Which resets first, CPSY or SQMX?

CPSY ends its outcome period on Dec 31, 2026 and SQMX on Dec 18, 2026. A new cap is set the day after each.

Which is cheaper, CPSY or SQMX?

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

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CPSY vs SQMX: Cap, Buffer & Days Left

As of Oct 13, 2026 CPSY can fall 4.7% before its buffer engages and SQMX 1.1%, and SQMX resets 13 days sooner. Net assets on Oct 12, 2026: $29m for Calamos S&P 500 ® Structured Alt Protection ETF - January and $55m for FT Vest U.S. Equity Quarterly Max Buffer ETF.

CPSY costs 0.16 points a year less; their one-year returns differ by 1.9 points; SQMX is 1.9 times larger.

Points (pts) are percentage points.

CPSY vs SQMX: Cap, Buffer & Days Left
	CPSY	SQMX
Expense ratio	0.69%	0.85%
Net assets, as of Oct 12, 2026	$29m	$55m
Total return, 1 year	+6.4%	+8.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.2%	2.0%

CPSYAt its cap

CPSY: reference +13.9% since period start, fund +4.4%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

SQMXBetween buffer and cap

SQMX: reference +2.0% since period start, fund +0.9%; buffer 0 to −12; cap +3.0%; Between buffer and cap. Figures to Oct 13, 2026.

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

SQMX resets first, on Dec 18, 2026, 66 days from now; CPSY runs to Dec 31, 2026, 79 days. A fall from here reaches CPSY’s buffer after 4.7% and SQMX’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSY vs SQMX: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSY	SQMX	CPSY	SQMX
3 months	+1.8%	+2.3%	−2.1 pts	−1.6 pts
6 months	+3.6%	+4.2%	−9.8 pts	−9.3 pts
1 year	+6.4%	+8.3%	−12.7 pts	−10.9 pts
Since launch Not the same days: CPSY Jan 2025 · SQMX Dec 2024	+11.6%	+13.8%	−21.5 pts	−17.0 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

CPSY

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Dec 31, 2026

SQMX

FT Vest U.S. Equity Quarterly Max Buffer ETF · Absorbs the first 12% of loss on SPY and caps the gain at 3.0%, over a period ending Dec 18, 2026

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 12%

Outcome period Jan 2, 2026 to Dec 31, 2026 Sep 21, 2026 to Dec 18, 2026

Days left 79 66

Starting cap +6.4% +3.0%

Can still gain not published 1.9%

Fall before buffer 4.7% 1.1%

Protection left, index points 100.0% of 100.0% 12.5% of 12.5%

Index return this period +13.9% +2.0%

Fund return this period +4.4% +0.9%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets, as of Oct 12, 2026 $29m $55m

As of Oct 13, 2026. Source: ETFIQ.

About CPSY

SPY had already risen past this fund's cap of +6.4% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.2% 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. 79 days remained on Oct 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About SQMX

From its price on Oct 13, 2026, the fund can gain about 1.9% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 66 days remained on Oct 13, 2026. On Dec 18, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSY or SQMX?: CPSY ends its outcome period on Dec 31, 2026 and SQMX on Dec 18, 2026. A new cap is set the day after each.
Which is cheaper, CPSY or SQMX?: CPSY charges 0.69% a year and SQMX charges 0.85%, so CPSY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs QBSF CPSY vs JANU CPSY vs XBJA CPSY vs QBSV SQMX vs PQV SQMX vs QBSV SQMX vs TJAN SQMX vs DECM

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

Where these figures came from

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

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, CPSY against SQMX, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsy-vs-sqmx

Open data

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