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.

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CPSR vs PBMR: Cap, Buffer & Days Left

As of Oct 13, 2026 PBMR can fall 6.8% before its buffer engages and CPSR 3.5%, and CPSR resets 2 days sooner. Net assets: $34m on Oct 12, 2026 for Calamos S&P 500 ® Structured Alt Protection ETF - March, and $37m on Oct 13, 2026 for PGIM S&P 500 Buffer 20 ETF - March .

PBMR costs 0.19 points a year less; their one-year returns differ by 5.4 points.

Points (pts) are percentage points.

CPSR vs PBMR: Cap, Buffer & Days Left
	CPSR	PBMR
Expense ratio	0.69%	0.50%
Net assets, as of Oct 12, 2026	$34m	$37m
Total return, 1 year	+6.1%	+11.5%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.8%	11.7%

CPSRAt its cap

CPSR: reference +13.4% since period start, fund +3.3%; buffer Floor; cap +6.2%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

PBMRAt its cap

PBMR: reference +13.3% since period start, fund +6.8%; buffer 0 to −20; cap +10.9%; At its cap. Figures to Oct 13, 2026.

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, 136 days from now; PBMR runs to Feb 28, 2027, 138 days. A fall from here reaches CPSR’s buffer after 3.5% and PBMR’s after 6.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, 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	+1.5%	+2.7%	−2.3 pts	−1.1 pts
6 months	+3.1%	+6.3%	−10.3 pts	−7.1 pts
1 year	+6.1%	+11.5%	−13.0 pts	−7.7 pts
Since launch Not the same days: CPSR Mar 2025 · PBMR Mar 2024	+10.7%	+31.4%	−22.6 pts	−20.3 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

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 136 138

Starting cap +6.2% +10.9%

Can still gain not published 3.4%

Fall before buffer 3.5% 6.8%

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

Index return this period +13.4% +13.3%

Fund return this period +3.3% +6.8%

State today At cap At cap

Expense ratio 0.69% 0.50%

Net assets, CPSR as of Oct 12, 2026 and PBMR as of Oct 13, 2026 $34m $37m

As of Oct 13, 2026. Source: ETFIQ.

About CPSR

SPY had already risen past this fund's cap of +6.2% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.8% 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. 136 days remained on Oct 13, 2026. On Feb 26, 2027 the period ends and a new cap is set.

About PBMR

SPY had already risen past this fund's cap of +10.9% 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 3.4% as the period runs out. The fund's price can fall 6.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.7% 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. 138 days remained on Oct 13, 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 MARW CPSR vs ZMAR CPSR vs UMAR PBMR vs PMMR PBMR vs SIXP PBMR vs XFEB PBMR vs DDTM

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 →How every figure is computed →Standards and sources →

Where these figures came from

CPSR filings on SEC EDGAR ↗CPSR prospectus with the expense ratio (SEC) ↗Calamos website ↗PBMR filings on SEC EDGAR ↗PGIM website ↗

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, CPSR against PBMR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsr-vs-pbmr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.