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.

Data as of Nov 4, 2026.

Buffer ETFs

CPSF vs PFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 PFEB can fall 7.9% before its buffer engages and CPSF 4.3%, and CPSF resets 2 days sooner.

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Net assets on Nov 4, 2026: $37m for Calamos S&P 500 Structured Alt Protection ETF - February and $884m for Innovator U.S. Equity Power Buffer ETF - Feb.

CPSF on its own →PFEB 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.

PFEB Between buffer and cap

PFEB: reference +10.8% since period start, fund +7.9%; buffer 0 to −15; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

CPSF costs 0.10 points a year less; their one-year returns differ by 5.3 points; PFEB is far larger, $884m against $37m.

Points (pts) are percentage points.

CPSF vs PFEB: Cap, Buffer & Days Left
Measure	CPSF	PFEB
Return
Measure	CPSF	PFEB
Total return, 1 year	+6.0%	+11.3%
Drawdown
Measure	CPSF	PFEB
Index fall to the buffer	9.3%	9.7%
Benchmark
Measure	CPSF	PFEB
What it tracks	SPY	SPY
Cost and size
Measure	CPSF	PFEB
Expense ratio	0.69%	0.79%
Net assets	$37m	$884m
Holdings
Measure	CPSF	PFEB
Holdings in common	not published

Method

Window by window

Window by window: CPSF vs PFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	PFEB	CPSF	PFEB
3 months	+1.2%	+1.4%	+1.6 pts	+1.8 pts
6 months	+2.6%	+4.4%	−1.9 pts	−0.1 pts
1 year	+6.0%	+11.3%	−7.6 pts	−2.3 pts
3 years	–	+44.0%	–	−32.4 pts
Since launchNot the same days: CPSF Feb 2025 · PFEB Feb 2020	+11.0%	+80.0%	−17.3 pts	−56.6 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

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 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 100% 15%

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

Days left 86 88

Starting cap +6.3% +12.4%

Can still gain not published 3.6%

Fall before buffer 4.3% 7.9%

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% +7.9%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets $37m $884m

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. 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, 86 days from now; PFEB runs to Jan 31, 2027, 88 days. A fall from here reaches CPSF’s buffer after 4.3% and PFEB’s after 7.9%. 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.

PFEB

From its price on Nov 4, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.7% 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 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 FJAN CPSF vs DJAN CPSF vs GJAN CPSF vs FEBW PFEB vs JANM PFEB vs FEBP PFEB vs PBFB PFEB 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 →PFEB on its own →Method →Standards and sources →

Sources and dates

CPSF filings on SEC EDGAR ↗

Calamos website ↗

PFEB filings on SEC EDGAR ↗

Innovator page for PFEB ↗

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 PFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsf-vs-pfeb

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