Which resets first, CPSF or FEBP?

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

Which is cheaper, CPSF or FEBP?

CPSF charges 0.69% a year and FEBP charges 0.50%, so FEBP is cheaper. Fees come from each fund's prospectus.

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CPSF vs FEBP: Cap, Buffer & Days Left

As of Oct 13, 2026 FEBP can fall 8.9% before its buffer engages and CPSF 4.1%, and CPSF resets 2 days sooner. Net assets: $35m on Oct 12, 2026 for Calamos S&P 500 ® Structured Alt Protection ETF - February, and $30m on Oct 13, 2026 for PGIM S&P 500 Buffer 12 ETF - February.

FEBP costs 0.19 points a year less; their one-year returns differ by 8.9 points; CPSF is 1.2 times larger.

Points (pts) are percentage points.

CPSF vs FEBP: Cap, Buffer & Days Left
	CPSF	FEBP
Expense ratio	0.69%	0.50%
Net assets, as of Oct 12, 2026	$35m	$30m
Total return, 1 year	+6.5%	+15.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	10.6%	11.0%

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.

FEBPBetween buffer and cap

FEBP: reference +12.3% since period start, fund +9.2%; buffer 0 to −12; cap +14.2%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. CPSF is a floor fund, which caps how far a holder can fall. FEBP 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; FEBP runs to Jan 31, 2027, 110 days. A fall from here reaches CPSF’s buffer after 4.1% and FEBP’s after 8.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSF vs FEBP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	FEBP	CPSF	FEBP
3 months	+1.7%	+3.4%	−2.2 pts	−0.5 pts
6 months	+3.6%	+9.0%	−9.8 pts	−4.4 pts
1 year	+6.5%	+15.4%	−12.7 pts	−3.7 pts
Since launch Not the same days: CPSF Feb 2025 · FEBP Feb 2024	+10.8%	+40.0%	−19.3 pts	−19.0 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

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

FEBP

PGIM S&P 500 Buffer 12 ETF - February · Absorbs the first 12% of loss on SPY and caps the gain at 14.2%, over a period ending Jan 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 100% 12%

Outcome period Feb 2, 2026 to Jan 29, 2027 Feb 1, 2026 to Jan 31, 2027

Days left 108 110

Starting cap +6.3% +14.2%

Can still gain not published 4.1%

Fall before buffer 4.1% 8.9%

Protection left, index points 100.0% of 100.0% 12.0% of 12.0%

Index return this period +11.9% +12.3%

Fund return this period +3.8% +9.2%

State today At cap Open

Expense ratio 0.69% 0.50%

Net assets, CPSF as of Oct 12, 2026 and FEBP as of Oct 13, 2026 $35m $30m

As of Oct 13, 2026. Source: ETFIQ.

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.

About FEBP

From its price on Oct 13, 2026, the fund can gain about 4.1% more before it reaches its cap. The fund's price can fall 8.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.0% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% 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.

Questions people ask

Which resets first, CPSF or FEBP?: CPSF ends its outcome period on Jan 29, 2027 and FEBP on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or FEBP?: CPSF charges 0.69% a year and FEBP charges 0.50%, so FEBP is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs CPSY CPSF vs JANM CPSF vs PBFB CPSF vs DDTF FEBP vs JANM FEBP vs PBFB FEBP vs FEBU FEBP vs PMFB

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSF on its own →FEBP on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSF filings on SEC EDGAR ↗CPSF prospectus with the expense ratio (SEC) ↗Calamos website ↗FEBP filings on SEC EDGAR ↗PGIM 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, CPSF against FEBP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsf-vs-febp

Open data

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