Data as of Nov 4, 2026.
CPSY vs UFEB: Cap, Buffer & Days Left
As of Nov 4, 2026 UFEB can fall 12.0% before its buffer engages and CPSY 5.0%, and CPSY resets 31 days sooner.
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Net assets on Nov 4, 2026: $30m for Calamos S&P 500 Structured Alt Protection ETF - January and $165m for Innovator U.S. Equity Ultra Buffer ETF - Feb.
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.UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.
UFEB: reference +10.8% since period start, fund +7.2%; buffer −5 to −35; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSY costs 0.10 points a year less; their one-year returns differ by 4.6 points; UFEB is 5.5 times larger.
Points (pts) are percentage points.
| Measure | CPSY | UFEB |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.9% | +10.5% |
| Drawdown | ||
| Index fall to the buffer | 10.9% | 14.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $30m | $165m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSY | UFEB | CPSY | UFEB |
| 3 months | +1.3% | +1.5% | +1.6 pts | +1.8 pts |
| 6 months | +2.7% | +4.2% | −1.8 pts | −0.3 pts |
| 1 year | +5.9% | +10.5% | −7.6 pts | −3.0 pts |
| 3 years | – | +42.7% | – | −33.7 pts |
| Since launchNot the same days: CPSY Jan 2025 · UFEB Feb 2020 | +11.8% | +61.7% | −19.4 pts | −74.9 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. UFEB 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 57 days of its period left and UFEB has 88, so the two are not the same bet on the same months.
Where each one stands today
CPSY resets first, on Dec 31, 2026, 57 days from now; UFEB runs to Jan 31, 2027, 88 days. A fall from here reaches CPSY’s buffer after 5.0% and UFEB’s after 12.0%. 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.
UFEB
From its price on Nov 4, 2026, the fund can gain about 3.3% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.2% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
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 UFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsy-vs-ufeb
ETFIQ. (Nov 4, 2026). CPSY against UFEB. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-ufeb
[CPSY against UFEB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-ufeb)
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