Which resets first, CPSY or FEBT?

CPSY ends its outcome period on Jan 1, 2027 and FEBT on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSY or FEBT?

CPSY charges 0.69% a year and FEBT charges 0.74%, so CPSY is cheaper. Fees come from each fund's prospectus.

CPSY vs FEBT: which one stands where?

As of Oct 1, 2026 FEBT can fall 8.5% before its buffer engages and CPSY 4.5%, and CPSY resets 29 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - January and AllianzIM U.S. Equity Buffer10 ETF - Feb.

CPSYAt its cap

CPSY: reference +11.6% since period start, fund +4.2%; buffer −1 to floor; cap +5.9%; At its cap.

FEBTBetween buffer and cap

FEBT: reference +10.2% since period start, fund +8.4%; buffer 0 to −10; cap +15.5%; Between buffer and cap.

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

CPSY resets first, on Jan 1, 2027, 92 days from now; FEBT runs to Jan 31, 2027, 121 days. A fall from here reaches CPSY’s buffer after 4.5% and FEBT’s after 8.5%. 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	FEBT	CPSY	FEBT
3 months	+1.7%	+2.4%	−0.8 pts	−0.1 pts
6 months	+4.3%	+11.8%	−12.7 pts	−5.2 pts
1 year	+5.9%	+13.7%	−9.8 pts	−2.0 pts
3 years	not published	+60.7%	not published	−24.3 pts

CPSY and FEBT 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

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 5.9%, over a period ending Jan 1, 2027

FEBT

AllianzIM U.S. Equity Buffer10 ETF - Feb · Absorbs the first 10% of loss on SPY and caps the gain at 15.5%, over a period ending Jan 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 1% to 100% 10%

Outcome period Jan 2, 2026 to Jan 1, 2027 Feb 1, 2026 to Jan 31, 2027

Days left 92 121

Starting cap +5.9% +15.5%

Can still gain not published 5.9%

Fall before buffer 4.5% 8.5%

Protection left, index points 99.5% of 99.5% 10.0% of 10.0%

Index return this period +11.6% +10.2%

Fund return this period +4.2% +8.4%

State today At cap Open

Expense ratio 0.69% 0.74%

Net assets $29m $161m

CPSY and FEBT 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.

FEBT in plain words

From its price on Oct 1, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 8.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 9.3% 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. 121 days remained on Oct 1, 2026. On Jan 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSY or FEBT?: CPSY ends its outcome period on Jan 1, 2027 and FEBT on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSY or FEBT?: CPSY charges 0.69% a year and FEBT charges 0.74%, so CPSY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs DECM CPSY vs DJAN CPSY vs FDEC CPSY vs FEBP FEBT vs FEBU FEBT vs FEBW FEBT vs GJAN FEBT vs JANM

S&P 500 (SPY) →CPSY on its own →FEBT on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSY filings on SEC EDGAR ↗Calamos website ↗FEBT filings on SEC EDGAR ↗AllianzIM page for FEBT ↗

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.

Cite this page

ETFIQ, CPSY against FEBT, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-febt

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.