Data as of Nov 4, 2026.
CPSM vs MAYP: Cap, Buffer & Days Left
As of Nov 4, 2026 MAYP can fall 5.7% before its buffer engages and CPSM 2.6%.
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Net assets on Nov 4, 2026: $59m for Calamos S&P 500 Structured Alt Protection ETF - May and $37m for PGIM S&P 500 Buffer 12 ETF - May.
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.MAYP: reference +6.7% since period start, fund +5.5%; buffer 0 to −12; cap +14.9%; Between buffer and cap. Data to Nov 4, 2026.
MAYP: reference +6.7% since period start, fund +5.5%; buffer 0 to −12; cap +14.9%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
MAYP costs 0.19 points a year less; their one-year returns differ by 5.3 points; CPSM is 1.6 times larger.
Points (pts) are percentage points.
| Measure | CPSM | MAYP |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.8% | +10.1% |
| Drawdown | ||
| Index fall to the buffer | 6.0% | 6.3% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.50% |
| Net assets | $59m | $37m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSM | MAYP | CPSM | MAYP |
| 3 months | +1.0% | +1.0% | +1.3 pts | +1.4 pts |
| 6 months | +2.1% | +4.3% | −2.4 pts | −0.2 pts |
| 1 year | +4.8% | +10.1% | −8.7 pts | −3.4 pts |
| Since launchCPSM May 2024 · MAYP May 2024 | +18.8% | +33.9% | −34.5 pts | −19.4 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. CPSM is a floor fund, which caps how far a holder can fall. MAYP 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 Apr 30, 2027, 177 days from now; MAYP runs to Apr 30, 2027, 177 days. A fall from here reaches CPSM’s buffer after 2.6% and MAYP’s after 5.7%. 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.
MAYP
From its price on Nov 4, 2026, the fund can gain about 8.4% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% 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, CPSM against MAYP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsm-vs-mayp
ETFIQ. (Nov 4, 2026). CPSM against MAYP. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-mayp
[CPSM against MAYP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-mayp)
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