Which resets first, BMAY or CPSP?

BMAY ends its outcome period on Apr 30, 2027 and CPSP on Mar 31, 2027. A new cap is set the day after each.

Which is cheaper, BMAY or CPSP?

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

Data as of Nov 4, 2026.

Buffer ETFs

BMAY vs CPSP: Cap, Buffer & Days Left

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As of Nov 4, 2026 BMAY can fall 5.9% before its buffer engages and CPSP 4.0%, and CPSP resets 30 days sooner.

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Net assets on Nov 4, 2026: $182m for Innovator U.S. Equity Buffer ETF - May and $24m for Calamos S&P 500 Structured Alt Protection ETF - April.

BMAY on its own →CPSP on its own →

At a glance

BMAY Between buffer and cap

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.

CPSP At its cap

CPSP: reference +17.0% since period start, fund +3.8%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

CPSP costs 0.10 points a year less; their one-year returns differ by 4.7 points; BMAY is 7.6 times larger.

Points (pts) are percentage points.

BMAY vs CPSP: Cap, Buffer & Days Left
Measure	BMAY	CPSP
Return
Measure	BMAY	CPSP
Total return, 1 year	+10.9%	+6.2%
Drawdown
Measure	BMAY	CPSP
Index fall to the buffer	6.2%	14.5%
Benchmark
Measure	BMAY	CPSP
What it tracks	SPY	SPY
Cost and size
Measure	BMAY	CPSP
Expense ratio	0.79%	0.69%
Net assets	$182m	$24m
Holdings
Measure	BMAY	CPSP
Holdings in common	not published

Method

Window by window

Window by window: BMAY vs CPSP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BMAY	CPSP	BMAY	CPSP
3 months	+0.8%	+1.1%	+1.2 pts	+1.5 pts
6 months	+4.5%	+2.2%	0.0 pts	−2.3 pts
1 year	+10.9%	+6.2%	−2.6 pts	−7.4 pts
3 years	+54.8%	–	−21.6 pts	–
Since launchNot the same days: BMAY May 2020 · CPSP Apr 2025	+93.8%	+10.8%	−77.4 pts	−25.9 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

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 CPSP Calamos S&P 500 Structured Alt Protection ETF - April · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Mar 31, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 100%

Outcome period Apr 30, 2026 to Apr 30, 2027 Apr 1, 2026 to Mar 31, 2027

Days left 177 147

Starting cap +16.9% +6.7%

Can still gain 10.1% not published

Fall before buffer 5.9% 4.0%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +6.7% +17.0%

Fund return this period +5.8% +3.8%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $182m $24m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. CPSP 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.

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

They do not reset together. CPSP has 147 days of its period left and BMAY has 177, so the two are not the same bet on the same months.

Where each one stands today

CPSP resets first, on Mar 31, 2027, 147 days from now; BMAY runs to Apr 30, 2027, 177 days. A fall from here reaches BMAY’s buffer after 5.9% and CPSP’s after 4.0%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

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.

CPSP

SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.5% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BMAY or CPSP?: BMAY ends its outcome period on Apr 30, 2027 and CPSP on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BMAY or CPSP?: BMAY charges 0.79% a year and CPSP charges 0.69%, so CPSP is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAY vs CMAY BMAY vs APXM BMAY vs CTMA BMAY vs CPSM CPSP vs APXM CPSP vs APRW CPSP vs BAPR CPSP vs AAPR

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BMAY on its own →CPSP on its own →Method →Standards and sources →

Sources and dates

BMAY filings on SEC EDGAR ↗

Innovator page for BMAY ↗

CPSP filings on SEC EDGAR ↗

Calamos website ↗

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.

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ETFIQ, BMAY against CPSP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bmay-vs-cpsp

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