Data as of Nov 4, 2026.
CPSJ vs PBJL: Cap, Buffer & Days Left
As of Nov 4, 2026 PBJL can fall 2.9% before its buffer engages and CPSJ 1.7%.
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Net assets on Nov 4, 2026: $51m for Calamos S&P 500 Structured Alt Protection ETF - July and $74m for PGIM S&P 500 Buffer 20 ETF - July .
CPSJ: reference +2.8% since period start, fund +1.5%; buffer Floor; cap +7.7%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.PBJL: reference +2.7% since period start, fund +2.4%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Data to Nov 4, 2026.
PBJL: reference +2.7% since period start, fund +2.4%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
PBJL costs 0.19 points a year less; their one-year returns differ by 3.2 points; PBJL is 1.5 times larger.
Points (pts) are percentage points.
| Measure | CPSJ | PBJL |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.3% | +8.5% |
| Drawdown | ||
| Index fall to the buffer | 2.7% | 2.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.50% |
| Net assets | $51m | $74m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSJ | PBJL | CPSJ | PBJL |
| 3 months | +0.7% | +0.8% | +1.0 pts | +1.2 pts |
| 6 months | +2.2% | +3.5% | −2.2 pts | −0.9 pts |
| 1 year | +5.3% | +8.5% | −8.2 pts | −5.0 pts |
| Since launchNot the same days: CPSJ Jul 2024 · PBJL May 2024 | +16.9% | +28.0% | −23.7 pts | −20.2 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. CPSJ is a floor fund, which caps how far a holder can fall. PBJL is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
CPSJ resets first, on Jun 30, 2027, 238 days from now; PBJL runs to Jun 30, 2027, 238 days. A fall from here reaches CPSJ’s buffer after 1.7% and PBJL’s after 2.9%. Both track SPY, so what separates them is where each is in its own period.
CPSJ
The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.7% 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. 238 days remained on Nov 4, 2026. On Jun 30, 2027 the period ends and a new cap is set.
PBJL
From its price on Nov 4, 2026, the fund can gain about 9.2% more before it reaches its cap. The fund's price can fall 2.9% 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. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.
Questions people ask
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, CPSJ against PBJL, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsj-vs-pbjl
ETFIQ. (Nov 4, 2026). CPSJ against PBJL. Retrieved from https://etfiq.com/compare/buffer/cpsj-vs-pbjl
[CPSJ against PBJL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsj-vs-pbjl)
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