Which resets first, CPSM or GMAY?

CPSM ends its outcome period on May 1, 2027 and GMAY on May 21, 2027. A new cap is set the day after each.

Which is cheaper, CPSM or GMAY?

CPSM charges 0.69% a year and GMAY charges 0.85%, so CPSM is cheaper. Fees come from each fund's prospectus.

CPSM vs GMAY: which one stands where?

As of Oct 1, 2026 GMAY can fall 3.7% before its buffer engages and CPSM 2.1%, and CPSM resets 21 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - May and FT Vest U.S. Equity Moderate Buffer ETF - May.

CPSMFull floor

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

GMAYBetween buffer and cap

GMAY: reference +3.1% since period start, fund +3.0%; buffer 0 to −15; cap +13.8%; Between buffer and cap.

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

CPSM resets first, on May 1, 2027, 212 days from now; GMAY runs to May 21, 2027, 233 days. A fall from here reaches CPSM’s buffer after 2.1% and GMAY’s after 3.7%. 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	GMAY	CPSM	GMAY
3 months	+1.2%	+2.1%	−1.4 pts	−0.4 pts
6 months	+2.4%	+6.3%	−14.6 pts	−10.6 pts
1 year	+4.6%	+8.5%	−11.1 pts	−7.2 pts
3 years	not published	+42.3%	not published	−42.6 pts

CPSM and GMAY 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

GMAY

FT Vest U.S. Equity Moderate Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending May 21, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 0% to 100% 15%

Outcome period May 1, 2026 to May 1, 2027 May 18, 2026 to May 21, 2027

Days left 212 233

Starting cap +6.5% +13.8%

Can still gain not published 9.7%

Fall before buffer 2.1% 3.7%

Protection left, index points 99.8% of 99.8% 15.0% of 15.0%

Index return this period +5.8% +3.1%

Fund return this period +1.9% +3.0%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets $59m $445m

CPSM and GMAY 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.

GMAY in plain words

From its price on Oct 1, 2026, the fund can gain about 9.7% more before it reaches its cap. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.1% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 233 days remained on Oct 1, 2026. On May 21, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSM or GMAY?: CPSM ends its outcome period on May 1, 2027 and GMAY on May 21, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or GMAY?: CPSM charges 0.69% a year and GMAY charges 0.85%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs PMMY CPSM vs UJUN CPSM vs UMAY CPSM vs XAPR GMAY vs JUNP GMAY vs JUNT GMAY vs JUNW GMAY vs MAYM

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

Where these figures came from

CPSM filings on SEC EDGAR ↗Calamos website ↗GMAY filings on SEC EDGAR ↗First Trust page for GMAY ↗

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 GMAY, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsm-vs-gmay

Open data

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