Which resets first, CPSM or PBJN?

CPSM ends its outcome period on May 1, 2027 and PBJN on May 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSM or PBJN?

CPSM charges 0.69% a year and PBJN charges 0.50%, so PBJN is cheaper. Fees come from each fund's prospectus.

CPSM vs PBJN: which one stands where?

As of Oct 1, 2026 CPSM can fall 2.1% before its buffer engages and PBJN 2.0%, and CPSM resets 31 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - May and PGIM S&P 500 Buffer 20 ETF - June .

CPSMFull floor

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

PBJNBetween buffer and cap

PBJN: reference +0.8% since period start, fund +1.5%; buffer 0 to −20; cap +12.1%; Between buffer and cap.

These are two different products. CPSM is a floor fund, which caps how far a holder can fall. PBJN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. CPSM has 212 days of its period left and PBJN has 243, so the two are not the same bet on the same months.

Where each one stands today

CPSM resets first, on May 1, 2027, 212 days from now; PBJN runs to May 31, 2027, 243 days. A fall from here reaches CPSM’s buffer after 2.1% and PBJN’s after 2.0%. 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	PBJN	CPSM	PBJN
3 months	+1.2%	+1.8%	−1.4 pts	−0.7 pts
6 months	+2.4%	+4.7%	−14.6 pts	−12.3 pts
1 year	+4.6%	+6.9%	−11.1 pts	−8.8 pts

CPSM and PBJN 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

PBJN

PGIM S&P 500 Buffer 20 ETF - June · Absorbs the first 20% of loss on SPY and caps the gain at 12.1%, over a period ending May 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 0% to 100% 20%

Outcome period May 1, 2026 to May 1, 2027 Jun 1, 2026 to May 31, 2027

Days left 212 243

Starting cap +6.5% +12.1%

Can still gain not published 9.9%

Fall before buffer 2.1% 2.0%

Protection left, index points 99.8% of 99.8% 20.0% of 20.0%

Index return this period +5.8% +0.8%

Fund return this period +1.9% +1.5%

State today Open Open

Expense ratio 0.69% 0.50%

Net assets $59m $58m

CPSM and PBJN 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.

PBJN in plain words

From its price on Oct 1, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 2.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.8% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 243 days remained on Oct 1, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSM or PBJN?: CPSM ends its outcome period on May 1, 2027 and PBJN on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or PBJN?: CPSM charges 0.69% a year and PBJN charges 0.50%, so PBJN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs JUNP CPSM vs JUNT CPSM vs JUNW CPSM vs MAYC PBJN vs PMJN PBJN vs UJUN PBJN vs XMAY PBJN vs ZJUN

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

Where these figures came from

CPSM filings on SEC EDGAR ↗Calamos website ↗PBJN filings on SEC EDGAR ↗PGIM 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 PBJN, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsm-vs-pbjn

Open data

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