Which resets first, BJUN or CPSM?

BJUN ends its outcome period on May 31, 2027 and CPSM on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, BJUN or CPSM?

BJUN charges 0.79% a year and CPSM charges 0.69%, so CPSM is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

BJUN vs CPSM: Cap, Buffer & Days Left

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As of Nov 4, 2026 CPSM can fall 2.6% before its buffer engages and BJUN 2.3%, and CPSM resets 31 days sooner.

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Net assets on Nov 4, 2026: $246m for Innovator U.S. Equity Buffer ETF - Jun and $59m for Calamos S&P 500 Structured Alt Protection ETF - May.

BJUN on its own →CPSM on its own →

At a glance

BJUN Between buffer and cap

BJUN: reference +1.3% since period start, fund +2.0%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Data to Nov 4, 2026.

CPSM Full floor

CPSM: reference +6.4% since period start, fund +2.3%; buffer Floor; cap +6.7%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

CPSM costs 0.10 points a year less; their one-year returns differ by 3.9 points; BJUN is 4.2 times larger.

Points (pts) are percentage points.

BJUN vs CPSM: Cap, Buffer & Days Left
Measure	BJUN	CPSM
Return
Measure	BJUN	CPSM
Total return, 1 year	+8.7%	+4.8%
Drawdown
Measure	BJUN	CPSM
Index fall to the buffer	1.3%	6.0%
Benchmark
Measure	BJUN	CPSM
What it tracks	SPY	SPY
Cost and size
Measure	BJUN	CPSM
Expense ratio	0.79%	0.69%
Net assets	$246m	$59m
Holdings
Measure	BJUN	CPSM
Holdings in common	not published

Method

Window by window

Window by window: BJUN vs CPSM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BJUN	CPSM	BJUN	CPSM
3 months	+0.5%	+1.0%	+0.9 pts	+1.3 pts
6 months	+2.5%	+2.1%	−2.0 pts	−2.4 pts
1 year	+8.7%	+4.8%	−4.8 pts	−8.7 pts
3 years	+50.0%	–	−26.4 pts	–
Since launchNot the same days: BJUN Jun 2019 · CPSM May 2024	+96.7%	+18.8%	−82.6 pts	−34.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

BJUN Innovator U.S. Equity Buffer ETF - Jun · Absorbs the first 9% of loss on SPY and caps the gain at 18.1%, over a period ending May 31, 2027 CPSM Calamos S&P 500 Structured Alt Protection ETF - May · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Apr 30, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 100%

Outcome period May 31, 2026 to May 31, 2027 May 1, 2026 to Apr 30, 2027

Days left 208 177

Starting cap +18.1% +6.7%

Can still gain 15.4% not published

Fall before buffer 2.3% 2.6%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +1.3% +6.4%

Fund return this period +2.0% +2.3%

State today Open Open

Expense ratio 0.79% 0.69%

Net assets $246m $59m

As of Nov 4, 2026. Source: ETFIQ.

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

They do not reset together. CPSM has 177 days of its period left and BJUN has 208, so the two are not the same bet on the same months.

Where each one stands today

CPSM resets first, on Apr 30, 2027, 177 days from now; BJUN runs to May 31, 2027, 208 days. A fall from here reaches BJUN’s buffer after 2.3% and CPSM’s after 2.6%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

BJUN

From its price on Nov 4, 2026, the fund can gain about 15.4% more before it reaches its cap. The fund's price can fall 2.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.3% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 208 days remained on Nov 4, 2026. On May 31, 2027 the period ends and a new cap is set.

CPSM

The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.0% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BJUN or CPSM?: BJUN ends its outcome period on May 31, 2027 and CPSM on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BJUN or CPSM?: BJUN charges 0.79% a year and CPSM charges 0.69%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

BJUN vs CJUN BJUN vs CPSU BJUN vs CTJN BJUN vs DDFZ CPSM vs CJUN CPSM vs BMAY CPSM vs CPSU CPSM vs CMAY

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BJUN on its own →CPSM on its own →Method →Standards and sources →

Sources and dates

BJUN filings on SEC EDGAR ↗

Innovator page for BJUN ↗

CPSM filings on SEC EDGAR ↗

Calamos website ↗

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.

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ETFIQ, BJUN against CPSM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bjun-vs-cpsm

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