Which resets first, CPSM or PMAY?

CPSM ends its outcome period on Apr 30, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, CPSM or PMAY?

CPSM charges 0.69% a year and PMAY charges 0.79%, so CPSM is cheaper. Fees come from each fund's prospectus.

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CPSM vs PMAY: Cap, Buffer & Days Left

As of Oct 13, 2026 PMAY can fall 5.4% before its buffer engages and CPSM 2.5%. Net assets on Oct 12, 2026: $59m for Calamos S&P 500 ® Structured Alt Protection ETF - May and $819m for Innovator U.S. Equity Power Buffer ETF - May.

CPSM costs 0.10 points a year less; their one-year returns differ by 5.3 points; PMAY is 13.9 times larger.

Points (pts) are percentage points.

CPSM vs PMAY: Cap, Buffer & Days Left
	CPSM	PMAY
Expense ratio	0.69%	0.79%
Net assets, as of Oct 12, 2026	$59m	$819m
Total return, 1 year	+5.0%	+10.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	7.4%	7.5%

CPSMAt its cap

CPSM: reference +8.0% since period start, fund +2.3%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

PMAYBetween buffer and cap

PMAY: reference +8.2% since period start, fund +5.3%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. CPSM is a floor fund, which caps how far a holder can fall. PMAY 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, 199 days from now; PMAY runs to Apr 30, 2027, 199 days. A fall from here reaches CPSM’s buffer after 2.5% and PMAY’s after 5.4%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSM vs PMAY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSM	PMAY	CPSM	PMAY
3 months	+1.4%	+3.0%	−2.5 pts	−0.9 pts
6 months	+2.4%	+5.5%	−11.0 pts	−7.9 pts
1 year	+5.0%	+10.3%	−14.1 pts	−8.9 pts
3 years	not published	+43.8%	not published	−36.5 pts
Since launch Not the same days: CPSM May 2024 · PMAY May 2020	+18.7%	+68.4%	−36.9 pts	−106.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

CPSM

Calamos S&P 500 ® Structured Alt Protection ETF - May · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Apr 30, 2027

PMAY

Innovator U.S. Equity Power Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 15%

Outcome period May 1, 2026 to Apr 30, 2027 Apr 30, 2026 to Apr 30, 2027

Days left 199 199

Starting cap +6.7% +13.0%

Can still gain not published 7.0%

Fall before buffer 2.5% 5.4%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +8.0% +8.2%

Fund return this period +2.3% +5.3%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets, as of Oct 12, 2026 $59m $819m

As of Oct 13, 2026. Source: ETFIQ.

About CPSM

SPY had already risen past this fund's cap of +6.7% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 2.5% 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. 199 days remained on Oct 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.

About PMAY

From its price on Oct 13, 2026, the fund can gain about 7.0% more before it reaches its cap. The fund's price can fall 5.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.5% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, CPSM or PMAY?: CPSM ends its outcome period on Apr 30, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or PMAY?: CPSM charges 0.69% a year and PMAY charges 0.79%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs PJUN CPSM vs FAPR CPSM vs MAYW CPSM vs FMAY PMAY vs XAPR PMAY vs DDFY PMAY vs ZMAY PMAY vs UMAY

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSM on its own →PMAY on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSM filings on SEC EDGAR ↗CPSM prospectus with the expense ratio (SEC) ↗Calamos website ↗PMAY filings on SEC EDGAR ↗Innovator page for PMAY ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSM against PMAY, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsm-vs-pmay

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.