Which resets first, CPSM or CPSU?

CPSM ends its outcome period on May 1, 2027 and CPSU on May 29, 2027. A new cap is set the day after each.

Which is cheaper, CPSM or CPSU?

CPSM charges 0.69% a year and CPSU charges 0.69%, so CPSM is cheaper. Fees come from each fund's prospectus.

CPSM vs CPSU: which one stands where?

As of Oct 1, 2026 CPSM can fall 2.1% before its buffer engages and CPSU 1.0%, and CPSM resets 28 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - May and Calamos S&P 500 ® Structured Alt Protection ETF - June.

CPSMFull floor

CPSM: reference +5.8% since period start, fund +1.9%; buffer −0 to floor; cap +6.5%; Full floor.

CPSUFull floor

CPSU: reference +0.5% since period start, fund +0.9%; buffer −0 to floor; cap +7.1%; Full floor.

Both are Calamos funds, so the difference between them is the terms rather than the house.

Where each one stands today

CPSM resets first, on May 1, 2027, 212 days from now; CPSU runs to May 29, 2027, 240 days. A fall from here reaches CPSM’s buffer after 2.1% and CPSU’s after 1.0%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	CPSM	CPSU	CPSM	CPSU
3 months	+1.2%	+0.9%	−1.4 pts	−1.6 pts
6 months	+2.4%	+2.5%	−14.6 pts	−14.5 pts
1 year	+4.6%	+4.4%	−11.1 pts	−11.3 pts

CPSM and CPSU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSM

Calamos S&P 500 ® Structured Alt Protection ETF - May · Absorbs losses from 0.2% to 100.0% on SPY and caps the gain at 6.5%, over a period ending May 1, 2027

CPSU

Calamos S&P 500 ® Structured Alt Protection ETF - June · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.1%, over a period ending May 29, 2027

Issuer Calamos Calamos

Reference index SPY SPY

Buffer 0% to 100% 0% to 100%

Outcome period May 1, 2026 to May 1, 2027 Jun 1, 2026 to May 29, 2027

Days left 212 240

Starting cap +6.5% +7.1%

Can still gain not published not published

Fall before buffer 2.1% 1.0%

Protection left, index points 99.8% of 99.8% 99.9% of 99.9%

Index return this period +5.8% +0.5%

Fund return this period +1.9% +0.9%

State today Open Open

Expense ratio 0.69% 0.69%

Net assets $59m $29m

CPSM and CPSU on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPSM in plain words

The fund's price can fall 2.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.7% from today's level to the point where the buffer begins. Protection left, in index points: 99.8% of the 99.8% buffer still sits below today's SPY level. 212 days remained on Oct 1, 2026. On May 1, 2027 the period ends and a new cap is set.

CPSU in plain words

The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 240 days remained on Oct 1, 2026. On May 29, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSM or CPSU?: CPSM ends its outcome period on May 1, 2027 and CPSU on May 29, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or CPSU?: CPSM charges 0.69% a year and CPSU charges 0.69%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs CTJN CPSM vs DDFZ CPSM vs DDTZ CPSM vs DLMY CPSU vs CTJN CPSU vs DDFZ CPSU vs DDTZ CPSU vs DLMY

S&P 500 (SPY) →CPSM on its own →CPSU on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSM and CPSU filings on SEC EDGAR ↗Calamos website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPSM against CPSU, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsm-vs-cpsu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.