CPSA vs PMSE: Cap, Buffer & Days Left
As of Oct 22, 2026 CPSA can fall 1.1% before its buffer engages and PMSE 0.9%, and CPSA resets 32 days sooner. Net assets on Oct 22, 2026: $50m for Calamos S&P 500 Structured Alt Protection ETF - August and $7m for PGIM S&P 500 Max Buffer ETF - September.
PMSE costs 0.19 points a year less; both returned +5.6% over a year; CPSA is 6.6 times larger.
Points (pts) are percentage points.
| CPSA | PMSE | |
|---|---|---|
| Expense ratio | 0.69% | 0.50% |
| Net assets | $50m | $7m |
| Total return, 1 year | +5.6% | +5.6% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 0.8% | 0.0% |
CPSA: reference +0.8% since period start, fund +1.0%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 22, 2026.
Figures to Oct 22, 2026.
PMSE: reference −0.4% since period start, fund +0.4%; buffer Floor; cap +8.3%; Buffer working. Figures to Oct 22, 2026.
Figures to Oct 22, 2026.
They do not reset together. CPSA has 281 days of its period left and PMSE has 313, so the two are not the same bet on the same months.
Where each one stands today
CPSA resets first, on Jul 30, 2027, 281 days from now; PMSE runs to Aug 31, 2027, 313 days. A fall from here reaches CPSA’s buffer after 1.1% and PMSE’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSA | PMSE | CPSA | PMSE |
| 3 months | +1.2% | +1.2% | −2.3 pts | −2.3 pts |
| 6 months | +3.0% | +2.9% | −4.8 pts | −4.9 pts |
| 1 year | +5.6% | +5.6% | −8.8 pts | −8.8 pts |
| Since launch Not the same days: CPSA Aug 2024 · PMSE Sep 2025 | +16.4% | +6.9% | −24.3 pts | −12.4 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
As of Oct 22, 2026. Source: ETFIQ.
About CPSA
The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.8% 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. 281 days remained on Oct 22, 2026. On Jul 30, 2027 the period ends and a new cap is set.
About PMSE
From its price on Oct 22, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 99.6% of the 100.0% buffer still sits below today's SPY level. 313 days remained on Oct 22, 2026. On Aug 31, 2027 the period ends and a new cap is set.
Questions people ask
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 PMSE, data as of Oct 22, 2026. https://etfiq.com/compare/buffer/cpsa-vs-pmse
ETFIQ. (Oct 22, 2026). CPSA against PMSE. Retrieved from https://etfiq.com/compare/buffer/cpsa-vs-pmse
[CPSA against PMSE (ETFIQ, Oct 22, 2026)](https://etfiq.com/compare/buffer/cpsa-vs-pmse)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.