CPSM vs PBMY: Cap, Buffer & Days Left
As of Oct 9, 2026 PBMY can fall 4.9% 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 $39m for PGIM S&P 500 Buffer 20 ETF - May .
PBMY costs 0.19 points a year less; their one-year returns differ by 3.8 points; CPSM is 1.5 times larger.
| CPSM | PBMY | |
|---|---|---|
| Expense ratio | 0.69% | 0.50% |
| Net assets | $59m | $39m |
| Total return, 1 year | +4.9% | +8.7% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 7.4% | 7.7% |
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.
PBMY: reference +8.3% since period start, fund +4.6%; buffer 0 to −20; cap +11.3%; Between buffer and cap. Figures to Oct 9, 2026.
PBMY: reference +8.3% since period start, fund +4.6%; buffer 0 to −20; cap +11.3%; Between buffer and cap. Figures to Oct 9, 2026.
These are two different products. CPSM is a floor fund, which caps how far a holder can fall. PBMY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
CPSM is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
CPSM resets first, on Apr 30, 2027, 203 days from now; PBMY runs to Apr 30, 2027, 203 days. A fall from here reaches CPSM’s buffer after 2.4% and PBMY’s after 4.9%. 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 | PBMY | CPSM | PBMY |
| 3 months | +1.3% | +2.4% | −1.9 pts | −0.8 pts |
| 6 months | +2.5% | +5.0% | −12.1 pts | −9.6 pts |
| 1 year | +4.9% | +8.7% | −11.1 pts | −7.3 pts |
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.
PBMY in plain words
From its price on Oct 9, 2026, the fund can gain about 5.9% more before it reaches its cap. The fund's price can fall 4.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.7% 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.
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 PBMY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsm-vs-pbmy
ETFIQ. (Oct 9, 2026). CPSM against PBMY. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-pbmy
[CPSM against PBMY (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-pbmy)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.