Data as of .
CPSN vs FOCT: which one stands where?
As of Sep 21, 2026 FOCT can fall 12.4% before its buffer engages and CPSN 5.7%, and FOCT resets 14 days sooner.
These are two different products. CPSN is a floor fund, which caps how far a holder can fall. FOCT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
FOCT resets first, on Oct 16, 2026, 25 days from now; CPSN runs to Oct 30, 2026, 39 days. A fall from here reaches CPSN’s buffer after 5.7% and FOCT’s after 12.4%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSN | FOCT | CPSN | FOCT | |
| 3 months | +1.8% | +3.2% | −0.4 pts | +0.9 pts |
| 6 months | +5.2% | +13.5% | −12.9 pts | −4.6 pts |
| 1 year | +6.1% | +14.1% | −10.5 pts | −2.4 pts |
| 3 years | +5533.2% | +42.6% | +5412.4 pts | −35.8 pts |
| CPSN Calamos S&P 500 ® Structured Alt Protection ETF - November Absorbs losses from 0.6% to 100.0% on SPY and caps the gain at 6.2%, over a period ending Oct 30, 2026 | FOCT FT Vest U.S. Equity Buffer ETF - October Absorbs the first 10% of loss on SPY and caps the gain at 15.1%, over a period ending Oct 16, 2026 | |
|---|---|---|
| Issuer | Calamos | First Trust |
| Reference index | SPY | SPY |
| Buffer | 1% to 100% | 10% |
| Outcome period | Nov 3, 2025 to Oct 30, 2026 | Oct 20, 2025 to Oct 16, 2026 |
| Days left | 39 | 25 |
| Starting cap | +6.2% | +15.1% |
| Can still gain | not published | 0.9% |
| Fall before buffer | 5.7% | 12.4% |
| Protection left, index points | 99.4% of 99.4% | 10.0% of 10.0% |
| Index return this period | +11.5% | +16.5% |
| Fund return this period | +5.5% | +13.2% |
| State today | At cap | At cap |
| Expense ratio | 0.69% | 0.85% |
| Net assets | $34m | $1.2bn |
CPSN in plain words
SPY had already risen past this fund's cap of +6.2% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.8% from today's level to the point where the buffer begins. Protection left, in index points: 99.4% of the 99.4% buffer still sits below today's SPY level. 39 days remained on Sep 21, 2026. On Oct 30, 2026 the period ends and a new cap is set.
FOCT in plain words
SPY had already risen past this fund's cap of +15.1% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.9% as the period runs out. The fund's price can fall 12.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.1% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 25 days remained on Sep 21, 2026. On Oct 16, 2026 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSN or FOCT?
- CPSN ends its outcome period on Oct 30, 2026 and FOCT on Oct 16, 2026. A new cap is set the day after each.
- Which is cheaper, CPSN or FOCT?
- CPSN charges 0.69% a year and FOCT charges 0.85%, so CPSN is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPSN against FOCT, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-foct Free to use with attribution; the underlying files are at Open data.