CPSM vs PMMY: Cap, Buffer & Days Left
As of Oct 13, 2026 PMMY can fall 2.9% before its buffer engages and CPSM 2.4%. Net assets on Oct 13, 2026: $59m for Calamos S&P 500 ® Structured Alt Protection ETF - May and $5m for PGIM S&P 500 Max Buffer ETF - May.
PMMY costs 0.19 points a year less; their one-year returns differ by 0.3 points; CPSM is 10.8 times larger.
Points (pts) are percentage points.
| CPSM | PMMY | |
|---|---|---|
| Expense ratio | 0.69% | 0.50% |
| Net assets | $59m | $5m |
| Total return, 1 year | +4.9% | +5.2% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 7.4% | 7.6% |
CPSM: reference +8.0% since period start, fund +2.2%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
PMMY: reference +8.3% since period start, fund +2.4%; buffer Floor; cap +7.0%; At its cap. Figures to Oct 13, 2026.
Figures to Oct 13, 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, 199 days from now; PMMY runs to Apr 30, 2027, 199 days. A fall from here reaches CPSM’s buffer after 2.4% and PMMY’s after 2.9%. 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 | PMMY | CPSM | PMMY |
| 3 months | +1.2% | +1.5% | −2.2 pts | −2.0 pts |
| 6 months | +2.3% | +2.6% | −9.7 pts | −9.4 pts |
| 1 year | +4.9% | +5.2% | −12.4 pts | −12.1 pts |
| Since launch Not the same days: CPSM May 2024 · PMMY May 2025 | +18.7% | +8.7% | −36.8 pts | −30.6 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
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 2.4% 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. 199 days remained on Oct 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.
About PMMY
SPY had already risen past this fund's cap of +7.0% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.0% as the period runs out. The fund's price can fall 2.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.6% 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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSM against PMMY, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsm-vs-pmmy
ETFIQ. (Oct 13, 2026). CPSM against PMMY. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-pmmy
[CPSM against PMMY (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-pmmy)
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