Which resets first, CPSU or JUNW?

CPSU ends its outcome period on May 28, 2027 and JUNW on May 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSU or JUNW?

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

Open in the app Compare their flows Ask IQ about these two funds

CPSU vs JUNW: Cap, Buffer & Days Left

As of Oct 13, 2026 JUNW can fall 3.2% before its buffer engages and CPSU 1.6%, and CPSU resets 3 days sooner. Net assets on Oct 12, 2026: $29m for Calamos S&P 500 ® Structured Alt Protection ETF - June and $382m for AllianzIM U.S. Equity Buffer20 ETF - Jun.

CPSU costs 0.05 points a year less; their one-year returns differ by 2.8 points; JUNW is 13.3 times larger.

Points (pts) are percentage points.

CPSU vs JUNW: Cap, Buffer & Days Left
	CPSU	JUNW
Expense ratio	0.69%	0.74%
Net assets, as of Oct 12, 2026	$29m	$382m
Total return, 1 year	+5.2%	+8.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.5%	2.7%

CPSUFull floor

CPSU: reference +2.6% since period start, fund +1.4%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

JUNWBetween buffer and cap

JUNW: reference +2.8% since period start, fund +2.5%; buffer 0 to −20; cap +12.0%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. CPSU 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

CPSU resets first, on May 28, 2027, 227 days from now; JUNW runs to May 31, 2027, 230 days. A fall from here reaches CPSU’s buffer after 1.6% and JUNW’s after 3.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSU vs JUNW: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSU	JUNW	CPSU	JUNW
3 months	+1.4%	+2.5%	−2.5 pts	−1.3 pts
6 months	+2.3%	+3.8%	−11.1 pts	−9.6 pts
1 year	+5.2%	+8.0%	−14.0 pts	−11.2 pts
3 years	not published	+37.4%	not published	−43.0 pts
Since launch Not the same days: CPSU Jun 2025 · JUNW Jun 2023	+7.9%	+39.9%	−23.3 pts	−44.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

CPSU

Calamos S&P 500 ® Structured Alt Protection ETF - June · Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending May 28, 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 100% 20%

Outcome period Jun 1, 2026 to May 28, 2027 Jun 1, 2026 to May 31, 2027

Days left 227 230

Starting cap +7.3% +12.0%

Can still gain not published 8.5%

Fall before buffer 1.6% 3.2%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +2.6% +2.8%

Fund return this period +1.4% +2.5%

State today Open Open

Expense ratio 0.69% 0.74%

Net assets, as of Oct 12, 2026 $29m $382m

As of Oct 13, 2026. Source: ETFIQ.

About CPSU

The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.5% 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. 227 days remained on Oct 13, 2026. On May 28, 2027 the period ends and a new cap is set.

About JUNW

From its price on Oct 13, 2026, the fund can gain about 8.5% more before it reaches its cap. The fund's price can fall 3.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.7% 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. 230 days remained on Oct 13, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSU or JUNW?: CPSU ends its outcome period on May 28, 2027 and JUNW on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSU or JUNW?: CPSU charges 0.69% a year and JUNW charges 0.74%, so CPSU is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSU vs DMAY CPSU vs GMAY CPSU vs PJUN CPSU vs FMAY JUNW vs MAYM JUNW vs PBJN JUNW vs FMAY JUNW vs DDTZ

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSU on its own →JUNW on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSU filings on SEC EDGAR ↗CPSU prospectus with the expense ratio (SEC) ↗Calamos website ↗JUNW filings on SEC EDGAR ↗AllianzIM page for JUNW ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSU against JUNW, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsu-vs-junw

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.