Data as of Nov 4, 2026.
CPSM vs HMAY: Cap, Buffer & Days Left
HMAY can fall 4.1% before its buffer engages as of Nov 3, 2026, and CPSM 2.6% as of Nov 4, 2026.
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Net assets on Nov 4, 2026: $59m for Calamos S&P 500 Structured Alt Protection ETF - May and $1.9m for Corgi U.S. Equities 100% Structured Buffer ETF - May Series.
CPSM: reference +6.4% since period start, fund +2.3%; buffer Floor; cap +6.7%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.HMAY: reference +4.2% since period start, fund +2.0%; buffer Floor; cap +6.5%; Full floor. Data to Nov 3, 2026.
Data to Nov 3, 2026.Pair scorecard
HMAY costs 0.39 points a year less; CPSM is far larger, $59m against $1.9m.
Points (pts) are percentage points.
| Measure | CPSM | HMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.8% | not published |
| Drawdown | ||
| Index fall to the buffer | 6.0% | 4.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.30% |
| Net assets | $59m | $1.9m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSM | HMAY | CPSM | HMAY |
| 3 months | +1.0% | +0.8% | +1.3 pts | +1.1 pts |
| 6 months | +2.1% | +1.3% | −2.4 pts | −3.2 pts |
| 1 year | +4.8% | – | −8.7 pts | – |
| Since launchNot the same days: CPSM May 2024 · HMAY May 2026 | +18.8% | +1.3% | −34.5 pts | −3.2 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
CPSM resets first, on Apr 30, 2027, 177 days from now; HMAY runs to Apr 30, 2027, 178 days. A fall from here reaches CPSM’s buffer after 2.6% and HMAY’s after 4.1%. Both track SPY, so what separates them is where each is in its own period.
CPSM
The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.0% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
HMAY
The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 4.1% from today's level to the point where the buffer begins. 178 days remained on Nov 3, 2026.
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.
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ETFIQ, CPSM against HMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsm-vs-hmay
ETFIQ. (Nov 4, 2026). CPSM against HMAY. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-hmay
[CPSM against HMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-hmay)
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