Which resets first, CPSY or PMJA?

CPSY ends its outcome period on Dec 31, 2026 and PMJA on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, CPSY or PMJA?

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

CPSY vs PMJA: which one stands where?

As of Oct 2, 2026 PMJA can fall 4.6% before its buffer engages and CPSY 4.6%. Calamos S&P 500 ® Structured Alt Protection ETF - January and PGIM S&P 500 Max Buffer ETF - January.

PMJA costs 0.19 points a year less; their one-year returns differ by 0.1 points; CPSY is 5.2 times larger.

	CPSY	PMJA
Expense ratio	0.69%	0.50%
Net assets	$29m	$6m
Total return, 1 year	+5.9%	+6.0%
What it tracks	SPY	SPY
Holdings in common	not published

CPSYAt its cap

CPSY: reference +12.7% since period start, fund +4.3%; buffer −1 to floor; cap +5.9%; At its cap.

PMJAAt its cap

PMJA: reference +12.9% since period start, fund +4.3%; buffer Floor; cap +6.6%; At its cap.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

CPSY resets first, on Dec 31, 2026, 90 days from now; PMJA runs to Dec 31, 2026, 90 days. A fall from here reaches CPSY’s buffer after 4.6% and PMJA’s after 4.6%. 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	PMJA	CPSY	PMJA
3 months	+1.7%	+1.7%	−1.9 pts	−1.9 pts
6 months	+4.4%	+4.4%	−13.6 pts	−13.5 pts
1 year	+5.9%	+6.0%	−10.3 pts	−10.3 pts

CPSY and PMJA 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 Dec 31, 2026

PMJA

PGIM S&P 500 Max Buffer ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.6%, over a period ending Dec 31, 2026

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 1% to 100% 100%

Outcome period Jan 2, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026

Days left 90 90

Starting cap +5.9% +6.6%

Can still gain not published 1.7%

Fall before buffer 4.6% 4.6%

Protection left, index points 99.5% of 99.5% 100.0% of 100.0%

Index return this period +12.7% +12.9%

Fund return this period +4.3% +4.3%

State today At cap At cap

Expense ratio 0.69% 0.50%

Net assets $29m $6m

CPSY and PMJA on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSY in plain words

SPY had already risen past this fund's cap of +5.9% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.6% 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: 99.5% of the 99.5% buffer still sits below today's SPY level. 90 days remained on Oct 2, 2026. On Dec 31, 2026 the period ends and a new cap is set.

PMJA in plain words

SPY had already risen past this fund's cap of +6.6% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.7% as the period runs out. In index terms, SPY can fall 11.4% 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.

Questions people ask

Which resets first, CPSY or PMJA?: CPSY ends its outcome period on Dec 31, 2026 and PMJA on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSY or PMJA?: CPSY charges 0.69% a year and PMJA charges 0.50%, so PMJA is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs SIXF CPSY vs SIXJ CPSY vs SQMX CPSY vs TJAN PMJA vs PQV PMJA vs PQX PMJA vs PQXV PMJA vs PQXX

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

Where these figures came from

CPSY filings on SEC EDGAR ↗Calamos website ↗PMJA 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 PMJA, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsy-vs-pmja

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.