Which resets first, BMAY or CPSM?

BMAY ends its outcome period on Apr 30, 2027 and CPSM on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, BMAY or CPSM?

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

BMAY vs CPSM: which one stands where?

As of Oct 2, 2026 BMAY can fall 5.8% before its buffer engages and CPSM 2.2%. Innovator U.S. Equity Buffer ETF - May and Calamos S&P 500 ® Structured Alt Protection ETF - May.

CPSM costs 0.10 points a year less; their one-year returns differ by 6.4 points; BMAY is 4.1 times larger.

	BMAY	CPSM
Expense ratio	0.79%	0.69%
Net assets	$239m	$59m
Total return, 1 year	+11.1%	+4.7%
What it tracks	SPY	SPY
Holdings in common	not published

BMAYBetween buffer and cap

BMAY: reference +7.1% since period start, fund +5.7%; buffer 0 to −9; cap +16.9%; Between buffer and cap.

CPSMAt its cap

CPSM: reference +6.8% since period start, fund +2.0%; buffer −0 to floor; cap +6.5%; At its cap.

These are two different products. CPSM is a floor fund, which caps how far a holder can fall. BMAY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

CPSM is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

BMAY resets first, on Apr 30, 2027, 210 days from now; CPSM runs to Apr 30, 2027, 210 days. A fall from here reaches BMAY’s buffer after 5.8% and CPSM’s after 2.2%. 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	BMAY	CPSM	BMAY	CPSM
3 months	+3.0%	+1.2%	−0.6 pts	−2.4 pts
6 months	+8.1%	+2.6%	−9.8 pts	−15.4 pts
1 year	+11.1%	+4.7%	−5.1 pts	−11.6 pts
3 years	+58.6%	not published	−30.7 pts	not published

BMAY and CPSM over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BMAY

Innovator U.S. Equity Buffer ETF - May · Absorbs the first 9% of loss on SPY and caps the gain at 16.9%, over a period ending Apr 30, 2027

CPSM

Calamos S&P 500 ® Structured Alt Protection ETF - May · Absorbs losses from 0.2% to 100.0% on SPY and caps the gain at 6.5%, over a period ending Apr 30, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 0% to 100%

Outcome period Apr 30, 2026 to Apr 30, 2027 May 1, 2026 to Apr 30, 2027

Days left 210 210

Starting cap +16.9% +6.5%

Can still gain 10.3% not published

Fall before buffer 5.8% 2.2%

Protection left, index points 9.0% of 9.0% 99.8% of 99.8%

Index return this period +7.1% +6.8%

Fund return this period +5.7% +2.0%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $239m $59m

BMAY and CPSM on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BMAY in plain words

From its price on Oct 2, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.6% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 210 days remained on Oct 2, 2026. On Apr 30, 2027 the period ends and a new cap is set.

CPSM in plain words

SPY had already risen past this fund's cap of +6.5% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 2.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 99.8% of the 99.8% buffer still sits below today's SPY level.

Questions people ask

Which resets first, BMAY or CPSM?: BMAY ends its outcome period on Apr 30, 2027 and CPSM on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or CPSM?: BMAY charges 0.79% a year and CPSM charges 0.69%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs CMAY BMAY vs MAYT BMAY vs MAYU BMAY vs MAYW CPSM vs CJUN CPSM vs CPSU CPSM vs CTJN CPSM vs CTMA

SPY →BMAY on its own →CPSM on its own →How every figure is computed →Standards and sources →

Where these figures came from

BMAY filings on SEC EDGAR ↗Innovator page for BMAY ↗CPSM filings on SEC EDGAR ↗Calamos website ↗

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, BMAY against CPSM, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bmay-vs-cpsm

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.