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CPSD vs SQBA: which one stands where?

As of Oct 2, 2026 CPSD can fall 5.2% before its buffer engages and SQBA 0.9%, and SQBA resets 10 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - December and FT Vest U.S. Equity Quarterly 15 Buffer ETF.

CPSD costs 0.16 points a year less; CPSD is 15.0 times larger.

CPSDSQBA
Expense ratio0.69%0.85%
Net assets$46m$3m
Total return, 1 year+6.3%not published
What it tracksSPYSPY
Holdings in commonnot published
CPSDAt its cap
At its capCPSD: reference +13.1% since period start, fund +4.9%; buffer −1 to floor; cap +6.1%; At its cap.full floor beneathfull floor−0.5% buffer start0% period start+6.1% capTODAY · SPY +13.1%At its capCPSD: reference +13.1% since period start, fund +4.9%; buffer −1 to floor; cap +6.1%; At its cap.full floor beneathfull floor−0.5% buffer start0% start+6.1% capTODAY · SPY +13.1%

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

SQBABetween buffer and cap
Between buffer and capSQBA: reference +0.5% since period start, fund +0.7%; buffer 0 to −15; cap +2.6%; Between buffer and cap.15 pts−15.0% floor0% period start+2.6% capTODAY · SPY +0.5%Between buffer and capSQBA: reference +0.5% since period start, fund +0.7%; buffer 0 to −15; cap +2.6%; Between buffer and cap.−15.0% floor0% start+2.6% capTODAY · SPY +0.5%

SQBA: reference +0.5% since period start, fund +0.7%; buffer 0 to −15; cap +2.6%; Between buffer and cap.

These are two different products. CPSD is a floor fund, which caps how far a holder can fall. SQBA 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

SQBA 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 SQBA’s after 0.9%. 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 returnGap to the reference
WindowCPSDSQBACPSDSQBA
3 months+1.8%not published−1.8 ptsnot published
6 months+4.6%not published−13.3 ptsnot published
1 year+6.3%not published−9.9 ptsnot published

CPSD and SQBA 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
SQBA
FT Vest U.S. Equity Quarterly 15 Buffer ETF · Absorbs the first 15% of loss on SPY and caps the gain at 2.6%, over a period ending Nov 20, 2026
Issuer Calamos First Trust
Reference index SPY SPY
Buffer 1% to 100% 15%
Outcome period Dec 1, 2025 to Nov 30, 2026 Aug 24, 2026 to Nov 20, 2026
Days left 59 49
Starting cap +6.1% +2.6%
Can still gain not published 1.7%
Fall before buffer 5.2% 0.9%
Protection left, index points 99.5% of 99.5% 15.0% of 15.0%
Index return this period +13.1% +0.5%
Fund return this period +4.9% +0.7%
State today At cap Open
Expense ratio 0.69% 0.85%
Net assets $46m $3m

CPSD and SQBA 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.

SQBA in plain words

From its price on Oct 2, 2026, the fund can gain about 1.7% more before it reaches its cap. The fund's price can fall 0.9% 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: 15.0% of the 15.0% 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 SQBA?
CPSD ends its outcome period on Nov 30, 2026 and SQBA on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, CPSD or SQBA?
CPSD charges 0.69% a year and SQBA charges 0.85%, so CPSD is cheaper. Fees come from each fund's prospectus.
Other comparisons
CPSD vs DDECCPSD vs DDFDCPSD vs DDFJCPSD vs DDSQSQBA vs UDECSQBA vs XNOVSQBA vs ZDEKSQBA vs CPSN
S&P 500 (SPY) →CPSD on its own →SQBA on its own →How every figure is computed →Standards and sources →
Where these figures came from
CPSD filings on SEC EDGAR ↗Calamos website ↗SQBA filings on SEC EDGAR ↗First Trust page for SQBA ↗

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 SQBA, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsd-vs-sqba

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.