Which resets first, CPSN or SQBA?

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

Which is cheaper, CPSN or SQBA?

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

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CPSN vs SQBA: Cap, Buffer & Days Left

As of Oct 21, 2026 CPSN can fall 6.3% before its buffer engages and SQBA 1.1%, and CPSN resets 21 days sooner. Net assets on Oct 21, 2026: $34m for Calamos S&P 500 Structured Alt Protection ETF - November and $3m for FT Vest U.S. Equity Quarterly 15 Buffer ETF.

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Answers cite the figures on this page.

CPSN costs 0.16 points a year less; CPSN is 11.0 times larger.

Points (pts) are percentage points.

CPSN vs SQBA: Cap, Buffer & Days Left
	CPSN	SQBA
Expense ratio	0.69%	0.85%
Net assets	$34m	$3m
Total return, 1 year	+6.2%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.6%	1.0%

CPSNAt its cap

CPSN: reference +13.1% since period start, fund +6.0%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

SQBABetween buffer and cap

SQBA: reference +1.0% since period start, fund +0.9%; buffer 0 to −15; cap +2.6%; Between buffer and cap. Figures to Oct 21, 2026.

These are two different products. CPSN is a floor fund, which caps how far a holder can fall. SQBA 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, 9 days from now; SQBA runs to Nov 20, 2026, 30 days. A fall from here reaches CPSN’s buffer after 6.3% and SQBA’s after 1.1%. 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 SQBA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	SQBA	CPSN	SQBA
3 months	+2.0%	–	−1.4 pts	–
6 months	+3.8%	–	−4.9 pts	–
1 year	+6.2%	–	−9.0 pts	–
Since launch Not the same days: CPSN Nov 2024 · SQBA Aug 2026	+13.0%	+1.0%	−22.4 pts	−0.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. 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

SQBA

FT Vest U.S. Equity Quarterly 15 Buffer ETF · Absorbs the first 15% of loss on SPY and caps the gain at 2.6%, over a period ending Nov 20, 2026

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 15%

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

Days left 9 30

Starting cap +6.8% +2.6%

Can still gain not published 1.4%

Fall before buffer 6.3% 1.1%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +13.1% +1.0%

Fund return this period +6.0% +0.9%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets $34m $3m

As of Oct 21, 2026. Source: ETFIQ.

About CPSN

SPY had already risen past this fund's cap of +6.8% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.6% 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. 9 days remained on Oct 21, 2026. On Oct 30, 2026 the period ends and a new cap is set.

About SQBA

From its price on Oct 21, 2026, the fund can gain about 1.4% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.0% 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. 30 days remained on Oct 21, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSN vs PMDE CPSN vs DDFD CPSN vs NVBW CPSN vs UNOV SQBA vs DECP SQBA vs PBDE SQBA vs NOVM SQBA vs XNOV

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

Where these figures came from

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

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 SQBA, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-sqba

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