Which resets first, CPSY or PBFB?

CPSY ends its outcome period on Jan 1, 2027 and PBFB on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSY or PBFB?

CPSY charges 0.69% a year and PBFB charges 0.50%, so PBFB is cheaper. Fees come from each fund's prospectus.

CPSY vs PBFB: which one stands where?

As of Oct 1, 2026 PBFB can fall 6.3% before its buffer engages and CPSY 4.5%, and CPSY resets 31 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - January and PGIM S&P 500 Buffer 20 ETF - February.

CPSYAt its cap

CPSY: reference +11.6% since period start, fund +4.2%; buffer −1 to floor; cap +5.9%; At its cap.

PBFBBetween buffer and cap

PBFB: reference +10.2% since period start, fund +6.3%; buffer 0 to −20; cap +10.7%; Between buffer and cap.

These are two different products. CPSY is a floor fund, which caps how far a holder can fall. PBFB is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

CPSY is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. CPSY has 92 days of its period left and PBFB has 123, so the two are not the same bet on the same months.

Where each one stands today

CPSY resets first, on Jan 1, 2027, 92 days from now; PBFB runs to Jan 31, 2027, 123 days. A fall from here reaches CPSY’s buffer after 4.5% and PBFB’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

	Total return		Gap to the reference
Window	CPSY	PBFB	CPSY	PBFB
3 months	+1.7%	+2.3%	−0.8 pts	−0.2 pts
6 months	+4.3%	+8.2%	−12.7 pts	−8.8 pts
1 year	+5.9%	+9.8%	−9.8 pts	−5.9 pts

CPSY and PBFB over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSY

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 5.9%, over a period ending Jan 1, 2027

PBFB

PGIM S&P 500 Buffer 20 ETF - February · Absorbs the first 20% of loss on SPY and caps the gain at 10.7%, over a period ending Jan 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 1% to 100% 20%

Outcome period Jan 2, 2026 to Jan 1, 2027 Feb 1, 2026 to Jan 31, 2027

Days left 92 123

Starting cap +5.9% +10.7%

Can still gain not published 3.7%

Fall before buffer 4.5% 6.3%

Protection left, index points 99.5% of 99.5% 20.0% of 20.0%

Index return this period +11.6% +10.2%

Fund return this period +4.2% +6.3%

State today At cap Open

Expense ratio 0.69% 0.50%

Net assets $29m $41m

CPSY and PBFB on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPSY in plain words

SPY had already risen past this fund's cap of +5.9% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Jan 1, 2027 the period ends and a new cap is set.

PBFB in plain words

From its price on Oct 1, 2026, the fund can gain about 3.7% more before it reaches its cap. 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 9.2% 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. 123 days remained on Oct 1, 2026. On Jan 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSY or PBFB?: CPSY ends its outcome period on Jan 1, 2027 and PBFB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSY or PBFB?: CPSY charges 0.69% a year and PBFB charges 0.50%, so PBFB is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs GDEC CPSY vs GJAN CPSY vs JAJL CPSY vs JANM PBFB vs PFEB PBFB vs PMFB PBFB vs SIXF PBFB vs UFEB

S&P 500 (SPY) →CPSY on its own →PBFB on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSY filings on SEC EDGAR ↗Calamos website ↗PBFB filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPSY against PBFB, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-pbfb

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.