Which resets first, CPSM or JUNP?

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

Which is cheaper, CPSM or JUNP?

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

CPSM vs JUNP: which one stands where?

As of Oct 1, 2026 CPSM can fall 2.1% before its buffer engages and JUNP 2.1%, and CPSM resets 31 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - May and PGIM S&P 500 Buffer 12 ETF - June.

CPSMFull floor

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

JUNPBetween buffer and cap

JUNP: reference +0.8% since period start, fund +1.6%; buffer 0 to −12; cap +15.9%; Between buffer and cap.

These are two different products. CPSM is a floor fund, which caps how far a holder can fall. JUNP 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 212 days of its period left and JUNP has 243, so the two are not the same bet on the same months.

Where each one stands today

CPSM resets first, on May 1, 2027, 212 days from now; JUNP runs to May 31, 2027, 243 days. A fall from here reaches CPSM’s buffer after 2.1% and JUNP’s after 2.1%. 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	JUNP	CPSM	JUNP
3 months	+1.2%	+2.3%	−1.4 pts	−0.3 pts
6 months	+2.4%	+6.1%	−14.6 pts	−10.9 pts
1 year	+4.6%	+8.1%	−11.1 pts	−7.6 pts

CPSM and JUNP 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

JUNP

PGIM S&P 500 Buffer 12 ETF - June · Absorbs the first 12% of loss on SPY and caps the gain at 15.9%, over a period ending May 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 0% to 100% 12%

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

Days left 212 243

Starting cap +6.5% +15.9%

Can still gain not published 13.6%

Fall before buffer 2.1% 2.1%

Protection left, index points 99.8% of 99.8% 12.0% of 12.0%

Index return this period +5.8% +0.8%

Fund return this period +1.9% +1.6%

State today Open Open

Expense ratio 0.69% 0.50%

Net assets $59m $96m

CPSM and JUNP 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.

JUNP in plain words

From its price on Oct 1, 2026, the fund can gain about 13.6% more before it reaches its cap. In index terms, SPY can fall 0.8% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 243 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 JUNP?: CPSM ends its outcome period on May 1, 2027 and JUNP on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or JUNP?: CPSM charges 0.69% a year and JUNP charges 0.50%, so JUNP is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs MAYU CPSM vs MAYW CPSM vs PBJN CPSM vs PBMY JUNP vs JUNT JUNP vs JUNW JUNP vs MAYM JUNP vs PBJN

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

Where these figures came from

CPSM filings on SEC EDGAR ↗Calamos website ↗JUNP 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, CPSM against JUNP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsm-vs-junp

Open data

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