Which resets first, CPSM or JUNT?

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

Which is cheaper, CPSM or JUNT?

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

CPSM vs JUNT: which one stands where?

As of Oct 1, 2026 JUNT can fall 2.3% before its buffer engages and CPSM 2.1%, and CPSM resets 28 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - May and AllianzIM U.S. Equity Buffer10 ETF - Jun.

CPSMFull floor

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

JUNTBetween buffer and cap

JUNT: reference +0.8% since period start, fund +1.6%; buffer 0 to −10; cap +17.6%; Between buffer and cap.

These are two different products. CPSM is a floor fund, which caps how far a holder can fall. JUNT 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; JUNT runs to May 31, 2027, 240 days. A fall from here reaches CPSM’s buffer after 2.1% and JUNT’s after 2.3%. 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	JUNT	CPSM	JUNT
3 months	+1.2%	+1.8%	−1.4 pts	−0.7 pts
6 months	+2.4%	+6.3%	−14.6 pts	−10.7 pts
1 year	+4.6%	+8.2%	−11.1 pts	−7.5 pts
3 years	not published	+49.8%	not published	−35.1 pts

CPSM and JUNT 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

JUNT

AllianzIM U.S. Equity Buffer10 ETF - Jun · Absorbs the first 10% of loss on SPY and caps the gain at 17.6%, over a period ending May 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 0% to 100% 10%

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

Days left 212 240

Starting cap +6.5% +17.6%

Can still gain not published 15.0%

Fall before buffer 2.1% 2.3%

Protection left, index points 99.8% of 99.8% 10.0% of 10.0%

Index return this period +5.8% +0.8%

Fund return this period +1.9% +1.6%

State today Open Open

Expense ratio 0.69% 0.74%

Net assets $59m $117m

CPSM and JUNT 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.

JUNT in plain words

From its price on Oct 1, 2026, the fund can gain about 15.0% 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 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: 10.0% of the 10.0% 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 JUNT?: CPSM ends its outcome period on May 1, 2027 and JUNT on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or JUNT?: CPSM charges 0.69% a year and JUNT charges 0.74%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs UJUN CPSM vs UMAY CPSM vs XAPR CPSM vs XMAY JUNT vs JUNW JUNT vs MAYM JUNT vs PBJN JUNT vs PMJN

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

Where these figures came from

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

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 JUNT, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsm-vs-junt

Open data

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