CPSY vs FEBU: which one stands where?
As of Oct 1, 2026 FEBU can fall 7.3% 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 Buffer15 Uncapped ETF - Feb.
CPSY: reference +11.6% since period start, fund +4.2%; buffer −1 to floor; cap +5.9%; At its cap.
FEBU: reference +10.2% since period start, fund +7.0%; buffer 0 to −15; no cap; No cap.
These are two different products. CPSY is a floor fund, which caps how far a holder can fall. FEBU 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; FEBU runs to Jan 31, 2027, 121 days. A fall from here reaches CPSY’s buffer after 4.5% and FEBU’s after 7.3%. 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 | FEBU | CPSY | FEBU |
| 3 months | +1.7% | +1.3% | −0.8 pts | −1.2 pts |
| 6 months | +4.3% | +10.8% | −12.7 pts | −6.2 pts |
| 1 year | +5.9% | +10.1% | −9.8 pts | −5.6 pts |
CPSY and FEBU 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 FEBU 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.
FEBU in plain words
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 7.3% 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: 15.0% of the 15.0% 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
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 FEBU, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-febu
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 FEBU, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-febu Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPSY against FEBU, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-febu
- APA
- ETFIQ. (Oct 1, 2026). CPSY against FEBU. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-febu
- Markdown
- [CPSY against FEBU (ETFIQ, Oct 1, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-febu)