Which resets first, CPSD or FHDG?

CPSD ends its outcome period on Nov 30, 2026 and FHDG on Nov 20, 2026. A new cap is set the day after each.

Which is cheaper, CPSD or FHDG?

CPSD charges 0.69% a year and FHDG charges 0.85%, so CPSD is cheaper. Fees come from each fund's prospectus.

CPSD vs FHDG: which one stands where?

As of Oct 2, 2026 CPSD can fall 5.2% before its buffer engages and FHDG 1.1%, and FHDG resets 10 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - December and FT Vest U.S. Equity Quarterly Dynamic Buffer ETF.

CPSD costs 0.16 points a year less; their one-year returns differ by 6.8 points; FHDG is 1.7 times larger.

	CPSD	FHDG
Expense ratio	0.69%	0.85%
Net assets	$46m	$77m
Total return, 1 year	+6.3%	+13.1%
What it tracks	SPY	SPY
Holdings in common	not published

CPSDAt its cap

CPSD: reference +13.1% since period start, fund +4.9%; buffer −1 to floor; cap +6.1%; At its cap.

FHDGBetween buffer and cap

FHDG: reference +0.5% since period start, fund +0.9%; buffer 0 to −7; cap +3.9%; Between buffer and cap.

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

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

Where each one stands today

FHDG resets first, on Nov 20, 2026, 49 days from now; CPSD runs to Nov 30, 2026, 59 days. A fall from here reaches CPSD’s buffer after 5.2% and FHDG’s after 1.1%. 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	CPSD	FHDG	CPSD	FHDG
3 months	+1.8%	+3.2%	−1.8 pts	−0.4 pts
6 months	+4.6%	+10.0%	−13.3 pts	−8.0 pts
1 year	+6.3%	+13.1%	−9.9 pts	−3.1 pts

CPSD and FHDG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSD

Calamos S&P 500 ® Structured Alt Protection ETF - December · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 6.1%, over a period ending Nov 30, 2026

FHDG

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF · Absorbs the first 8% of loss on SPY and caps the gain at 3.9%, over a period ending Nov 20, 2026

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 1% to 100% 8%

Outcome period Dec 1, 2025 to Nov 30, 2026 Aug 24, 2026 to Nov 20, 2026

Days left 59 49

Starting cap +6.1% +3.9%

Can still gain not published 2.8%

Fall before buffer 5.2% 1.1%

Protection left, index points 99.5% of 99.5% 7.5% of 7.5%

Index return this period +13.1% +0.5%

Fund return this period +4.9% +0.9%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets $46m $77m

CPSD and FHDG on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSD in plain words

SPY had already risen past this fund's cap of +6.1% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.1% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's SPY level. 59 days remained on Oct 2, 2026. On Nov 30, 2026 the period ends and a new cap is set.

FHDG in plain words

From its price on Oct 2, 2026, the fund can gain about 2.8% 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 figure. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 7.5% of the 7.5% buffer still sits below today's SPY level. 49 days remained on Oct 2, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSD or FHDG?: CPSD ends its outcome period on Nov 30, 2026 and FHDG on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, CPSD or FHDG?: CPSD charges 0.69% a year and FHDG charges 0.85%, so CPSD is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSD vs SIXD CPSD vs SIXJ CPSD vs SQBA CPSD vs SQMX FHDG vs PMDE FHDG vs SIXD FHDG vs SQBA FHDG vs UDEC

S&P 500 (SPY) →CPSD on its own →FHDG on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSD filings on SEC EDGAR ↗Calamos website ↗FHDG filings on SEC EDGAR ↗First Trust page for FHDG ↗

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.

Cite this page

ETFIQ, CPSD against FHDG, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsd-vs-fhdg

Open data

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.