Which resets first, CPSF or FEBU?

CPSF ends its outcome period on Jan 29, 2027 and FEBU on Jan 31, 2027. New terms are set the day after each.

Which is cheaper, CPSF or FEBU?

CPSF charges 0.69% a year and FEBU charges 0.74%, so CPSF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

CPSF vs FEBU: Cap, Buffer & Days Left

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As of Nov 4, 2026 FEBU can fall 7.4% before its buffer engages and CPSF 4.3%, and CPSF resets 2 days sooner.

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Net assets: $37m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - February, and $47m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb.

CPSF on its own →FEBU on its own →

At a glance

CPSF At its cap

CPSF: reference +10.3% since period start, fund +4.0%; buffer Floor; cap +6.3%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

FEBU No cap

FEBU: reference +10.8% since period start, fund +7.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

Pair scorecard

CPSF costs 0.05 points a year less; their one-year returns differ by 3.0 points; FEBU is 1.3 times larger.

Points (pts) are percentage points.

CPSF vs FEBU: Cap, Buffer & Days Left
Measure	CPSF	FEBU
Return
Measure	CPSF	FEBU
Total return, 1 year	+6.0%	+9.0%
Drawdown
Measure	CPSF	FEBU
Index fall to the buffer	9.3%	9.8%
Benchmark
Measure	CPSF	FEBU
What it tracks	SPY	SPY
Cost and size
Measure	CPSF	FEBU
Expense ratio	0.69%	0.74%
Net assets, as of Nov 3, 2026	$37m	$47m
Holdings
Measure	CPSF	FEBU
Holdings in common	not published

Method

Window by window

Window by window: CPSF vs FEBU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	FEBU	CPSF	FEBU
3 months	+1.2%	−1.3%	+1.6 pts	−0.9 pts
6 months	+2.6%	+2.3%	−1.9 pts	−2.2 pts
1 year	+6.0%	+9.0%	−7.6 pts	−4.6 pts
Since launchCPSF Feb 2025 · FEBU Feb 2025	+11.0%	+19.7%	−17.3 pts	−8.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 FEBU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Jan 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 100% 15%

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

Days left 86 88

Starting cap +6.3% uncapped

Can still gain not published uncapped

Fall before buffer 4.3% 7.4%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +10.3% +10.8%

Fund return this period +4.0% +7.1%

State today At cap Uncapped

Expense ratio 0.69% 0.74%

Net assets, CPSF as of Nov 4, 2026 and FEBU as of Nov 3, 2026 $37m $47m

As of Nov 4, 2026. Source: ETFIQ.

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, 86 days from now; FEBU runs to Jan 31, 2027, 88 days. A fall from here reaches CPSF’s buffer after 4.3% and FEBU’s after 7.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSF

SPY had already risen past this fund's cap of +6.3% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.3% 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. 86 days remained on Nov 4, 2026. On Jan 29, 2027 the period ends and a new cap is set.

FEBU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 7.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.8% 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. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and new terms are set.

Questions people ask

Which resets first, CPSF or FEBU?: CPSF ends its outcome period on Jan 29, 2027 and FEBU on Jan 31, 2027. New terms are set the day after each.
Which is cheaper, CPSF or FEBU?: CPSF charges 0.69% a year and FEBU charges 0.74%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

Where to next

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

Sources and dates

CPSF filings on SEC EDGAR ↗

Calamos website ↗

FEBU filings on SEC EDGAR ↗

AllianzIM page for FEBU ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, CPSF against FEBU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsf-vs-febu

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