Data as of .
CPSU vs FMAY: which one stands where?
As of Sep 21, 2026 FMAY can fall 4.7% before its buffer engages and CPSU 1.1%, and FMAY resets 7 days sooner.
These are two different products. CPSU is a floor fund, which caps how far a holder can fall. FMAY 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
FMAY resets first, on May 21, 2027, 242 days from now; CPSU runs to May 28, 2027, 249 days. A fall from here reaches CPSU’s buffer after 1.1% and FMAY’s after 4.7%. 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 | ||
|---|---|---|---|---|
| CPSU | FMAY | CPSU | FMAY | |
| 3 months | +0.8% | +2.0% | −1.4 pts | −0.3 pts |
| 6 months | +2.8% | +8.8% | −15.3 pts | −9.3 pts |
| 1 year | +4.3% | +10.1% | −12.3 pts | −6.5 pts |
| 3 years | not published | +46.4% | not published | −32.0 pts |
| CPSU Calamos S&P 500 ® Structured Alt Protection ETF - June Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.1%, over a period ending May 28, 2027 | FMAY FT Vest U.S. Equity Buffer ETF - May Absorbs the first 10% of loss on SPY and caps the gain at 17.1%, over a period ending May 21, 2027 | |
|---|---|---|
| Issuer | Calamos | First Trust |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 10% |
| Outcome period | Jun 1, 2026 to May 28, 2027 | May 18, 2026 to May 21, 2027 |
| Days left | 249 | 242 |
| Starting cap | +7.1% | +17.1% |
| Can still gain | not published | 11.7% |
| Fall before buffer | 1.1% | 4.7% |
| Protection left, index points | 99.9% of 99.9% | 10.0% of 10.0% |
| Index return this period | +0.4% | +4.7% |
| Fund return this period | +1.0% | +4.1% |
| State today | Open | Open |
| Expense ratio | 0.69% | 0.85% |
| Net assets | $29m | $1.5bn |
CPSU in plain words
The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.6% from today's level to the point where the buffer begins. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 249 days remained on Sep 21, 2026. On May 28, 2027 the period ends and a new cap is set.
FMAY in plain words
From its price on Sep 21, 2026, the fund can gain about 11.7% more before it reaches its cap. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 242 days remained on Sep 21, 2026. On May 21, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSU or FMAY?
- CPSU ends its outcome period on May 28, 2027 and FMAY on May 21, 2027. A new cap is set the day after each.
- Which is cheaper, CPSU or FMAY?
- CPSU charges 0.69% a year and FMAY charges 0.85%, so CPSU 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, CPSU against FMAY, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsu-vs-fmay Free to use with attribution; the underlying files are at Open data.