Data as of .
CPSO vs PQV: which one stands where?
As of Sep 21, 2026 CPSO can fall 5.9% before its buffer engages and PQV 3.4%.
These are two different products. CPSO is a floor fund, which caps how far a holder can fall. PQV is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
CPSO resets first, on Sep 30, 2026, 9 days from now; PQV runs to Sep 30, 2026, 9 days. A fall from here reaches CPSO’s buffer after 5.9% and PQV’s after 3.4%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSO | PQV | CPSO | PQV | |
| 3 months | +1.6% | not published | −0.6 pts | not published |
| 6 months | +4.8% | not published | −13.2 pts | not published |
| 1 year | +5.8% | not published | −10.8 pts | not published |
| CPSO Calamos S&P 500 ® Structured Alt Protection ETF - October Absorbs losses from 0.6% to 100.0% on SPY and caps the gain at 5.8%, over a period ending Sep 30, 2026 | PQV PGIM S&P 500 Quarterly Buffer 5 ETF Absorbs the first 5% of loss on SPY and caps the gain at 5.4%, over a period ending Sep 30, 2026 | |
|---|---|---|
| Issuer | Calamos | PGIM |
| Reference index | SPY | SPY |
| Buffer | 1% to 100% | 5% |
| Outcome period | Oct 1, 2025 to Sep 30, 2026 | Jul 1, 2026 to Sep 30, 2026 |
| Days left | 9 | 9 |
| Starting cap | +5.8% | +5.4% |
| Can still gain | not published | 1.9% |
| Fall before buffer | 5.9% | 3.4% |
| Protection left, index points | 99.4% of 99.4% | 5.0% of 5.0% |
| Index return this period | +13.9% | +3.6% |
| Fund return this period | +5.6% | +3.4% |
| State today | At cap | Open |
| Expense ratio | 0.69% | 0.50% |
| Net assets | $28m | $2m |
CPSO in plain words
SPY had already risen past this fund's cap of +5.8% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.8% from today's level to the point where the buffer begins. Protection left, in index points: 99.4% of the 99.4% buffer still sits below today's SPY level. 9 days remained on Sep 21, 2026. On Sep 30, 2026 the period ends and a new cap is set.
PQV in plain words
From its price on Sep 21, 2026, the fund can gain about 1.9% more before it reaches its cap. The fund's price can fall 3.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% from today's level to the point where the buffer begins. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level.
Questions people ask
- Which resets first, CPSO or PQV?
- CPSO ends its outcome period on Sep 30, 2026 and PQV on Sep 30, 2026. A new cap is set the day after each.
- Which is cheaper, CPSO or PQV?
- CPSO charges 0.69% a year and PQV charges 0.50%, so PQV is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPSO against PQV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpso-vs-pqv Free to use with attribution; the underlying files are at Open data.