CPSM vs HMAY: Cap, Buffer & Days Left
As of Oct 9, 2026 HMAY can fall 7.0% before its buffer engages and CPSM 2.4%. Net assets on Oct 9, 2026: $59m for Calamos S&P 500 ® Structured Alt Protection ETF - May and $2m for Corgi U.S. Equities 100% Structured Buffer ETF - May Series.
HMAY costs 0.39 points a year less; CPSM is far larger, $59m against $2m.
| CPSM | HMAY | |
|---|---|---|
| Expense ratio | 0.69% | 0.30% |
| Net assets | $59m | $2m |
| Total return, 1 year | +4.9% | not published |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 7.4% | 7.0% |
CPSM: reference +8.0% since period start, fund +2.2%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
HMAY: reference +7.6% since period start, fund +2.4%; buffer Floor; cap +6.5%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
CPSM resets first, on Apr 30, 2027, 203 days from now; HMAY runs to Apr 30, 2027, 203 days. A fall from here reaches CPSM’s buffer after 2.4% and HMAY’s after 7.0%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSM | HMAY | CPSM | HMAY |
| 3 months | +1.3% | +1.1% | −1.9 pts | −2.0 pts |
| 6 months | +2.5% | not published | −12.1 pts | not published |
| 1 year | +4.9% | not published | −11.1 pts | not published |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CPSM in plain words
SPY had already risen past this fund's cap of +6.7% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 2.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.4% 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. 203 days remained on Oct 9, 2026. On Apr 30, 2027 the period ends and a new cap is set.
HMAY in plain words
SPY had already risen past this fund's cap of +6.5% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 7.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.0% from today's level to the point where the buffer begins.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, CPSM against HMAY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsm-vs-hmay
ETFIQ. (Oct 9, 2026). CPSM against HMAY. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-hmay
[CPSM against HMAY (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-hmay)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.