Which resets first, CPSR or FFEB?

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

Which is cheaper, CPSR or FFEB?

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

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CPSR vs FFEB: Cap, Buffer & Days Left

As of Oct 13, 2026 FFEB can fall 9.3% before its buffer engages and CPSR 3.5%, and FFEB resets 7 days sooner. Net assets on Oct 13, 2026: $34m for Calamos S&P 500 ® Structured Alt Protection ETF - March and $1.4bn for FT Vest U.S. Equity Buffer ETF - February.

CPSR costs 0.16 points a year less; their one-year returns differ by 9.3 points; FFEB is far larger, $1.4bn against $34m.

Points (pts) are percentage points.

CPSR vs FFEB: Cap, Buffer & Days Left
	CPSR	FFEB
Expense ratio	0.69%	0.85%
Net assets	$34m	$1.4bn
Total return, 1 year	+5.9%	+15.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.8%	11.4%

CPSRAt its cap

CPSR: reference +13.3% since period start, fund +3.3%; buffer Floor; cap +6.2%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

FFEBBetween buffer and cap

FFEB: reference +12.8% since period start, fund +9.3%; buffer 0 to −10; cap +15.0%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. CPSR is a floor fund, which caps how far a holder can fall. FFEB 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

FFEB resets first, on Feb 19, 2027, 129 days from now; CPSR runs to Feb 26, 2027, 136 days. A fall from here reaches CPSR’s buffer after 3.5% and FFEB’s after 9.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSR vs FFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSR	FFEB	CPSR	FFEB
3 months	+1.5%	+3.1%	−2.0 pts	−0.4 pts
6 months	+2.9%	+8.3%	−9.1 pts	−3.7 pts
1 year	+5.9%	+15.2%	−11.5 pts	−2.2 pts
3 years	not published	+61.0%	not published	−19.3 pts
Since launch Not the same days: CPSR Mar 2025 · FFEB Feb 2020	+10.8%	+110.0%	−22.5 pts	−31.3 pts

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

On the same fields

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

FFEB

FT Vest U.S. Equity Buffer ETF - February · Absorbs the first 10% of loss on SPY and caps the gain at 15.0%, over a period ending Feb 19, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 10%

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

Days left 136 129

Starting cap +6.2% +15.0%

Can still gain not published 4.5%

Fall before buffer 3.5% 9.3%

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

Index return this period +13.3% +12.8%

Fund return this period +3.3% +9.3%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets $34m $1.4bn

As of Oct 13, 2026. Source: ETFIQ.

About CPSR

SPY had already risen past this fund's cap of +6.2% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.8% 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. 136 days remained on Oct 13, 2026. On Feb 26, 2027 the period ends and a new cap is set.

About FFEB

From its price on Oct 13, 2026, the fund can gain about 4.5% more before it reaches its cap. The fund's price can fall 9.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% 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. 129 days remained on Oct 13, 2026. On Feb 19, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSR vs PMAR CPSR vs DFEB CPSR vs GFEB CPSR vs UMAR FFEB vs MARU FFEB vs PBMR FFEB vs MRCP FFEB vs MART

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

Where these figures came from

CPSR filings on SEC EDGAR ↗CPSR prospectus with the expense ratio (SEC) ↗Calamos website ↗FFEB filings on SEC EDGAR ↗First Trust page for FFEB ↗

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, CPSR against FFEB, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsr-vs-ffeb

Open data

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