CPSY vs FEBP: which one stands where?
As of Oct 1, 2026 FEBP can fall 7.9% before its buffer engages and CPSY 4.5%, and CPSY resets 31 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - January and PGIM S&P 500 Buffer 12 ETF - February.
CPSY: reference +11.6% since period start, fund +4.2%; buffer −1 to floor; cap +5.9%; At its cap.
FEBP: reference +10.2% since period start, fund +8.0%; buffer 0 to −12; cap +14.2%; Between buffer and cap.
These are two different products. CPSY is a floor fund, which caps how far a holder can fall. FEBP 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.
They do not reset together. CPSY has 92 days of its period left and FEBP has 123, so the two are not the same bet on the same months.
Where each one stands today
CPSY resets first, on Jan 1, 2027, 92 days from now; FEBP runs to Jan 31, 2027, 123 days. A fall from here reaches CPSY’s buffer after 4.5% and FEBP’s after 7.9%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Total return | Gap to the reference | |||
|---|---|---|---|---|
| Window | CPSY | FEBP | CPSY | FEBP |
| 3 months | +1.7% | +2.8% | −0.8 pts | +0.2 pts |
| 6 months | +4.3% | +11.2% | −12.7 pts | −5.8 pts |
| 1 year | +5.9% | +12.9% | −9.8 pts | −2.8 pts |
CPSY and FEBP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CPSY and FEBP on the same fields, as of Oct 1, 2026. Source: ETFIQ.
CPSY in plain words
SPY had already risen past this fund's cap of +5.9% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Jan 1, 2027 the period ends and a new cap is set.
FEBP in plain words
From its price on Oct 1, 2026, the fund can gain about 5.2% more before it reaches its cap. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 9.2% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 123 days remained on Oct 1, 2026. On Jan 31, 2027 the period ends and a new cap is set.
Questions people ask
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, CPSY against FEBP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-febp
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CPSY against FEBP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-febp Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPSY against FEBP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-febp
- APA
- ETFIQ. (Oct 1, 2026). CPSY against FEBP. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-febp
- Markdown
- [CPSY against FEBP (ETFIQ, Oct 1, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-febp)