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CPSU vs PJUN: Cap, Buffer & Days Left

As of Oct 9, 2026 PJUN can fall 3.0% before its buffer engages and CPSU 1.6%, and CPSU resets 3 days sooner. Net assets on Oct 9, 2026: $29m for Calamos S&P 500 ® Structured Alt Protection ETF - June and $888m for Innovator U.S. Equity Power Buffer ETF - Jun.

CPSU costs 0.10 points a year less; their one-year returns differ by 3.1 points; PJUN is far larger, $888m against $29m.

CPSUPJUN
Expense ratio0.69%0.79%
Net assets$29m$888m
Total return, 1 year+4.9%+8.0%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer2.6%2.8%
CPSUFull floor
Full floorCPSU: reference +2.6% since period start, fund +1.5%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% period start+7.3% cap+2.6% gain captured+4.6% more to the capTODAY · SPY +2.6%Full floorCPSU: reference +2.6% since period start, fund +1.5%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% start+7.3% cap+2.6% gain captured+4.6% more to the capTODAY · SPY +2.6%

CPSU: reference +2.6% since period start, fund +1.5%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

PJUNBetween buffer and cap
Between buffer and capPJUN: reference +2.9% since period start, fund +2.8%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 9, 2026.15 pts of buffer+10.9% to cap−15.0% floor0% period start+13.8% cap+2.9% gain capturedTODAY · SPY +2.9%Between buffer and capPJUN: reference +2.9% since period start, fund +2.8%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 9, 2026.15 pts−15.0% floor0% start+13.8% cap+2.9% gain captured+10.9% more to the capTODAY · SPY +2.9%

PJUN: reference +2.9% since period start, fund +2.8%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 9, 2026.

PJUN: reference +2.9% since period start, fund +2.8%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 9, 2026.

These are two different products. CPSU is a floor fund, which caps how far a holder can fall. PJUN 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, 231 days from now; PJUN runs to May 31, 2027, 234 days. A fall from here reaches CPSU’s buffer after 1.6% and PJUN’s after 3.0%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowCPSUPJUNCPSUPJUN
3 months+1.4%+2.3%−1.8 pts−0.8 pts
6 months+2.4%+4.5%−12.2 pts−10.1 pts
1 year+4.9%+8.0%−11.1 pts−8.0 pts
3 yearsnot published+40.8%not published−38.4 pts

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

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
PJUN
Innovator U.S. Equity Power Buffer ETF - Jun · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending May 31, 2027
Issuer Calamos Innovator
Reference index SPY SPY
Buffer 100% 15%
Outcome period Jun 1, 2026 to May 28, 2027 May 31, 2026 to May 31, 2027
Days left 231 234
Starting cap +7.3% +13.8%
Can still gain not published 10.4%
Fall before buffer 1.6% 3.0%
Protection left, index points 100.0% of 100.0% 15.0% of 15.0%
Index return this period +2.6% +2.9%
Fund return this period +1.5% +2.8%
State today Open Open
Expense ratio 0.69% 0.79%
Net assets $29m $888m

As of Oct 9, 2026. Source: ETFIQ.

CPSU in plain words

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 2.6% 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. 231 days remained on Oct 9, 2026. On May 28, 2027 the period ends and a new cap is set.

PJUN in plain words

From its price on Oct 9, 2026, the fund can gain about 10.4% more before it reaches its cap. The fund's price can fall 3.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.8% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 234 days remained on Oct 9, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSU or PJUN?
CPSU ends its outcome period on May 28, 2027 and PJUN on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSU or PJUN?
CPSU charges 0.69% a year and PJUN charges 0.79%, so CPSU is cheaper. Fees come from each fund's prospectus.
Other comparisons
CPSU vs FMAYCPSU vs GMAYCPSU vs DMAYCPSU vs JUNWPJUN vs DDTZPJUN vs MAYMPJUN vs JNEUPJUN vs XMAY
S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSU on its own →PJUN on its own →How every figure is computed →Standards and sources →
Where these figures came from
CPSU filings on SEC EDGAR ↗Calamos website ↗PJUN filings on SEC EDGAR ↗Innovator page for PJUN ↗

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 page

ETFIQ, CPSU against PJUN, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsu-vs-pjun

Open data

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