Data as of Nov 4, 2026.
CPSR vs DFEB: Cap, Buffer & Days Left
As of Nov 4, 2026 DFEB can fall 12.2% before its buffer engages and CPSR 3.7%, and DFEB resets 7 days sooner.
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Net assets: $34m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - March, and $456m on Nov 3, 2026 for FT Vest U.S. Equity Deep Buffer ETF - February.
CPSR: reference +11.7% since period start, fund +3.4%; buffer Floor; cap +6.2%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.DFEB: reference +11.2% since period start, fund +7.2%; buffer −5 to −30; cap +11.9%; Between buffer and cap. Data to Nov 4, 2026.
DFEB: reference +11.2% since period start, fund +7.2%; buffer −5 to −30; cap +11.9%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSR costs 0.16 points a year less; their one-year returns differ by 5.4 points; DFEB is 13.4 times larger.
Points (pts) are percentage points.
| Measure | CPSR | DFEB |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.7% | +11.1% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | 14.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.85% |
| Net assets, as of Nov 3, 2026 | $34m | $456m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSR | DFEB | CPSR | DFEB |
| 3 months | +1.1% | +1.4% | +1.4 pts | +1.8 pts |
| 6 months | +2.2% | +4.1% | −2.3 pts | −0.4 pts |
| 1 year | +5.7% | +11.1% | −7.9 pts | −2.4 pts |
| 3 years | – | +47.2% | – | −29.2 pts |
| Since launchNot the same days: CPSR Mar 2025 · DFEB Feb 2020 | +10.9% | +71.4% | −20.5 pts | −66.4 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSR is a floor fund, which caps how far a holder can fall. DFEB is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
CPSR is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
DFEB resets first, on Feb 19, 2027, 107 days from now; CPSR runs to Feb 26, 2027, 114 days. A fall from here reaches CPSR’s buffer after 3.7% and DFEB’s after 12.2%. Both track SPY, so what separates them is where each is in its own period.
CPSR
SPY had already risen past this fund's cap of +6.2% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% 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. 114 days remained on Nov 4, 2026. On Feb 26, 2027 the period ends and a new cap is set.
DFEB
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 12.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.6% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.
Questions people ask
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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, CPSR against DFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsr-vs-dfeb
ETFIQ. (Nov 4, 2026). CPSR against DFEB. Retrieved from https://etfiq.com/compare/buffer/cpsr-vs-dfeb
[CPSR against DFEB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsr-vs-dfeb)
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