Which resets first, CPSR or FEBM?

CPSR ends its outcome period on Feb 26, 2027 and FEBM on Feb 19, 2027. A new cap is set the day after each.

Which is cheaper, CPSR or FEBM?

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

Data as of Nov 4, 2026.

Buffer ETFs

CPSR vs FEBM: Cap, Buffer & Days Left

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As of Nov 4, 2026 FEBM can fall 4.7% before its buffer engages and CPSR 3.7%, and FEBM 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 $46m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - February.

CPSR on its own →FEBM on its own →

At a glance

CPSR At its cap

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.

FEBM At its cap

FEBM: reference +11.2% since period start, fund +4.1%; buffer 0 to −47; cap +7.0%; At its cap. Data to Nov 4, 2026.

Pair scorecard

CPSR costs 0.16 points a year less; their one-year returns differ by 0.4 points; FEBM is 1.4 times larger.

Points (pts) are percentage points.

CPSR vs FEBM: Cap, Buffer & Days Left
Measure	CPSR	FEBM
Return
Measure	CPSR	FEBM
Total return, 1 year	+5.7%	+6.1%
Drawdown
Measure	CPSR	FEBM
Index fall to the buffer	10.5%	10.1%
Benchmark
Measure	CPSR	FEBM
What it tracks	SPY	SPY
Cost and size
Measure	CPSR	FEBM
Expense ratio	0.69%	0.85%
Net assets, as of Nov 3, 2026	$34m	$46m
Holdings
Measure	CPSR	FEBM
Holdings in common	not published

Method

Window by window

Window by window: CPSR vs FEBM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSR	FEBM	CPSR	FEBM
3 months	+1.1%	+1.0%	+1.4 pts	+1.4 pts
6 months	+2.2%	+2.6%	−2.3 pts	−1.9 pts
1 year	+5.7%	+6.1%	−7.9 pts	−7.4 pts
Since launchNot the same days: CPSR Mar 2025 · FEBM Feb 2025	+10.9%	+10.6%	−20.5 pts	−17.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

CPSR Calamos S&P 500 Structured Alt Protection ETF - March · Absorbs the whole loss on SPY and caps the gain at 6.2%, over a period ending Feb 26, 2027 FEBM FT Vest U.S. Equity Max Buffer ETF - February · Absorbs the first 47% of loss on SPY and caps the gain at 7.0%, over a period ending Feb 19, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 47%

Outcome period Mar 2, 2026 to Feb 26, 2027 Feb 23, 2026 to Feb 19, 2027

Days left 114 107

Starting cap +6.2% +7.0%

Can still gain not published 2.0%

Fall before buffer 3.7% 4.7%

Protection left, index points 100.0% of 100.0% 47.3% of 47.3%

Index return this period +11.7% +11.2%

Fund return this period +3.4% +4.1%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets, CPSR as of Nov 4, 2026 and FEBM as of Nov 3, 2026 $34m $46m

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. FEBM 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

FEBM 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 FEBM’s after 4.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

FEBM

SPY had already risen past this fund's cap of +7.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.0% as the period runs out. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.1% from today's level to the point where the buffer begins. Protection left, in index points: 47.3% of the 47.3% 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

Which resets first, CPSR or FEBM?: CPSR ends its outcome period on Feb 26, 2027 and FEBM on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, CPSR or FEBM?: CPSR charges 0.69% a year and FEBM charges 0.85%, so CPSR is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSR vs MRCP CPSR vs MARU CPSR vs DLFE CPSR vs MART FEBM vs MARU FEBM vs MART FEBM vs FFEB FEBM vs MRCP

Where to next

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSR on its own →FEBM on its own →Method →Standards and sources →

Sources and dates

CPSR filings on SEC EDGAR ↗

Calamos website ↗

FEBM filings on SEC EDGAR ↗

First Trust page for FEBM ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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 FEBM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsr-vs-febm

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