Which resets first, CPSA or PBAU?

CPSA ends its outcome period on Jul 30, 2027 and PBAU on Jul 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSA or PBAU?

CPSA charges 0.69% a year and PBAU charges 0.50%, so PBAU is cheaper. Fees come from each fund's prospectus.

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CPSA vs PBAU: Cap, Buffer & Days Left

As of Oct 13, 2026 PBAU can fall 2.8% before its buffer engages and CPSA 1.2%, and CPSA resets 1 day sooner. Net assets: $50m on Oct 12, 2026 for Calamos S&P 500 ® Structured Alt Protection ETF - August, and $40m on Oct 13, 2026 for PGIM S&P 500 Buffer 20 ETF - August .

PBAU costs 0.19 points a year less; their one-year returns differ by 4.8 points; CPSA is 1.2 times larger.

Points (pts) are percentage points.

CPSA vs PBAU: Cap, Buffer & Days Left
	CPSA	PBAU
Expense ratio	0.69%	0.50%
Net assets, as of Oct 12, 2026	$50m	$40m
Total return, 1 year	+6.3%	+11.1%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.6%	3.9%

CPSAFull floor

CPSA: reference +2.7% since period start, fund +1.1%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

PBAUBetween buffer and cap

PBAU: reference +4.0% since period start, fund +2.3%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. CPSA is a floor fund, which caps how far a holder can fall. PBAU 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

CPSA resets first, on Jul 30, 2027, 290 days from now; PBAU runs to Jul 31, 2027, 291 days. A fall from here reaches CPSA’s buffer after 1.2% and PBAU’s after 2.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSA vs PBAU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSA	PBAU	CPSA	PBAU
3 months	+1.4%	+2.7%	−2.4 pts	−1.2 pts
6 months	+3.6%	+6.5%	−9.8 pts	−6.9 pts
1 year	+6.3%	+11.1%	−12.9 pts	−8.1 pts
Since launch Not the same days: CPSA Aug 2024 · PBAU May 2024	+16.6%	+29.2%	−26.7 pts	−20.1 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

CPSA

Calamos S&P 500 ® Structured Alt Protection ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.8%, over a period ending Jul 30, 2027

PBAU

PGIM S&P 500 Buffer 20 ETF - August · Absorbs the first 20% of loss on SPY and caps the gain at 12.2%, over a period ending Jul 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Aug 3, 2026 to Jul 30, 2027 Aug 1, 2026 to Jul 31, 2027

Days left 290 291

Starting cap +7.8% +12.2%

Can still gain not published 9.1%

Fall before buffer 1.2% 2.8%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +2.7% +4.0%

Fund return this period +1.1% +2.3%

State today Open Open

Expense ratio 0.69% 0.50%

Net assets, CPSA as of Oct 12, 2026 and PBAU as of Oct 13, 2026 $50m $40m

As of Oct 13, 2026. Source: ETFIQ.

About CPSA

The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.6% 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. 290 days remained on Oct 13, 2026. On Jul 30, 2027 the period ends and a new cap is set.

About PBAU

From its price on Oct 13, 2026, the fund can gain about 9.1% more before it reaches its cap. The fund's price can fall 2.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.9% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 291 days remained on Oct 13, 2026. On Jul 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSA or PBAU?: CPSA ends its outcome period on Jul 30, 2027 and PBAU on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSA or PBAU?: CPSA charges 0.69% a year and PBAU charges 0.50%, so PBAU is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSA vs SEPT CPSA vs XJUL CPSA vs JULM CPSA vs SEPP PBAU vs CPSJ PBAU vs XJUL PBAU vs DJUL PBAU vs PAUG

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSA on its own →PBAU on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSA filings on SEC EDGAR ↗CPSA prospectus with the expense ratio (SEC) ↗Calamos website ↗PBAU filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSA against PBAU, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsa-vs-pbau

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.