Data as of Nov 4, 2026.
CPSF vs FEBW: Cap, Buffer & Days Left
As of Nov 4, 2026 FEBW can fall 7.2% 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 $203m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Feb.
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.FEBW: reference +10.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Data to Nov 4, 2026.
FEBW: reference +10.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Data to Nov 4, 2026.Pair scorecard
CPSF costs 0.05 points a year less; their one-year returns differ by 3.9 points; FEBW is 5.5 times larger.
Points (pts) are percentage points.
| Measure | CPSF | FEBW |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.0% | +9.9% |
| Drawdown | ||
| Index fall to the buffer | 9.3% | 9.8% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.74% |
| Net assets, as of Nov 3, 2026 | $37m | $203m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSF | FEBW | CPSF | FEBW |
| 3 months | +1.2% | +1.5% | +1.6 pts | +1.9 pts |
| 6 months | +2.6% | +4.2% | −1.9 pts | −0.3 pts |
| 1 year | +6.0% | +9.9% | −7.6 pts | −3.6 pts |
| 3 years | – | +38.2% | – | −38.2 pts |
| Since launchNot the same days: CPSF Feb 2025 · FEBW Feb 2023 | +11.0% | +45.6% | −17.3 pts | −41.1 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
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. FEBW is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
CPSF resets first, on Jan 29, 2027, 86 days from now; FEBW runs to Jan 31, 2027, 88 days. A fall from here reaches CPSF’s buffer after 4.3% and FEBW’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.
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.
FEBW
SPY had already risen past this fund's cap of +10.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.8% as the period runs out. The fund's price can fall 7.2% 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: 20.0% of the 20.0% buffer still sits below today's SPY level. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and a new cap is set.
Questions people ask
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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSF against FEBW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsf-vs-febw
ETFIQ. (Nov 4, 2026). CPSF against FEBW. Retrieved from https://etfiq.com/compare/buffer/cpsf-vs-febw
[CPSF against FEBW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsf-vs-febw)
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