Data as of .
CPSU vs PBJN: which one stands where?
As of Sep 21, 2026 PBJN can fall 2.5% before its buffer engages and CPSU 1.1%, and CPSU resets 3 days sooner.
These are two different products. CPSU is a floor fund, which caps how far a holder can fall. PBJN 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
CPSU resets first, on May 28, 2027, 249 days from now; PBJN runs to May 31, 2027, 252 days. A fall from here reaches CPSU’s buffer after 1.1% and PBJN’s after 2.5%. 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 | PBJN | CPSU | PBJN | |
| 3 months | +0.8% | +1.6% | −1.4 pts | −0.6 pts |
| 6 months | +2.8% | +5.2% | −15.3 pts | −12.8 pts |
| 1 year | +4.3% | +6.9% | −12.3 pts | −9.7 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 | PBJN PGIM S&P 500 Buffer 20 ETF - June Absorbs the first 20% of loss on SPY and caps the gain at 12.1%, over a period ending May 31, 2027 | |
|---|---|---|
| Issuer | Calamos | PGIM |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 20% |
| Outcome period | Jun 1, 2026 to May 28, 2027 | Jun 1, 2026 to May 31, 2027 |
| Days left | 249 | 252 |
| Starting cap | +7.1% | +12.1% |
| Can still gain | not published | 9.3% |
| Fall before buffer | 1.1% | 2.5% |
| Protection left, index points | 99.9% of 99.9% | 20.0% of 20.0% |
| Index return this period | +0.4% | +2.3% |
| Fund return this period | +1.0% | +2.1% |
| State today | Open | Open |
| Expense ratio | 0.69% | 0.50% |
| Net assets | $29m | $58m |
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.
PBJN in plain words
From its price on Sep 21, 2026, the fund can gain about 9.3% more before it reaches its cap. The fund's price can fall 2.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.2% 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. 252 days remained on Sep 21, 2026. On May 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSU or PBJN?
- CPSU ends its outcome period on May 28, 2027 and PBJN on May 31, 2027. A new cap is set the day after each.
- Which is cheaper, CPSU or PBJN?
- CPSU charges 0.69% a year and PBJN charges 0.50%, so PBJN 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 PBJN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsu-vs-pbjn Free to use with attribution; the underlying files are at Open data.