Data as of Nov 4, 2026.
CPSD vs PBDE: Cap, Buffer & Days Left
As of Nov 4, 2026 PBDE can fall 9.0% before its buffer engages and CPSD 5.8%.
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Net assets on Nov 4, 2026: $46m for Calamos S&P 500 Structured Alt Protection ETF - December and $39m for PGIM S&P 500 Buffer 20 ETF - December.
CPSD: reference +12.7% since period start, fund +5.5%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.PBDE: reference +12.2% since period start, fund +9.3%; buffer 0 to −20; cap +11.1%; At its cap. Data to Nov 4, 2026.
PBDE: reference +12.2% since period start, fund +9.3%; buffer 0 to −20; cap +11.1%; At its cap. Data to Nov 4, 2026.Pair scorecard
PBDE costs 0.19 points a year less; their one-year returns differ by 4.4 points; CPSD is 1.2 times larger.
Points (pts) are percentage points.
| Measure | CPSD | PBDE |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.3% | +10.7% |
| Drawdown | ||
| Index fall to the buffer | 11.3% | 10.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.50% |
| Net assets | $46m | $39m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Dec 13, 2024 to Oct 30, 2026 · 98 weekly returns · each against SPYFrom Dec 2024 to Oct 2026, PBDE returned more: +19.4% to +12.4%. CPSD swung less: 2.9% to 6.5%. CPSD fell less at its worst: −3.0% to −7.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | CPSD | PBDE | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +12.4% | +19.4% | PBDE | Price change plus distributions, reinvested. | |
| Annualized | +6.4% | +9.9% | PBDE | Total return as a yearly rate. | |
| Price return | +12.4% | +19.4% | PBDE | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 2.9% | 6.5% | CPSD | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 1.9% | 4.3% | CPSD | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −3.0% | −7.5% | CPSD | Deepest fall from a high to the low after it. | |
| Upside capture | 16.2% | 36.0% | 100.0% | PBDE | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 18.3% | 45.0% | 100.0% | CPSD | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.18 | 0.42 | 1.00 | CPSD lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.85 | 0.97 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.77 | 0.87 | PBDE | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.21 | 1.30 | PBDE (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.125 | 0.133 | 0.102 | PBDE (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 2.13 | 1.31 | CPSD | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.4% a year | +1.3% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.49 | 1.47 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.2% to +2.0% | −0.5% to +3.1% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.65 | −0.53 | PBDE | Return against its benchmark per unit of tracking error. | |
| Tracking error | 12.3% | 8.7% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 98 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSD | PBDE | CPSD | PBDE |
| 3 months | +1.5% | +1.9% | +1.8 pts | +2.2 pts |
| 6 months | +3.1% | +4.7% | −1.4 pts | +0.2 pts |
| 1 year | +6.3% | +10.7% | −7.2 pts | −2.9 pts |
| Since launchNot the same days: CPSD Dec 2024 · PBDE May 2024 | +13.1% | +27.6% | −13.9 pts | −17.2 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.
These are two different products. CPSD is a floor fund, which caps how far a holder can fall. PBDE is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
CPSD resets first, on Nov 30, 2026, 26 days from now; PBDE runs to Nov 30, 2026, 26 days. A fall from here reaches CPSD’s buffer after 5.8% and PBDE’s after 9.0%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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CPSD
SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.3% 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. 26 days remained on Nov 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.
PBDE
SPY had already risen past this fund's cap of +11.1% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.2% as the period runs out. The fund's price can fall 9.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% 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.
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, CPSD against PBDE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsd-vs-pbde
ETFIQ. (Nov 4, 2026). CPSD against PBDE. Retrieved from https://etfiq.com/compare/buffer/cpsd-vs-pbde
[CPSD against PBDE (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsd-vs-pbde)
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