CPSF vs FEBU: Cap, Buffer & Days Left
As of Oct 9, 2026 FEBU can fall 8.9% before its buffer engages and CPSF 4.1%, and CPSF resets 2 days sooner. Net assets: $35m on Oct 9, 2026 for Calamos S&P 500 ® Structured Alt Protection ETF - February, and $52m on Oct 8, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb.
CPSF costs 0.05 points a year less; their one-year returns differ by 5.2 points; FEBU is 1.5 times larger.
| CPSF | FEBU | |
|---|---|---|
| Expense ratio | 0.69% | 0.74% |
| Net assets, as of Oct 8, 2026 | $35m | $52m |
| Total return, 1 year | +6.1% | +11.3% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 10.7% | 11.1% |
CPSF: reference +12.0% since period start, fund +3.8%; buffer Floor; cap +6.3%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
FEBU: reference +12.5% since period start, fund +8.9%; buffer 0 to −15; no cap; No cap. Figures to Oct 9, 2026.
FEBU: reference +12.5% since period start, fund +8.9%; buffer 0 to −15; no cap; No cap. Figures to Oct 9, 2026.
These are two different products. CPSF is a floor fund, which caps how far a holder can fall. FEBU 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, 112 days from now; FEBU runs to Jan 31, 2027, 114 days. A fall from here reaches CPSF’s buffer after 4.1% and FEBU’s after 8.9%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSF | FEBU | CPSF | FEBU |
| 3 months | +1.6% | +2.0% | −1.5 pts | −1.1 pts |
| 6 months | +3.8% | +10.3% | −10.8 pts | −4.3 pts |
| 1 year | +6.1% | +11.3% | −9.9 pts | −4.7 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CPSF in plain words
SPY had already risen past this fund's cap of +6.3% for the period on Oct 9, 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 10.7% 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. 112 days remained on Oct 9, 2026. On Jan 29, 2027 the period ends and a new cap is set.
FEBU in plain words
This fund has no cap. It takes a share of any further rise in SPY. 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 11.1% 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. 114 days remained on Oct 9, 2026. On Jan 31, 2027 the period ends and new terms are set.
Questions people ask
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.
ETFIQ, CPSF against FEBU, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsf-vs-febu
ETFIQ. (Oct 9, 2026). CPSF against FEBU. Retrieved from https://etfiq.com/compare/buffer/cpsf-vs-febu
[CPSF against FEBU (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsf-vs-febu)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.