Data as of Nov 4, 2026.
CPSA vs PMAU: Cap, Buffer & Days Left
As of Nov 4, 2026 PMAU can fall 1.8% before its buffer engages and CPSA 1.3%, and CPSA resets 1 day sooner.
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Net assets on Nov 4, 2026: $50m for Calamos S&P 500 Structured Alt Protection ETF - August and $6.5m for PGIM S&P 500 Max Buffer ETF - August.
CPSA: reference +1.2% since period start, fund +1.2%; buffer Floor; cap +7.8%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.PMAU: reference +2.6% since period start, fund +1.3%; buffer Floor; cap +7.9%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PMAU costs 0.19 points a year less; their one-year returns differ by 0.4 points; CPSA is 7.7 times larger.
Points (pts) are percentage points.
| Measure | CPSA | PMAU |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.8% | +6.2% |
| Drawdown | ||
| Index fall to the buffer | 1.2% | 2.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.50% |
| Net assets | $50m | $6.5m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSA | PMAU | CPSA | PMAU |
| 3 months | +0.6% | +0.7% | +1.0 pts | +1.1 pts |
| 6 months | +2.6% | +2.8% | −1.9 pts | −1.7 pts |
| 1 year | +5.8% | +6.2% | −7.8 pts | −7.4 pts |
| Since launchNot the same days: CPSA Aug 2024 · PMAU Aug 2025 | +16.6% | +8.3% | −24.6 pts | −15.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
CPSA resets first, on Jul 30, 2027, 268 days from now; PMAU runs to Jul 31, 2027, 269 days. A fall from here reaches CPSA’s buffer after 1.3% and PMAU’s after 1.8%. Both track SPY, so what separates them is where each is in its own period.
CPSA
The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.2% 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. 268 days remained on Nov 4, 2026. On Jul 30, 2027 the period ends and a new cap is set.
PMAU
From its price on Nov 4, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 1.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.6% from today's level to the point where the buffer begins. 269 days remained on Nov 4, 2026. On Jul 31, 2027 the period ends and a new cap is set.
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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSA against PMAU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsa-vs-pmau
ETFIQ. (Nov 4, 2026). CPSA against PMAU. Retrieved from https://etfiq.com/compare/buffer/cpsa-vs-pmau
[CPSA against PMAU (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsa-vs-pmau)
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