Which resets first, CPSF or FEBW?

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

Which is cheaper, CPSF or FEBW?

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

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CPSF vs FEBW: Cap, Buffer & Days Left

As of Oct 13, 2026 FEBW can fall 7.2% before its buffer engages and CPSF 4.1%, and CPSF resets 2 days sooner. Net assets on Oct 12, 2026: $35m for Calamos S&P 500 ® Structured Alt Protection ETF - February and $201m for AllianzIM U.S. Equity Buffer20 ETF - Feb.

CPSF costs 0.05 points a year less; their one-year returns differ by 4.6 points; FEBW is 5.7 times larger.

Points (pts) are percentage points.

CPSF vs FEBW: Cap, Buffer & Days Left
	CPSF	FEBW
Expense ratio	0.69%	0.74%
Net assets, as of Oct 12, 2026	$35m	$201m
Total return, 1 year	+6.5%	+11.1%
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.

FEBWAt its cap

FEBW: reference +12.3% since period start, fund +6.9%; buffer 0 to −20; cap +10.6%; At its cap. Figures to Oct 13, 2026.

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, 108 days from now; FEBW runs to Jan 31, 2027, 110 days. A fall from here reaches CPSF’s buffer after 4.1% and FEBW’s after 7.2%. 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 FEBW: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	FEBW	CPSF	FEBW
3 months	+1.7%	+2.6%	−2.2 pts	−1.3 pts
6 months	+3.6%	+6.5%	−9.8 pts	−6.9 pts
1 year	+6.5%	+11.1%	−12.7 pts	−8.1 pts
3 years	not published	+39.0%	not published	−41.3 pts
Since launch Not the same days: CPSF Feb 2025 · FEBW Feb 2023	+10.8%	+45.5%	−19.3 pts	−43.9 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

FEBW

AllianzIM U.S. Equity Buffer20 ETF - Feb · Absorbs the first 20% of loss on SPY and caps the gain at 10.6%, over a period ending Jan 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 100% 20%

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

Days left 108 110

Starting cap +6.3% +10.6%

Can still gain not published 2.8%

Fall before buffer 4.1% 7.2%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +11.9% +12.3%

Fund return this period +3.8% +6.9%

State today At cap At cap

Expense ratio 0.69% 0.74%

Net assets, as of Oct 12, 2026 $35m $201m

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 FEBW

SPY had already risen past this fund's cap of +10.6% for the period on Oct 13, 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 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: 20.0% of the 20.0% 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 FEBW?: CPSF ends its outcome period on Jan 29, 2027 and FEBW on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or FEBW?: CPSF charges 0.69% a year and FEBW charges 0.74%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs FEBT CPSF vs ZFEB CPSF vs GJAN CPSF vs DJAN FEBW vs JANM FEBW vs PBFB FEBW vs FEBP FEBW vs CPSY

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSF on its own →FEBW 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 ↗FEBW filings on SEC EDGAR ↗AllianzIM page for FEBW ↗

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 FEBW, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsf-vs-febw

Open data

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