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.

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CPSN vs FOCT: Cap, Buffer & Days Left

As of Oct 9, 2026 FOCT can fall 13.1% before its buffer engages and CPSN 6.1%, and FOCT resets 14 days sooner. Net assets on Oct 9, 2026: $34m for Calamos S&P 500 ® Structured Alt Protection ETF - November and $1.2bn for FT Vest U.S. Equity Buffer ETF - October.

CPSN costs 0.16 points a year less; their one-year returns differ by 8.1 points; FOCT is far larger, $1.2bn against $34m.

	CPSN	FOCT
Expense ratio	0.69%	0.85%
Net assets	$34m	$1.2bn
Total return, 1 year	+6.3%	+14.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.2%	14.7%

CPSNAt its cap

CPSN: reference +13.9% since period start, fund +5.8%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

FOCTAt its cap

FOCT: reference +17.2% since period start, fund +14.1%; buffer 0 to −10; cap +15.1%; At its cap. Figures to Oct 9, 2026.

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.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

FOCT resets first, on Oct 16, 2026, 7 days from now; CPSN runs to Oct 30, 2026, 21 days. A fall from here reaches CPSN’s buffer after 6.1% and FOCT’s after 13.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	CPSN	FOCT	CPSN	FOCT
3 months	+1.8%	+3.8%	−1.3 pts	+0.7 pts
6 months	+4.6%	+11.1%	−9.9 pts	−3.5 pts
1 year	+6.3%	+14.4%	−9.8 pts	−1.6 pts
3 years	not published	+47.4%	not published	−31.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

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

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 100% 10%

Outcome period Nov 3, 2025 to Oct 30, 2026 Oct 20, 2025 to Oct 16, 2026

Days left 21 7

Starting cap +6.8% +15.1%

Can still gain not published 0.1%

Fall before buffer 6.1% 13.1%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +13.9% +17.2%

Fund return this period +5.8% +14.1%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets $34m $1.2bn

As of Oct 9, 2026. Source: ETFIQ.

CPSN in plain words

SPY had already risen past this fund's cap of +6.8% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.2% 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. 21 days remained on Oct 9, 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 Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.1% as the period runs out. The fund's price can fall 13.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% 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. 7 days remained on Oct 9, 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

CPSN vs FNOV CPSN vs PDEC CPSN vs PNOV CPSN vs DOCT FOCT vs NVBU FOCT vs DDTN FOCT vs NOVP FOCT vs OCTM

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

Where these figures came from

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

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 page

ETFIQ, CPSN against FOCT, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsn-vs-foct

Open data

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