Which resets first, CPSU or PMJN?

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

Which is cheaper, CPSU or PMJN?

CPSU charges 0.69% a year and PMJN charges 0.50%, so PMJN is cheaper. Fees come from each fund's prospectus.

CPSU vs PMJN: which one stands where?

As of Oct 2, 2026 PMJN can fall 1.6% before its buffer engages and CPSU 1.3%, and CPSU resets 3 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - June and PGIM S&P 500 Max Buffer ETF - June.

PMJN costs 0.19 points a year less; their one-year returns differ by 0.1 points; CPSU is 2.8 times larger.

	CPSU	PMJN
Expense ratio	0.69%	0.50%
Net assets	$29m	$10m
Total return, 1 year	+4.7%	+4.8%
What it tracks	SPY	SPY
Holdings in common	not published

CPSUFull floor

CPSU: reference +1.5% since period start, fund +1.2%; buffer −0 to floor; cap +7.1%; Full floor.

PMJNFull floor

PMJN: reference +1.7% since period start, fund +1.1%; buffer Floor; cap +7.4%; Full floor.

Where each one stands today

CPSU resets first, on May 28, 2027, 238 days from now; PMJN runs to May 31, 2027, 241 days. A fall from here reaches CPSU’s buffer after 1.3% and PMJN’s after 1.6%. 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	CPSU	PMJN	CPSU	PMJN
3 months	+1.2%	+1.4%	−2.4 pts	−2.2 pts
6 months	+2.8%	+2.9%	−15.2 pts	−15.1 pts
1 year	+4.7%	+4.8%	−11.6 pts	−11.5 pts

CPSU and PMJN over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSU

Calamos S&P 500 ® Structured Alt Protection ETF - June · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.1%, over a period ending May 28, 2027

PMJN

PGIM S&P 500 Max Buffer ETF - June · Absorbs the whole loss on SPY and caps the gain at 7.4%, over a period ending May 31, 2027

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 0% to 100% 100%

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

Days left 238 241

Starting cap +7.1% +7.4%

Can still gain not published 5.8%

Fall before buffer 1.3% 1.6%

Protection left, index points 99.9% of 99.9% 100.0% of 100.0%

Index return this period +1.5% +1.7%

Fund return this period +1.2% +1.1%

State today Open Open

Expense ratio 0.69% 0.50%

Net assets $29m $10m

CPSU and PMJN on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSU in plain words

The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% from today's level to the point where the buffer begins. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 238 days remained on Oct 2, 2026. On May 28, 2027 the period ends and a new cap is set.

PMJN in plain words

From its price on Oct 2, 2026, the fund can gain about 5.8% more before it reaches its cap. 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 1.7% 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. 241 days remained on Oct 2, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSU or PMJN?: CPSU ends its outcome period on May 28, 2027 and PMJN on May 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSU or PMJN?: CPSU charges 0.69% a year and PMJN charges 0.50%, so PMJN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSU vs FMAY CPSU vs GMAY CPSU vs HJUN CPSU vs JNEU PMJN vs UJUN PMJN vs XMAY PMJN vs ZJUN PMJN vs CTJN

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

Where these figures came from

CPSU filings on SEC EDGAR ↗Calamos website ↗PMJN filings on SEC EDGAR ↗PGIM website ↗

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, CPSU against PMJN, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsu-vs-pmjn

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.