Which resets first, CPSM or JUNW?

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

Which is cheaper, CPSM or JUNW?

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

CPSM vs JUNW: which one stands where?

As of Oct 1, 2026 JUNW can fall 2.2% 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 Buffer20 ETF - Jun.

CPSMFull floor

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

JUNWBetween buffer and cap

JUNW: reference +0.8% since period start, fund +1.5%; buffer 0 to −20; cap +12.0%; Between buffer and cap.

These are two different products. CPSM is a floor fund, which caps how far a holder can fall. JUNW 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; JUNW runs to May 31, 2027, 240 days. A fall from here reaches CPSM’s buffer after 2.1% and JUNW’s after 2.2%. 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	JUNW	CPSM	JUNW
3 months	+1.2%	+1.6%	−1.4 pts	−0.9 pts
6 months	+2.4%	+4.3%	−14.6 pts	−12.7 pts
1 year	+4.6%	+6.4%	−11.1 pts	−9.3 pts
3 years	not published	+36.5%	not published	−48.5 pts

CPSM and JUNW 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

JUNW

AllianzIM U.S. Equity Buffer20 ETF - Jun · Absorbs the first 20% of loss on SPY and caps the gain at 12.0%, over a period ending May 31, 2027

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 0% to 100% 20%

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

Days left 212 240

Starting cap +6.5% +12.0%

Can still gain not published 9.7%

Fall before buffer 2.1% 2.2%

Protection left, index points 99.8% of 99.8% 20.0% of 20.0%

Index return this period +5.8% +0.8%

Fund return this period +1.9% +1.5%

State today Open Open

Expense ratio 0.69% 0.74%

Net assets $59m $379m

CPSM and JUNW 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.

JUNW in plain words

From its price on Oct 1, 2026, the fund can gain about 9.7% more before it reaches its cap. The fund's price can fall 2.2% 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: 20.0% of the 20.0% 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 JUNW?: CPSM ends its outcome period on May 1, 2027 and JUNW on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or JUNW?: CPSM charges 0.69% a year and JUNW charges 0.74%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs CTMA CPSM vs DAPR CPSM vs DDFY CPSM vs DDFZ JUNW vs MAYM JUNW vs PBJN JUNW vs PMJN JUNW vs UJUN

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

Where these figures came from

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

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

Open data

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