Which resets first, CPSJ or JULM?

CPSJ ends its outcome period on Jul 1, 2027 and JULM on Jul 16, 2027. A new cap is set the day after each.

Which is cheaper, CPSJ or JULM?

CPSJ charges 0.69% a year and JULM charges 0.85%, so CPSJ is cheaper. Fees come from each fund's prospectus.

CPSJ vs JULM: which one stands where?

As of Oct 1, 2026 JULM can fall 1.7% before its buffer engages and CPSJ 1.1%, and CPSJ resets 16 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - July and FT Vest U.S. Equity Max Buffer ETF - July.

CPSJFull floor

CPSJ: reference +2.3% since period start, fund +1.0%; buffer −0 to floor; cap +7.6%; Full floor.

JULMFull floor

JULM: reference +2.6% since period start, fund +0.8%; buffer Floor; cap +7.3%; Full floor.

Where each one stands today

CPSJ resets first, on Jul 1, 2027, 273 days from now; JULM runs to Jul 16, 2027, 289 days. A fall from here reaches CPSJ’s buffer after 1.1% and JULM’s after 1.7%. 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	CPSJ	JULM	CPSJ	JULM
3 months	+1.0%	+1.0%	−1.5 pts	−1.5 pts
6 months	+3.7%	+4.1%	−13.3 pts	−12.9 pts
1 year	+5.2%	+5.3%	−10.5 pts	−10.4 pts

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

On the same fields

CPSJ

Calamos S&P 500 ® Structured Alt Protection ETF - July · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.6%, over a period ending Jul 1, 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 0% to 100% 100%

Outcome period Jul 1, 2026 to Jul 1, 2027 Jul 20, 2026 to Jul 16, 2027

Days left 273 289

Starting cap +7.6% +7.3%

Can still gain not published 5.6%

Fall before buffer 1.1% 1.7%

Protection left, index points 99.9% of 99.9% 100.0% of 100.0%

Index return this period +2.3% +2.6%

Fund return this period +1.0% +0.8%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets $50m $34m

CPSJ and JULM on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPSJ 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 2.3% 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. 273 days remained on Oct 1, 2026. On Jul 1, 2027 the period ends and a new cap is set.

JULM in plain words

From its price on Oct 1, 2026, the fund can gain about 5.6% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.5% 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. 289 days remained on Oct 1, 2026. On Jul 16, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSJ or JULM?: CPSJ ends its outcome period on Jul 1, 2027 and JULM on Jul 16, 2027. A new cap is set the day after each.
Which is cheaper, CPSJ or JULM?: CPSJ charges 0.69% a year and JULM charges 0.85%, so CPSJ is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSJ vs PJUL CPSJ vs PMJL CPSJ vs TJUL CPSJ vs UJUL JULM vs PMAU JULM vs UAUG JULM vs XJUL JULM vs ZAUG

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

Where these figures came from

CPSJ filings on SEC EDGAR ↗Calamos website ↗JULM filings on SEC EDGAR ↗First Trust page for JULM ↗

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, CPSJ against JULM, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsj-vs-julm

Open data

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