Which resets first, CPSF or PFEB?

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

Which is cheaper, CPSF or PFEB?

CPSF charges 0.69% a year and PFEB charges 0.79%, so CPSF is cheaper. Fees come from each fund's prospectus.

CPSF vs PFEB: which one stands where?

As of Oct 2, 2026 PFEB can fall 7.5% before its buffer engages and CPSF 3.9%, and CPSF resets 2 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - February and Innovator U.S. Equity Power Buffer ETF - Feb.

CPSF costs 0.10 points a year less; their one-year returns differ by 5.4 points; PFEB is 25.4 times larger.

	CPSF	PFEB
Expense ratio	0.69%	0.79%
Net assets	$35m	$898m
Total return, 1 year	+5.9%	+11.3%
What it tracks	SPY	SPY
Holdings in common	not published

CPSFAt its cap

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

PFEBBetween buffer and cap

PFEB: reference +11.2% since period start, fund +7.5%; buffer 0 to −15; cap +12.4%; Between buffer and cap.

These are two different products. CPSF is a floor fund, which caps how far a holder can fall. PFEB 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; PFEB runs to Jan 31, 2027, 121 days. A fall from here reaches CPSF’s buffer after 3.9% and PFEB’s after 7.5%. 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 return		Gap to the reference
Window	CPSF	PFEB	CPSF	PFEB
3 months	+1.7%	+2.8%	−1.9 pts	−0.8 pts
6 months	+4.1%	+9.8%	−13.9 pts	−8.1 pts
1 year	+5.9%	+11.3%	−10.4 pts	−4.9 pts
3 years	not published	+46.5%	not published	−42.8 pts

CPSF and PFEB 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

PFEB

Innovator U.S. Equity Power Buffer ETF - Feb · Absorbs the first 15% of loss on SPY and caps the gain at 12.4%, over a period ending Jan 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 15%

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

Days left 119 121

Starting cap +5.9% +12.4%

Can still gain not published 4.1%

Fall before buffer 3.9% 7.5%

Protection left, index points 99.6% of 99.6% 15.0% of 15.0%

Index return this period +10.7% +11.2%

Fund return this period +3.6% +7.5%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets $35m $898m

CPSF and PFEB 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.

PFEB in plain words

From its price on Oct 2, 2026, the fund can gain about 4.1% more before it reaches its cap. The fund's price can fall 7.5% 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: 15.0% of the 15.0% buffer still sits below today's SPY level. 121 days remained on Oct 2, 2026. On Jan 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSF or PFEB?: CPSF ends its outcome period on Jan 29, 2027 and PFEB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or PFEB?: CPSF charges 0.69% a year and PFEB charges 0.79%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs FEBW CPSF vs FJAN CPSF vs GJAN CPSF vs JANM PFEB vs UJAN PFEB vs UOCT PFEB vs XJAN PFEB vs ZFEB

S&P 500 (SPY) →CPSF on its own →PFEB on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSF filings on SEC EDGAR ↗Calamos website ↗PFEB filings on SEC EDGAR ↗Innovator page for PFEB ↗

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

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.