Data as of Nov 4, 2026.
CPSM vs ZMAY: Cap, Buffer & Days Left
As of Nov 4, 2026 ZMAY can fall 3.1% 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 $64m for Innovator Equity Defined Protection ETF - 1 Yr 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.ZMAY: reference +6.7% since period start, fund +2.8%; buffer Floor; cap +7.3%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
CPSM costs 0.10 points a year less; their one-year returns differ by 0.3 points; ZMAY is 1.1 times larger.
Points (pts) are percentage points.
| Measure | CPSM | ZMAY |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.8% | +5.1% |
| Drawdown | ||
| Index fall to the buffer | 6.0% | 6.2% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $59m | $64m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSM | ZMAY | CPSM | ZMAY |
| 3 months | +1.0% | +1.0% | +1.3 pts | +1.3 pts |
| 6 months | +2.1% | +2.2% | −2.4 pts | −2.3 pts |
| 1 year | +4.8% | +5.1% | −8.7 pts | −8.5 pts |
| Since launchNot the same days: CPSM May 2024 · ZMAY May 2025 | +18.8% | +8.9% | −34.5 pts | −28.4 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.
Where each one stands today
CPSM resets first, on Apr 30, 2027, 177 days from now; ZMAY runs to Apr 30, 2027, 177 days. A fall from here reaches CPSM’s buffer after 2.6% and ZMAY’s after 3.1%. 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.
ZMAY
From its price on Nov 4, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% from today's level to the point where the buffer begins.
Questions people ask
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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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSM against ZMAY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsm-vs-zmay
ETFIQ. (Nov 4, 2026). CPSM against ZMAY. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-zmay
[CPSM against ZMAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-zmay)
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