Which resets first, CPSR or PBMR?

CPSR ends its outcome period on Feb 26, 2027 and PBMR on Feb 28, 2027. A new cap is set the day after each.

Which is cheaper, CPSR or PBMR?

CPSR charges 0.69% a year and PBMR charges 0.50%, so PBMR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

CPSR vs PBMR: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBMR can fall 6.9% before its buffer engages and CPSR 3.7%, and CPSR resets 2 days sooner.

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Net assets on Nov 4, 2026: $34m for Calamos S&P 500 Structured Alt Protection ETF - March and $38m for PGIM S&P 500 Buffer 20 ETF - March .

CPSR on its own →PBMR on its own →

At a glance

CPSR At its cap

CPSR: reference +11.7% since period start, fund +3.4%; buffer Floor; cap +6.2%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

PBMR At its cap

PBMR: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.9%; At its cap. Data to Nov 4, 2026.

Pair scorecard

PBMR costs 0.19 points a year less; their one-year returns differ by 4.5 points; PBMR is 1.1 times larger.

Points (pts) are percentage points.

CPSR vs PBMR: Cap, Buffer & Days Left
Measure	CPSR	PBMR
Return
Measure	CPSR	PBMR
Total return, 1 year	+5.7%	+10.2%
Drawdown
Measure	CPSR	PBMR
Index fall to the buffer	10.5%
Benchmark
Measure	CPSR	PBMR
What it tracks	SPY	SPY
Cost and size
Measure	CPSR	PBMR
Expense ratio	0.69%	0.50%
Net assets	$34m	$38m
Holdings
Measure	CPSR	PBMR
Holdings in common	not published

Method

Window by window

Window by window: CPSR vs PBMR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSR	PBMR	CPSR	PBMR
3 months	+1.1%	+1.5%	+1.4 pts	+1.9 pts
6 months	+2.2%	+4.0%	−2.3 pts	−0.5 pts
1 year	+5.7%	+10.2%	−7.9 pts	−3.3 pts
Since launchNot the same days: CPSR Mar 2025 · PBMR Mar 2024	+10.9%	+31.3%	−20.5 pts	−18.2 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

CPSR Calamos S&P 500 Structured Alt Protection ETF - March · Absorbs the whole loss on SPY and caps the gain at 6.2%, over a period ending Feb 26, 2027 PBMR PGIM S&P 500 Buffer 20 ETF - March · Absorbs the first 20% of loss on SPY and caps the gain at 10.9%, over a period ending Feb 28, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Mar 2, 2026 to Feb 26, 2027 Mar 1, 2026 to Feb 28, 2027

Days left 114 116

Starting cap +6.2% +10.9%

Can still gain not published 3.3%

Fall before buffer 3.7% 6.9%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +11.7% +11.8%

Fund return this period +3.4% +6.9%

State today At cap At cap

Expense ratio 0.69% 0.50%

Net assets $34m $38m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. CPSR is a floor fund, which caps how far a holder can fall. PBMR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

CPSR resets first, on Feb 26, 2027, 114 days from now; PBMR runs to Feb 28, 2027, 116 days. A fall from here reaches CPSR’s buffer after 3.7% and PBMR’s after 6.9%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSR

SPY had already risen past this fund's cap of +6.2% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% 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. 114 days remained on Nov 4, 2026. On Feb 26, 2027 the period ends and a new cap is set.

PBMR

SPY had already risen past this fund's cap of +10.9% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.3% as the period runs out. The fund's price can fall 6.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSR or PBMR?: CPSR ends its outcome period on Feb 26, 2027 and PBMR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, CPSR or PBMR?: CPSR charges 0.69% a year and PBMR charges 0.50%, so PBMR is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSR vs MRCP CPSR vs ZMAR CPSR vs DDTM CPSR vs UMAR PBMR vs PMMR PBMR vs XFEB PBMR vs DDTM PBMR vs UMAR

Where to next

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSR on its own →PBMR on its own →Method →Standards and sources →

Sources and dates

CPSR filings on SEC EDGAR ↗

Calamos website ↗

PBMR filings on SEC EDGAR ↗

PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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.

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ETFIQ, CPSR against PBMR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsr-vs-pbmr

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