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CPSA vs JULM: Cap, Buffer & Days Left

As of Oct 9, 2026 JULM can fall 2.1% before its buffer engages and CPSA 1.3%, and JULM resets 14 days sooner. Net assets on Oct 9, 2026: $50m for Calamos S&P 500 ® Structured Alt Protection ETF - August and $36m for FT Vest U.S. Equity Max Buffer ETF - July.

CPSA costs 0.16 points a year less; their one-year returns differ by 0.2 points; CPSA is 1.4 times larger.

CPSAJULM
Expense ratio0.69%0.85%
Net assets$50m$36m
Total return, 1 year+5.9%+5.7%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer2.7%4.5%
CPSAFull floor
Full floorCPSA: reference +2.8% since period start, fund +1.2%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% period start+7.8% cap+2.8% gain captured+5% more to the capTODAY · SPY +2.8%Full floorCPSA: reference +2.8% since period start, fund +1.2%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% start+7.8% cap+2.8% gain captured+5% more to the capTODAY · SPY +2.8%

CPSA: reference +2.8% since period start, fund +1.2%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

JULMFull floor
Full floorJULM: reference +4.8% since period start, fund +1.3%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.full floor beneath+4.8%full floor0% period start+7.3% cap+2.6% more to the capTODAY · SPY +4.8%Full floorJULM: reference +4.8% since period start, fund +1.3%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% start+7.3% cap+4.8% gain captured+2.6% more to the capTODAY · SPY +4.8%

JULM: reference +4.8% since period start, fund +1.3%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

Where each one stands today

JULM resets first, on Jul 16, 2027, 280 days from now; CPSA runs to Jul 30, 2027, 294 days. A fall from here reaches CPSA’s buffer after 1.3% and JULM’s after 2.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowCPSAJULMCPSAJULM
3 months+1.5%+1.3%−1.6 pts−1.8 pts
6 months+3.8%+3.5%−10.8 pts−11.0 pts
1 year+5.9%+5.7%−10.1 pts−10.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSA
Calamos S&P 500 ® Structured Alt Protection ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.8%, over a period ending Jul 30, 2027
JULM
FT Vest U.S. Equity Max Buffer ETF - July · Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Jul 16, 2027
Issuer Calamos First Trust
Reference index SPY SPY
Buffer 100% 100%
Outcome period Aug 3, 2026 to Jul 30, 2027 Jul 20, 2026 to Jul 16, 2027
Days left 294 280
Starting cap +7.8% +7.3%
Can still gain not published 5.1%
Fall before buffer 1.3% 2.1%
Protection left, index points 100.0% of 100.0% 100.0% of 100.0%
Index return this period +2.8% +4.8%
Fund return this period +1.2% +1.3%
State today Open Open
Expense ratio 0.69% 0.85%
Net assets $50m $36m

As of Oct 9, 2026. Source: ETFIQ.

CPSA in plain words

The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.7% 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. 294 days remained on Oct 9, 2026. On Jul 30, 2027 the period ends and a new cap is set.

JULM in plain words

From its price on Oct 9, 2026, the fund can gain about 5.1% more before it reaches its cap. The fund's price can fall 2.1% 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. 280 days remained on Oct 9, 2026. On Jul 16, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSA or JULM?
CPSA ends its outcome period on Jul 30, 2027 and JULM on Jul 16, 2027. A new cap is set the day after each.
Which is cheaper, CPSA or JULM?
CPSA charges 0.69% a year and JULM charges 0.85%, so CPSA is cheaper. Fees come from each fund's prospectus.
Other comparisons
CPSA vs SEPTCPSA vs PBAUCPSA vs XJULCPSA vs PBSEJULM vs CPSJJULM vs PBAUJULM vs PMAUJULM vs DJUL
S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSA on its own →JULM on its own →How every figure is computed →Standards and sources →
Where these figures came from
CPSA filings on SEC EDGAR ↗Calamos website ↗JULM filings on SEC EDGAR ↗First Trust page for JULM ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, CPSA against JULM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsa-vs-julm

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.