Data as of .
CPSR vs PBMR: which one stands where?
As of Sep 21, 2026 PBMR can fall 6.3% before its buffer engages and CPSR 3.2%, and CPSR resets 2 days sooner.
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.
Where each one stands today
CPSR resets first, on Feb 26, 2027, 158 days from now; PBMR runs to Feb 28, 2027, 160 days. A fall from here reaches CPSR’s buffer after 3.2% and PBMR’s after 6.3%. 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 | ||
|---|---|---|---|---|
| CPSR | PBMR | CPSR | PBMR | |
| 3 months | +1.4% | +2.1% | −0.9 pts | −0.2 pts |
| 6 months | +3.7% | +8.3% | −14.3 pts | −9.7 pts |
| 1 year | +5.7% | +10.0% | −10.9 pts | −6.5 pts |
| 3 years | +300.8% | not published | +226.2 pts | not published |
| CPSR Calamos S&P 500 ® Structured Alt Protection ETF - March Absorbs losses from 0.3% to 100.0% on SPY and caps the gain at 5.8%, 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 | 0% to 100% | 20% |
| Outcome period | Mar 2, 2026 to Feb 26, 2027 | Mar 1, 2026 to Feb 28, 2027 |
| Days left | 158 | 160 |
| Starting cap | +5.8% | +10.9% |
| Can still gain | not published | 3.9% |
| Fall before buffer | 3.2% | 6.3% |
| Protection left, index points | 99.7% of 99.7% | 20.0% of 20.0% |
| Index return this period | +11.0% | +12.8% |
| Fund return this period | +3.0% | +6.3% |
| State today | At cap | At cap |
| Expense ratio | 0.69% | 0.50% |
| Net assets | $34m | $36m |
CPSR 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 3.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.2% from today's level to the point where the buffer begins. Protection left, in index points: 99.7% of the 99.7% buffer still sits below today's SPY level. 158 days remained on Sep 21, 2026. On Feb 26, 2027 the period ends and a new cap is set.
PBMR in plain words
SPY had already risen past this fund's cap of +10.9% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.9% as the period runs out. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 160 days remained on Sep 21, 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
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, CPSR against PBMR, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsr-vs-pbmr Free to use with attribution; the underlying files are at Open data.