Which resets first, BFEB or CPSF?

BFEB ends its outcome period on Jan 31, 2027 and CPSF on Jan 29, 2027. A new cap is set the day after each.

Which is cheaper, BFEB or CPSF?

BFEB charges 0.79% a year and CPSF charges 0.69%, so CPSF is cheaper. Fees come from each fund's prospectus.

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BFEB vs CPSF: Cap, Buffer & Days Left

As of Oct 13, 2026 BFEB can fall 9.8% before its buffer engages and CPSF 4.1%, and CPSF resets 2 days sooner. Net assets on Oct 13, 2026: $208m for Innovator U.S. Equity Buffer ETF - Feb and $35m for Calamos S&P 500 ® Structured Alt Protection ETF - February.

CPSF costs 0.10 points a year less; their one-year returns differ by 10.1 points; BFEB is 5.9 times larger.

Points (pts) are percentage points.

BFEB vs CPSF: Cap, Buffer & Days Left
	BFEB	CPSF
Expense ratio	0.79%	0.69%
Net assets	$208m	$35m
Total return, 1 year	+16.3%	+6.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.1%	10.6%

BFEBBetween buffer and cap

BFEB: reference +12.4% since period start, fund +10.2%; buffer 0 to −9; cap +16.6%; Between buffer and cap. Figures to Oct 13, 2026.

CPSFAt its cap

CPSF: reference +11.9% since period start, fund +3.8%; buffer Floor; cap +6.3%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

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

CPSF is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

CPSF resets first, on Jan 29, 2027, 108 days from now; BFEB runs to Jan 31, 2027, 110 days. A fall from here reaches BFEB’s buffer after 9.8% and CPSF’s after 4.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BFEB vs CPSF: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BFEB	CPSF	BFEB	CPSF
3 months	+3.5%	+1.7%	0.0 pts	−1.8 pts
6 months	+9.4%	+3.3%	−2.6 pts	−8.7 pts
1 year	+16.3%	+6.2%	−1.0 pts	−11.2 pts
3 years	+63.0%	not published	−17.3 pts	not published
Since launch Not the same days: BFEB Feb 2020 · CPSF Feb 2025	+121.9%	+10.9%	−18.1 pts	−19.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

BFEB

Innovator U.S. Equity Buffer ETF - Feb · Absorbs the first 9% of loss on SPY and caps the gain at 16.6%, over a period ending Jan 31, 2027

CPSF

Calamos S&P 500 ® Structured Alt Protection ETF - February · Absorbs the whole loss on SPY and caps the gain at 6.3%, over a period ending Jan 29, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 100%

Outcome period Jan 31, 2026 to Jan 31, 2027 Feb 2, 2026 to Jan 29, 2027

Days left 110 108

Starting cap +16.6% +6.3%

Can still gain 5.3% not published

Fall before buffer 9.8% 4.1%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +12.4% +11.9%

Fund return this period +10.2% +3.8%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $208m $35m

As of Oct 13, 2026. Source: ETFIQ.

About BFEB

From its price on Oct 13, 2026, the fund can gain about 5.3% more before it reaches its cap. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.1% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 110 days remained on Oct 13, 2026. On Jan 31, 2027 the period ends and a new cap is set.

About CPSF

SPY had already risen past this fund's cap of +6.3% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 108 days remained on Oct 13, 2026. On Jan 29, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BFEB or CPSF?: BFEB ends its outcome period on Jan 31, 2027 and CPSF on Jan 29, 2027. A new cap is set the day after each.
Which is cheaper, BFEB or CPSF?: BFEB charges 0.79% a year and CPSF charges 0.69%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

BFEB vs JANM BFEB vs PBFB BFEB vs FEBP BFEB vs SIXF CPSF vs FEBW CPSF vs UFEB CPSF vs FEBT CPSF vs ZFEB

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BFEB on its own →CPSF on its own →How every figure is computed →Standards and sources →

Where these figures came from

BFEB filings on SEC EDGAR ↗Innovator page for BFEB ↗CPSF filings on SEC EDGAR ↗CPSF prospectus with the expense ratio (SEC) ↗Calamos website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BFEB against CPSF, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bfeb-vs-cpsf

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.