Which resets first, CPSM or JNEU?

CPSM ends its outcome period on May 1, 2027 and JNEU on May 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSM or JNEU?

CPSM charges 0.69% a year and JNEU charges 0.74%, so CPSM is cheaper. Fees come from each fund's prospectus.

CPSM vs JNEU: which one stands where?

As of Oct 1, 2026 CPSM can fall 2.1% before its buffer engages and JNEU 0.8%, and CPSM resets 28 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - May and AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jun.

CPSMFull floor

CPSM: reference +5.8% since period start, fund +1.9%; buffer −0 to floor; cap +6.5%; Full floor.

JNEUNo cap

JNEU: reference +0.8% since period start, fund 0.0%; buffer 0 to −15; no cap; No cap.

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

Where each one stands today

CPSM resets first, on May 1, 2027, 212 days from now; JNEU runs to May 31, 2027, 240 days. A fall from here reaches CPSM’s buffer after 2.1% and JNEU’s after 0.8%. 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	CPSM	JNEU	CPSM	JNEU
3 months	+1.2%	+1.4%	−1.4 pts	−1.1 pts
6 months	+2.4%	+14.8%	−14.6 pts	−2.2 pts
1 year	+4.6%	+12.0%	−11.1 pts	−3.7 pts

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

On the same fields

CPSM

Calamos S&P 500 ® Structured Alt Protection ETF - May · Absorbs losses from 0.2% to 100.0% on SPY and caps the gain at 6.5%, over a period ending May 1, 2027

JNEU

AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jun · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending May 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 0% to 100% 15%

Outcome period May 1, 2026 to May 1, 2027 Jun 1, 2026 to May 31, 2027

Days left 212 240

Starting cap +6.5% uncapped

Can still gain not published uncapped

Fall before buffer 2.1% 0.8%

Protection left, index points 99.8% of 99.8% 15.0% of 15.0%

Index return this period +5.8% +0.8%

Fund return this period +1.9% 0.0%

State today Open Uncapped

Expense ratio 0.69% 0.74%

Net assets $59m $42m

CPSM and JNEU on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPSM in plain words

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 5.7% from today's level to the point where the buffer begins. Protection left, in index points: 99.8% of the 99.8% buffer still sits below today's SPY level. 212 days remained on Oct 1, 2026. On May 1, 2027 the period ends and a new cap is set.

JNEU in plain words

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.8% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 240 days remained on Oct 1, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSM or JNEU?: CPSM ends its outcome period on May 1, 2027 and JNEU on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or JNEU?: CPSM charges 0.69% a year and JNEU charges 0.74%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs DMAY CPSM vs FAPR CPSM vs FMAY CPSM vs GAPR JNEU vs JUNP JNEU vs JUNT JNEU vs JUNW JNEU vs MAYM

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

Where these figures came from

CPSM filings on SEC EDGAR ↗Calamos website ↗JNEU filings on SEC EDGAR ↗AllianzIM page for JNEU ↗

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, CPSM against JNEU, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsm-vs-jneu

Open data

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