Data as of Nov 4, 2026.
CPST vs PMSE: Cap, Buffer & Days Left
As of Nov 4, 2026 PMSE can fall 1.1% before its buffer engages and CPST 0.6%.
askIQ about this page
askIQ about CPST and PMSE
Net assets on Nov 4, 2026: $41m for Calamos S&P 500 Structured Alt Protection ETF - September and $7.5m for PGIM S&P 500 Max Buffer ETF - September.
CPST: reference +0.7% since period start, fund +0.5%; buffer Floor; cap +8.1%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.PMSE: reference 0.0% since period start, fund +0.7%; buffer Floor; cap +8.3%; Buffer working. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PMSE costs 0.19 points a year less; their one-year returns differ by 0.5 points; CPST is 5.5 times larger.
Points (pts) are percentage points.
| Measure | CPST | PMSE |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.2% | +5.7% |
| Drawdown | ||
| Index fall to the buffer | 0.7% | 0.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.50% |
| Net assets | $41m | $7.5m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPST | PMSE | CPST | PMSE |
| 3 months | +0.8% | +1.0% | +1.2 pts | +1.3 pts |
| 6 months | +2.3% | +2.6% | −2.1 pts | −1.9 pts |
| 1 year | +5.2% | +5.7% | −8.4 pts | −7.8 pts |
| Since launchNot the same days: CPST Sep 2024 · PMSE Sep 2025 | +14.1% | +7.2% | −24.8 pts | −12.6 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
CPST resets first, on Aug 31, 2027, 300 days from now; PMSE runs to Aug 31, 2027, 300 days. A fall from here reaches CPST’s buffer after 0.6% and PMSE’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
CPST
The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% 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. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.
PMSE
From its price on Nov 4, 2026, the fund can gain about 7.1% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins.
Questions people ask
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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPST against PMSE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpst-vs-pmse
ETFIQ. (Nov 4, 2026). CPST against PMSE. Retrieved from https://etfiq.com/compare/buffer/cpst-vs-pmse
[CPST against PMSE (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpst-vs-pmse)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.