Data as of Nov 4, 2026.
BMAY vs CPSM: Cap, Buffer & Days Left
As of Nov 4, 2026 BMAY can fall 5.9% before its buffer engages and CPSM 2.6%.
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Net assets on Nov 4, 2026: $182m for Innovator U.S. Equity Buffer ETF - May and $59m for Calamos S&P 500 Structured Alt Protection ETF - May.
BMAY: reference +6.7% since period start, fund +5.8%; buffer 0 to −9; cap +16.9%; Between buffer and cap. Data to Nov 4, 2026.
BMAY: reference +6.7% since period start, fund +5.8%; buffer 0 to −9; cap +16.9%; Between buffer and cap. Data to Nov 4, 2026.CPSM: reference +6.4% since period start, fund +2.3%; buffer Floor; cap +6.7%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
CPSM costs 0.10 points a year less; their one-year returns differ by 6.1 points; BMAY is 3.1 times larger.
Points (pts) are percentage points.
| Measure | BMAY | CPSM |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.9% | +4.8% |
| Drawdown | ||
| Index fall to the buffer | 6.2% | 6.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.69% |
| Net assets | $182m | $59m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BMAY | CPSM | BMAY | CPSM |
| 3 months | +0.8% | +1.0% | +1.2 pts | +1.3 pts |
| 6 months | +4.5% | +2.1% | 0.0 pts | −2.4 pts |
| 1 year | +10.9% | +4.8% | −2.6 pts | −8.7 pts |
| 3 years | +54.8% | – | −21.6 pts | – |
| Since launchNot the same days: BMAY May 2020 · CPSM May 2024 | +93.8% | +18.8% | −77.4 pts | −34.5 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. 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.
Where each one stands today
BMAY resets first, on Apr 30, 2027, 177 days from now; CPSM runs to Apr 30, 2027, 177 days. A fall from here reaches BMAY’s buffer after 5.9% and CPSM’s after 2.6%. Both track SPY, so what separates them is where each is in its own period.
BMAY
From its price on Nov 4, 2026, the fund can gain about 10.1% more before it reaches its cap. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
CPSM
The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.0% 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.
Questions people ask
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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.
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ETFIQ, BMAY against CPSM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bmay-vs-cpsm
ETFIQ. (Nov 4, 2026). BMAY against CPSM. Retrieved from https://etfiq.com/compare/buffer/bmay-vs-cpsm
[BMAY against CPSM (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bmay-vs-cpsm)
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