Which resets first, CPSN or FHDG?

CPSN ends its outcome period on Oct 30, 2026 and FHDG on Nov 20, 2026. A new cap is set the day after each.

Which is cheaper, CPSN or FHDG?

CPSN charges 0.69% a year and FHDG charges 0.85%, so CPSN is cheaper. Fees come from each fund's prospectus.

Open in the app Compare their flows Ask IQ about these two funds

CPSN vs FHDG: Cap, Buffer & Days Left

As of Oct 22, 2026 CPSN can fall 6.2% before its buffer engages and FHDG 0.9%, and CPSN resets 21 days sooner. Net assets: $34m on Oct 22, 2026 for Calamos S&P 500 Structured Alt Protection ETF - November, and $71m on Oct 21, 2026 for FT Vest U.S. Equity Quarterly Dynamic Buffer ETF.

Ask IQ about this page

Ask IQ about CPSN and FHDG

Answers cite the figures on this page.

CPSN costs 0.16 points a year less; their one-year returns differ by 6.4 points; FHDG is 2.1 times larger.

Points (pts) are percentage points.

CPSN vs FHDG: Cap, Buffer & Days Left
	CPSN	FHDG
Expense ratio	0.69%	0.85%
Net assets, as of Oct 21, 2026	$34m	$71m
Total return, 1 year	+6.1%	+12.5%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	10.6%	0.0%

CPSNAt its cap

CPSN: reference +11.8% since period start, fund +5.9%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 22, 2026.

Figures to Oct 22, 2026.

FHDGBuffer working

FHDG: reference −0.2% since period start, fund +0.7%; buffer 0 to −7; cap +3.9%; Buffer working. Figures to Oct 22, 2026.

These are two different products. CPSN is a floor fund, which caps how far a holder can fall. FHDG is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

CPSN is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

CPSN resets first, on Oct 30, 2026, 8 days from now; FHDG runs to Nov 20, 2026, 29 days. A fall from here reaches CPSN’s buffer after 6.2% and FHDG’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSN vs FHDG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	FHDG	CPSN	FHDG
3 months	+2.2%	+3.1%	−1.3 pts	−0.4 pts
6 months	+3.8%	+5.6%	−4.1 pts	−2.2 pts
1 year	+6.1%	+12.5%	−8.3 pts	−1.9 pts
Since launch Not the same days: CPSN Nov 2024 · FHDG Nov 2024	+12.9%	+22.0%	−20.9 pts	−7.9 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

CPSN

Calamos S&P 500 Structured Alt Protection ETF - November · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Oct 30, 2026

FHDG

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF · Absorbs the first 8% of loss on SPY and caps the gain at 3.9%, over a period ending Nov 20, 2026

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 8%

Outcome period Nov 3, 2025 to Oct 30, 2026 Aug 24, 2026 to Nov 20, 2026

Days left 8 29

Starting cap +6.8% +3.9%

Can still gain not published 2.9%

Fall before buffer 6.2% 0.9%

Protection left, index points 100.0% of 100.0% 7.3% of 7.5%

Index return this period +11.8% −0.2%

Fund return this period +5.9% +0.7%

State today At cap Buffer working

Expense ratio 0.69% 0.85%

Net assets, CPSN as of Oct 22, 2026 and FHDG as of Oct 21, 2026 $34m $71m

As of Oct 22, 2026. Source: ETFIQ.

About CPSN

SPY had already risen past this fund's cap of +6.8% for the period on Oct 22, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.2% 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. 8 days remained on Oct 22, 2026. On Oct 30, 2026 the period ends and a new cap is set.

About FHDG

From its price on Oct 22, 2026, the fund can gain about 2.9% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 7.3% of the 7.5% buffer still sits below today's SPY level. 29 days remained on Oct 22, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSN or FHDG?: CPSN ends its outcome period on Oct 30, 2026 and FHDG on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, CPSN or FHDG?: CPSN charges 0.69% a year and FHDG charges 0.85%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSN vs SIXZ CPSN vs DHDG CPSN vs DECU CPSN vs DDFD FHDG vs DECP FHDG vs DECU FHDG vs DDTD FHDG vs DDFD

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSN on its own →FHDG on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSN filings on SEC EDGAR ↗Calamos website ↗FHDG filings on SEC EDGAR ↗First Trust page for FHDG ↗

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, CPSN against FHDG, data as of Oct 22, 2026. https://etfiq.com/compare/buffer/cpsn-vs-fhdg

Open data

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