ETFIQ
RankingsCompareHoldingsFlowsResearch
My portfolioWeekly note
A
vs
B
Share on XDownload as PDFOpen live

CPSF vs FEBT: which one stands where?

As of Oct 2, 2026 FEBT can fall 8.9% before its buffer engages and CPSF 3.9%. Calamos S&P 500 ® Structured Alt Protection ETF - February and AllianzIM U.S. Equity Buffer10 ETF - Feb.

CPSF costs 0.05 points a year less; their one-year returns differ by 8.3 points; FEBT is 4.6 times larger.

CPSFFEBT
Expense ratio0.69%0.74%
Net assets$35m$161m
Total return, 1 year+5.9%+14.2%
What it tracksSPYSPY
Holdings in commonnot published
CPSFAt its cap
At its capCPSF: reference +10.7% since period start, fund +3.6%; buffer −0 to floor; cap +5.9%; At its cap.full floor beneathfull floor−0.4% buffer start0% period start+5.9% capTODAY · SPY +10.7%At its capCPSF: reference +10.7% since period start, fund +3.6%; buffer −0 to floor; cap +5.9%; At its cap.full floor beneathfull floor−0.4% buffer start0% start+5.9% capTODAY · SPY +10.7%

CPSF: reference +10.7% since period start, fund +3.6%; buffer −0 to floor; cap +5.9%; At its cap.

FEBTBetween buffer and cap
Between buffer and capFEBT: reference +11.2% since period start, fund +8.9%; buffer 0 to −10; cap +15.5%; Between buffer and cap.10 pts+11.2%−10.0% floor0% period start+15.5% capTODAY · SPY +11.2%Between buffer and capFEBT: reference +11.2% since period start, fund +8.9%; buffer 0 to −10; cap +15.5%; Between buffer and cap.−10.0% floor0% start+15.5% capTODAY · SPY +11.2%

FEBT: reference +11.2% since period start, fund +8.9%; buffer 0 to −10; cap +15.5%; Between buffer and cap.

These are two different products. CPSF is a floor fund, which caps how far a holder can fall. FEBT 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, 119 days from now; FEBT runs to Jan 31, 2027, 119 days. A fall from here reaches CPSF’s buffer after 3.9% and FEBT’s after 8.9%. 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
WindowCPSFFEBTCPSFFEBT
3 months+1.7%+3.2%−1.9 pts−0.4 pts
6 months+4.1%+12.4%−13.9 pts−5.6 pts
1 year+5.9%+14.2%−10.4 pts−2.0 pts
3 yearsnot published+63.5%not published−25.8 pts

CPSF and FEBT 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 29, 2027
FEBT
AllianzIM U.S. Equity Buffer10 ETF - Feb · Absorbs the first 10% of loss on SPY and caps the gain at 15.5%, over a period ending Jan 31, 2027
Issuer Calamos AllianzIM
Reference index SPY SPY
Buffer 0% to 100% 10%
Outcome period Feb 2, 2026 to Jan 29, 2027 Feb 1, 2026 to Jan 31, 2027
Days left 119 119
Starting cap +5.9% +15.5%
Can still gain not published 5.4%
Fall before buffer 3.9% 8.9%
Protection left, index points 99.6% of 99.6% 10.0% of 10.0%
Index return this period +10.7% +11.2%
Fund return this period +3.6% +8.9%
State today At cap Open
Expense ratio 0.69% 0.74%
Net assets $35m $161m

CPSF and FEBT on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSF in plain words

SPY had already risen past this fund's cap of +5.9% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.0% 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. 119 days remained on Oct 2, 2026. On Jan 29, 2027 the period ends and a new cap is set.

FEBT in plain words

From its price on Oct 2, 2026, the fund can gain about 5.4% 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 10.1% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. On Jan 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSF or FEBT?
CPSF ends its outcome period on Jan 29, 2027 and FEBT on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or FEBT?
CPSF charges 0.69% a year and FEBT charges 0.74%, so CPSF is cheaper. Fees come from each fund's prospectus.
Other comparisons
CPSF vs FEBPCPSF vs FEBUCPSF vs FEBWCPSF vs FJANFEBT vs FEBUFEBT vs FEBWFEBT vs JANMFEBT vs PBFB
S&P 500 (SPY) →CPSF on its own →FEBT on its own →How every figure is computed →Standards and sources →
Where these figures came from
CPSF filings on SEC EDGAR ↗Calamos website ↗FEBT filings on SEC EDGAR ↗AllianzIM page for FEBT ↗

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 FEBT, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsf-vs-febt

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.