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.

Data as of Nov 4, 2026.

Buffer ETFs

CPSD vs FHDG: Cap, Buffer & Days Left

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As of Nov 4, 2026 CPSD can fall 5.8% before its buffer engages and FHDG 1.1%, and FHDG resets 10 days sooner.

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Net assets: $46m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - December, and $70m on Nov 3, 2026 for FT Vest U.S. Equity Quarterly Dynamic Buffer ETF.

CPSD on its own →FHDG on its own →

At a glance

CPSD At its cap

CPSD: reference +12.7% since period start, fund +5.5%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

FHDG Between buffer and cap

FHDG: reference +0.1% since period start, fund +0.9%; buffer 0 to −7; cap +3.9%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

CPSD costs 0.16 points a year less; their one-year returns differ by 5.9 points; FHDG is 1.5 times larger.

Points (pts) are percentage points.

CPSD vs FHDG: Cap, Buffer & Days Left
Measure	CPSD	FHDG
Return
Measure	CPSD	FHDG
Total return, 1 year	+6.3%	+12.2%
Drawdown
Measure	CPSD	FHDG
Index fall to the buffer	11.3%	0.1%
Benchmark
Measure	CPSD	FHDG
What it tracks	SPY	SPY
Cost and size
Measure	CPSD	FHDG
Expense ratio	0.69%	0.85%
Net assets, as of Nov 3, 2026	$46m	$70m
Holdings
Measure	CPSD	FHDG
Holdings in common	not published

Method

Window by window

Window by window: CPSD vs FHDG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSD	FHDG	CPSD	FHDG
3 months	+1.5%	+0.9%	+1.8 pts	+1.3 pts
6 months	+3.1%	+4.6%	−1.4 pts	+0.1 pts
1 year	+6.3%	+12.2%	−7.2 pts	−1.4 pts
Since launchNot the same days: CPSD Dec 2024 · FHDG Nov 2024	+13.1%	+22.3%	−13.9 pts	−8.1 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

CPSD Calamos S&P 500 Structured Alt Protection ETF - December · Absorbs the whole loss on SPY and caps the gain at 6.7%, 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 100% 8%

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

Days left 26 16

Starting cap +6.7% +3.9%

Can still gain not published 2.8%

Fall before buffer 5.8% 1.1%

Protection left, index points 100.0% of 100.0% 7.5% of 7.5%

Index return this period +12.7% +0.1%

Fund return this period +5.5% +0.9%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets, CPSD as of Nov 4, 2026 and FHDG as of Nov 3, 2026 $46m $70m

As of Nov 4, 2026. Source: ETFIQ.

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, 16 days from now; CPSD runs to Nov 30, 2026, 26 days. A fall from here reaches CPSD’s buffer after 5.8% and FHDG’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSD

SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.3% 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. 26 days remained on Nov 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.

FHDG

From its price on Nov 4, 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 number. In index terms, SPY can fall 0.1% 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. 16 days remained on Nov 4, 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 DDFJ CPSD vs QBSF CPSD vs PBJA CPSD vs JANU FHDG vs PBDE FHDG vs DECP FHDG vs DECT FHDG vs CPSN

Where to next

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSD on its own →FHDG on its own →Method →Standards and sources →

Sources and dates

CPSD filings on SEC EDGAR ↗

Calamos website ↗

FHDG filings on SEC EDGAR ↗

First Trust page for FHDG ↗

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.

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ETFIQ, CPSD against FHDG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsd-vs-fhdg

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