Data as of Nov 4, 2026.
CPSY vs FDEC: Cap, Buffer & Days Left
As of Nov 4, 2026 FDEC can fall 10.4% before its buffer engages and CPSY 5.0%, and FDEC resets 13 days sooner.
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Net assets: $30m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - January, and $1.3bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - December.
CPSY: reference +12.2% since period start, fund +4.6%; buffer Floor; cap +6.4%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.FDEC: reference +12.7% since period start, fund +10.6%; buffer 0 to −10; cap +14.8%; Between buffer and cap. Data to Nov 4, 2026.
FDEC: reference +12.7% since period start, fund +10.6%; buffer 0 to −10; cap +14.8%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSY costs 0.16 points a year less; their one-year returns differ by 7.6 points; FDEC is far larger, $1.3bn against $30m.
Points (pts) are percentage points.
| Measure | CPSY | FDEC |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.9% | +13.5% |
| Drawdown | ||
| Index fall to the buffer | 10.9% | 11.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.85% |
| Net assets, as of Nov 3, 2026 | $30m | $1.3bn |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSY | FDEC | CPSY | FDEC |
| 3 months | +1.3% | +1.5% | +1.6 pts | +1.9 pts |
| 6 months | +2.7% | +5.1% | −1.8 pts | +0.6 pts |
| 1 year | +5.9% | +13.5% | −7.6 pts | −0.1 pts |
| 3 years | – | +58.0% | – | −18.4 pts |
| Since launchNot the same days: CPSY Jan 2025 · FDEC Dec 2020 | +11.8% | +86.5% | −19.4 pts | −21.9 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. CPSY is a floor fund, which caps how far a holder can fall. FDEC is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
CPSY is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
FDEC resets first, on Dec 18, 2026, 44 days from now; CPSY runs to Dec 31, 2026, 57 days. A fall from here reaches CPSY’s buffer after 5.0% and FDEC’s after 10.4%. Both track SPY, so what separates them is where each is in its own period.
CPSY
SPY had already risen past this fund's cap of +6.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
FDEC
From its price on Nov 4, 2026, the fund can gain about 3.0% more before it reaches its cap. The fund's price can fall 10.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.2% 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. 44 days remained on Nov 4, 2026. On Dec 18, 2026 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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSY against FDEC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsy-vs-fdec
ETFIQ. (Nov 4, 2026). CPSY against FDEC. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-fdec
[CPSY against FDEC (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-fdec)
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