Which resets first, CPSY or ZFEB?

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

Which is cheaper, CPSY or ZFEB?

CPSY charges 0.69% a year and ZFEB charges 0.79%, so CPSY is cheaper. Fees come from each fund's prospectus.

CPSY vs ZFEB: which one stands where?

As of Oct 1, 2026 CPSY can fall 4.5% before its buffer engages and ZFEB 3.7%, and CPSY resets 31 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - January and Innovator Equity Defined Protection ETF - 1 Yr February.

CPSYAt its cap

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

ZFEBAt its cap

ZFEB: reference +10.2% since period start, fund +3.3%; buffer Floor; cap +6.4%; At its cap.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

They do not reset together. CPSY has 92 days of its period left and ZFEB 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; ZFEB runs to Jan 31, 2027, 123 days. A fall from here reaches CPSY’s buffer after 4.5% and ZFEB’s after 3.7%. 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	ZFEB	CPSY	ZFEB
3 months	+1.7%	+1.5%	−0.8 pts	−1.1 pts
6 months	+4.3%	+3.9%	−12.7 pts	−13.1 pts
1 year	+5.9%	+5.7%	−9.8 pts	−10.0 pts

CPSY and ZFEB 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

ZFEB

Innovator Equity Defined Protection ETF - 1 Yr February · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Jan 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 1% to 100% 100%

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

Days left 92 123

Starting cap +5.9% +6.4%

Can still gain not published 2.4%

Fall before buffer 4.5% 3.7%

Protection left, index points 99.5% of 99.5% 100.0% of 100.0%

Index return this period +11.6% +10.2%

Fund return this period +4.2% +3.3%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $29m $151m

CPSY and ZFEB 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.

ZFEB in plain words

SPY had already risen past this fund's cap of +6.4% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.4% as the period runs out. The fund's price can fall 3.7% 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: 100.0% of the 100.0% 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

Which resets first, CPSY or ZFEB?: CPSY ends its outcome period on Jan 1, 2027 and ZFEB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSY or ZFEB?: CPSY charges 0.69% a year and ZFEB charges 0.79%, so CPSY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs PBJA CPSY vs PFEB CPSY vs PJAN CPSY vs PMFB ZFEB vs DDTF ZFEB vs DJAN ZFEB vs FEBP ZFEB vs FEBT

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

Where these figures came from

CPSY filings on SEC EDGAR ↗Calamos website ↗ZFEB filings on SEC EDGAR ↗Innovator page for ZFEB ↗

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 ZFEB, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-zfeb

Open data

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