Which resets first, CPSF or PBFB?

CPSF ends its outcome period on Jan 29, 2027 and PBFB on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSF or PBFB?

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

Data as of Nov 4, 2026.

Buffer ETFs

CPSF vs PBFB: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBFB can fall 7.1% before its buffer engages and CPSF 4.3%, and CPSF resets 2 days sooner.

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Net assets on Nov 4, 2026: $37m for Calamos S&P 500 Structured Alt Protection ETF - February and $42m for PGIM S&P 500 Buffer 20 ETF - February.

CPSF on its own →PBFB on its own →

At a glance

CPSF At its cap

CPSF: reference +10.3% since period start, fund +4.0%; buffer Floor; cap +6.3%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

PBFB At its cap

PBFB: reference +10.8% since period start, fund +7.1%; buffer 0 to −20; cap +10.7%; At its cap. Data to Nov 4, 2026.

Pair scorecard

PBFB costs 0.19 points a year less; their one-year returns differ by 4.0 points; PBFB is 1.1 times larger.

Points (pts) are percentage points.

CPSF vs PBFB: Cap, Buffer & Days Left
Measure	CPSF	PBFB
Return
Measure	CPSF	PBFB
Total return, 1 year	+6.0%	+10.0%
Drawdown
Measure	CPSF	PBFB
Index fall to the buffer	9.3%	9.8%
Benchmark
Measure	CPSF	PBFB
What it tracks	SPY	SPY
Cost and size
Measure	CPSF	PBFB
Expense ratio	0.69%	0.50%
Net assets	$37m	$42m
Holdings
Measure	CPSF	PBFB
Holdings in common	not published

Method

Window by window

Window by window: CPSF vs PBFB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	PBFB	CPSF	PBFB
3 months	+1.2%	+1.5%	+1.6 pts	+1.9 pts
6 months	+2.6%	+4.1%	−1.9 pts	−0.4 pts
1 year	+6.0%	+10.0%	−7.6 pts	−3.5 pts
Since launchNot the same days: CPSF Feb 2025 · PBFB Feb 2024	+11.0%	+30.4%	−17.3 pts	−26.3 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

CPSF Calamos S&P 500 Structured Alt Protection ETF - February · Absorbs the whole loss on SPY and caps the gain at 6.3%, over a period ending Jan 29, 2027 PBFB PGIM S&P 500 Buffer 20 ETF - February · Absorbs the first 20% of loss on SPY and caps the gain at 10.7%, over a period ending Jan 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Feb 2, 2026 to Jan 29, 2027 Feb 1, 2026 to Jan 31, 2027

Days left 86 88

Starting cap +6.3% +10.7%

Can still gain not published 2.9%

Fall before buffer 4.3% 7.1%

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

Index return this period +10.3% +10.8%

Fund return this period +4.0% +7.1%

State today At cap At cap

Expense ratio 0.69% 0.50%

Net assets $37m $42m

As of Nov 4, 2026. Source: ETFIQ.

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

CPSF resets first, on Jan 29, 2027, 86 days from now; PBFB runs to Jan 31, 2027, 88 days. A fall from here reaches CPSF’s buffer after 4.3% and PBFB’s after 7.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSF

SPY had already risen past this fund's cap of +6.3% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.3% 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. 86 days remained on Nov 4, 2026. On Jan 29, 2027 the period ends and a new cap is set.

PBFB

SPY had already risen past this fund's cap of +10.7% 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 2.9% as the period runs out. The fund's price can fall 7.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.8% 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. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSF or PBFB?: CPSF ends its outcome period on Jan 29, 2027 and PBFB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or PBFB?: CPSF charges 0.69% a year and PBFB charges 0.50%, so PBFB is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs JANM CPSF vs DHDG CPSF vs DDTF CPSF vs FEBT PBFB vs PMFB PBFB vs CPSY PBFB vs SIXF PBFB vs XJAN

Where to next

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSF on its own →PBFB on its own →Method →Standards and sources →

Sources and dates

CPSF filings on SEC EDGAR ↗

Calamos website ↗

PBFB filings on SEC EDGAR ↗

PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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.

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ETFIQ, CPSF against PBFB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsf-vs-pbfb

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