CTE placement of Where clause

Is there a difference performance wise between these 2 examples:

WITH CTE1    AS (      SELECT        Col1,        Col2,        Col3      FROM dbo.Table1            WHERE Col3 = '1'    )select * from CTE1WITH CTE1    AS (      SELECT        Col1,        Col2,        Col3      FROM dbo.Table1          )select * from CTE1  WHERE Col3 = '1'

We're using a CTE as a subselect within some dynamic sql and can't apply the where clause until the 'select from CTE' happens. Our actual query is much more complicated than this. But, I'm wondering if it will be more performant to not use a CTE. Will the second example actually pull all of the rows from the table and then apply filtering? Or are these functionally equivalent? We use SQL Server.