Which resets first, CPSM or UJUN?

CPSM ends its outcome period on Apr 30, 2027 and UJUN on May 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSM or UJUN?

CPSM charges 0.69% a year and UJUN charges 0.79%, so CPSM is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

CPSM vs UJUN: Cap, Buffer & Days Left

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As of Nov 4, 2026 UJUN can fall 7.0% before its buffer engages and CPSM 2.6%, and CPSM resets 31 days sooner.

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Net assets on Nov 4, 2026: $59m for Calamos S&P 500 Structured Alt Protection ETF - May and $185m for Innovator U.S. Equity Ultra Buffer ETF - Jun.

CPSM on its own →UJUN on its own →

At a glance

CPSM Full floor

CPSM: reference +6.4% since period start, fund +2.3%; buffer Floor; cap +6.7%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

UJUN Between buffer and cap

UJUN: reference +1.3% since period start, fund +1.7%; buffer −5 to −35; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

CPSM costs 0.10 points a year less; their one-year returns differ by 1.7 points; UJUN is 3.1 times larger.

Points (pts) are percentage points.

CPSM vs UJUN: Cap, Buffer & Days Left
Measure	CPSM	UJUN
Return
Measure	CPSM	UJUN
Total return, 1 year	+4.8%	+6.5%
Drawdown
Measure	CPSM	UJUN
Index fall to the buffer	6.0%	6.2%
Benchmark
Measure	CPSM	UJUN
What it tracks	SPY	SPY
Cost and size
Measure	CPSM	UJUN
Expense ratio	0.69%	0.79%
Net assets	$59m	$185m
Holdings
Measure	CPSM	UJUN
Holdings in common	not published

Method

Window by window

Window by window: CPSM vs UJUN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSM	UJUN	CPSM	UJUN
3 months	+1.0%	+0.2%	+1.3 pts	+0.6 pts
6 months	+2.1%	+1.9%	−2.4 pts	−2.6 pts
1 year	+4.8%	+6.5%	−8.7 pts	−7.0 pts
3 years	–	+37.1%	–	−39.3 pts
Since launchNot the same days: CPSM May 2024 · UJUN Jun 2019	+18.8%	+60.6%	−34.5 pts	−118.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

CPSM Calamos S&P 500 Structured Alt Protection ETF - May · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Apr 30, 2027 UJUN Innovator U.S. Equity Ultra Buffer ETF - Jun · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.0%, over a period ending May 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 5% to 35%

Outcome period May 1, 2026 to Apr 30, 2027 May 31, 2026 to May 31, 2027

Days left 177 208

Starting cap +6.7% +14.0%

Can still gain not published 11.7%

Fall before buffer 2.6% 7.0%

Protection left, index points 100.0% of 100.0% 30.0% of 30.0%

Index return this period +6.4% +1.3%

Fund return this period +2.3% +1.7%

State today Open Open

Expense ratio 0.69% 0.79%

Net assets $59m $185m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. CPSM is a floor fund, which caps how far a holder can fall. UJUN 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 177 days of its period left and UJUN has 208, so the two are not the same bet on the same months.

Where each one stands today

CPSM resets first, on Apr 30, 2027, 177 days from now; UJUN runs to May 31, 2027, 208 days. A fall from here reaches CPSM’s buffer after 2.6% and UJUN’s after 7.0%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSM

The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.0% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.

UJUN

From its price on Nov 4, 2026, the fund can gain about 11.7% more before it reaches its cap. The fund's price can fall 7.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 208 days remained on Nov 4, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSM or UJUN?: CPSM ends its outcome period on Apr 30, 2027 and UJUN on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSM or UJUN?: CPSM charges 0.69% a year and UJUN charges 0.79%, so CPSM is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSM vs BMAY CPSM vs MAYT CPSM vs ZJUN CPSM vs DDFZ UJUN vs JNEU UJUN vs ZJUN UJUN vs PJUN UJUN vs HJUN

Where to next

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSM on its own →UJUN on its own →Method →Standards and sources →

Sources and dates

CPSM filings on SEC EDGAR ↗

Calamos website ↗

UJUN filings on SEC EDGAR ↗

Innovator page for UJUN ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSM against UJUN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsm-vs-ujun

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