Data as of .
CMAY vs CPSM: which one stands where?
As of Sep 21, 2026 CMAY can fall 5.7% before its buffer engages and CPSM 2.0%, and CPSM resets 3 days sooner.
These are two different products. CPSM is a floor fund, which caps how far a holder can fall. CMAY 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
CPSM resets first, on Apr 30, 2027, 221 days from now; CMAY runs to Apr 30, 2027, 224 days. A fall from here reaches CMAY’s buffer after 5.7% and CPSM’s after 2.0%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CMAY | CPSM | CMAY | CPSM | |
| 3 months | +1.3% | +1.0% | −0.9 pts | −1.2 pts |
| 6 months | not published | +2.6% | not published | −15.4 pts |
| 1 year | not published | +4.6% | not published | −11.9 pts |
| CMAY Corgi U.S. Equities 15% Structured Buffer ETF - May Series Absorbs the first 15% of loss on SPY and caps the gain at 11.0%, 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 | Corgi | Calamos |
| Reference index | SPY | SPY |
| Buffer | 15% | 0% to 100% |
| Outcome period | May 1, 2026 to Apr 30, 2027 | May 1, 2026 to Apr 30, 2027 |
| Days left | 224 | 221 |
| Starting cap | +11.0% | +6.5% |
| Can still gain | not published | not published |
| Fall before buffer | 5.7% | 2.0% |
| Protection left, index points | 15.0% of 15.0% | 99.8% of 99.8% |
| Index return this period | +6.0% | +5.7% |
| Fund return this period | +4.1% | +1.8% |
| State today | Open | Open |
| Expense ratio | 0.30% | 0.69% |
| Net assets | $2m | $58m |
CMAY in plain words
The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.7% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 224 days remained on Sep 21, 2026. On Apr 30, 2027 the period ends and a new cap is set.
CPSM in plain words
The fund's price can fall 2.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.6% from today's level to the point where the buffer begins. Protection left, in index points: 99.8% of the 99.8% buffer still sits below today's SPY level. 221 days remained on Sep 21, 2026.
Questions people ask
- Which resets first, CMAY or CPSM?
- CMAY 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, CMAY or CPSM?
- CMAY charges 0.30% a year and CPSM charges 0.69%, so CMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CMAY against CPSM, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cmay-vs-cpsm Free to use with attribution; the underlying files are at Open data.