Which resets first, CPSF or CPSY?

CPSF ends its outcome period on Jan 30, 2027 and CPSY on Jan 1, 2027. A new cap is set the day after each.

Which is cheaper, CPSF or CPSY?

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

CPSF vs CPSY: which one stands where?

As of Oct 1, 2026 CPSY can fall 4.5% before its buffer engages and CPSF 3.7%, and CPSY resets 29 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - February and Calamos S&P 500 ® Structured Alt Protection ETF - January.

CPSFAt its cap

CPSF: reference +9.7% since period start, fund +3.4%; buffer −0 to floor; cap +5.9%; At its cap.

CPSYAt its cap

CPSY: reference +11.6% since period start, fund +4.2%; buffer −1 to floor; cap +5.9%; At its cap.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Both are Calamos funds, so the difference between them is the terms rather than the house.

Where each one stands today

CPSY resets first, on Jan 1, 2027, 92 days from now; CPSF runs to Jan 30, 2027, 121 days. A fall from here reaches CPSF’s buffer after 3.7% and CPSY’s after 4.5%. 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	CPSF	CPSY	CPSF	CPSY
3 months	+1.6%	+1.7%	−0.9 pts	−0.8 pts
6 months	+3.9%	+4.3%	−13.0 pts	−12.7 pts
1 year	+5.8%	+5.9%	−9.9 pts	−9.8 pts

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

On the same fields

CPSF

Calamos S&P 500 ® Structured Alt Protection ETF - February · Absorbs losses from 0.4% to 100.0% on SPY and caps the gain at 5.9%, over a period ending Jan 30, 2027

CPSY

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 5.9%, over a period ending Jan 1, 2027

Issuer Calamos Calamos

Reference index SPY SPY

Buffer 0% to 100% 1% to 100%

Outcome period Feb 2, 2026 to Jan 30, 2027 Jan 2, 2026 to Jan 1, 2027

Days left 121 92

Starting cap +5.9% +5.9%

Can still gain not published not published

Fall before buffer 3.7% 4.5%

Protection left, index points 99.6% of 99.6% 99.5% of 99.5%

Index return this period +9.7% +11.6%

Fund return this period +3.4% +4.2%

State today At cap At cap

Expense ratio 0.69% 0.69%

Net assets $35m $29m

CPSF and CPSY on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPSF in plain words

SPY had already risen past this fund's cap of +5.9% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 9.2% from today's level to the point where the buffer begins. Protection left, in index points: 99.6% of the 99.6% buffer still sits below today's SPY level. 121 days remained on Oct 1, 2026. On Jan 30, 2027 the period ends and a new cap is set.

CPSY in plain words

The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% 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. 92 days remained on Oct 1, 2026. On Jan 1, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSF or CPSY?: CPSF ends its outcome period on Jan 30, 2027 and CPSY on Jan 1, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or CPSY?: CPSF charges 0.69% a year and CPSY charges 0.69%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs DDFF CPSF vs DDTF CPSF vs FEBP CPSF vs FEBT CPSY vs DDFF CPSY vs DDTF CPSY vs FEBP CPSY vs FEBT

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

Where these figures came from

CPSF and CPSY filings on SEC EDGAR ↗Calamos website ↗

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, CPSF against CPSY, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsf-vs-cpsy

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.