Which resets first, CPSA or PMAU?

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

Which is cheaper, CPSA or PMAU?

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

CPSA vs PMAU: which one stands where?

As of Oct 2, 2026 PMAU can fall 1.4% before its buffer engages and CPSA 1.0%, and CPSA resets 1 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - August and PGIM S&P 500 Max Buffer ETF - August.

PMAU costs 0.19 points a year less; their one-year returns differ by 0.3 points; CPSA is 7.6 times larger.

	CPSA	PMAU
Expense ratio	0.69%	0.50%
Net assets	$49m	$6m
Total return, 1 year	+5.7%	+6.0%
What it tracks	SPY	SPY
Holdings in common	not published

CPSAFull floor

CPSA: reference +1.6% since period start, fund +1.0%; buffer −0 to floor; cap +7.7%; Full floor.

PMAUFull floor

PMAU: reference +3.0% since period start, fund +0.9%; buffer Floor; cap +7.9%; Full floor.

Where each one stands today

CPSA resets first, on Jul 30, 2027, 301 days from now; PMAU runs to Jul 31, 2027, 302 days. A fall from here reaches CPSA’s buffer after 1.0% and PMAU’s after 1.4%. 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	CPSA	PMAU	CPSA	PMAU
3 months	+1.4%	+1.4%	−2.2 pts	−2.2 pts
6 months	+4.5%	+4.9%	−13.5 pts	−13.0 pts
1 year	+5.7%	+6.0%	−10.6 pts	−10.2 pts

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

On the same fields

CPSA

Calamos S&P 500 ® Structured Alt Protection ETF - August · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.7%, over a period ending Jul 30, 2027

PMAU

PGIM S&P 500 Max Buffer ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.9%, over a period ending Jul 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 0% to 100% 100%

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

Days left 301 302

Starting cap +7.7% +7.9%

Can still gain not published 6.4%

Fall before buffer 1.0% 1.4%

Protection left, index points 99.9% of 99.9% 100.0% of 100.0%

Index return this period +1.6% +3.0%

Fund return this period +1.0% +0.9%

State today Open Open

Expense ratio 0.69% 0.50%

Net assets $49m $6m

CPSA and PMAU on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSA in plain words

The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% from today's level to the point where the buffer begins. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 301 days remained on Oct 2, 2026. On Jul 30, 2027 the period ends and a new cap is set.

PMAU in plain words

From its price on Oct 2, 2026, the fund can gain about 6.4% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.9% 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. 302 days remained on Oct 2, 2026. On Jul 31, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSA vs GJUL CPSA vs HAUG CPSA vs JULM CPSA vs PAUG PMAU vs PAUG PMAU vs UAUG PMAU vs XJUL PMAU vs ZAUG

S&P 500 (SPY) →CPSA on its own →PMAU on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSA filings on SEC EDGAR ↗Calamos website ↗PMAU filings on SEC EDGAR ↗PGIM 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, CPSA against PMAU, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsa-vs-pmau

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.