":"313","as_of":"2026-10-22","source":null},{"label":"Net assets","value":"$238m","as_of":"2026-10-21","source":"issuer page, as of Oct 21, 2026"},{"label":"Expense ratio","value":"0.79%","as_of":"2026-10-22","source":"issuer page, Oct 22, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/buffer/cpst-vs-usep"}