JUNM vs PMSE: Grades, Fees and Holdings Compared

FT Vest U.S. Equity Max Buffer ETF - June

JUNMCCboe

PGIM S&P 500 Max Buffer ETF - September

PMSEBCboe

Overlap

0.0%by weight

Expense ratio

PMSE −0.35pt a year

JUNM0.85%PMSE0.50%

Avg volume · 30D

JUNM 1.8×the volume

JUNM4.58KPMSE2.61K

JUNM vs PMSE Performance

Oct 31, 2025 – Oct 30, 2026

+4.4%JUNM+5.2%PMSE

Expense ratio: JUNM 0.85%; PMSE 0.50%, better
Fund size: JUNM $67M; PMSE $8M
1Y total return: JUNM +4.4%; PMSE +5.2%, better
Holdings: JUNM 3; PMSE 4
Avg volume (30D): JUNM 4.58K sh, better; PMSE 2.61K sh
NAV per share: JUNM $35.51; PMSE $26.80
52W range

ETF.net Grade

Pillar letters and Scores for JUNM, PMSE, with each pillar’s weight
Pillar	JUNM	PMSE
Cost30% weight	F21	A76Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D36	C45Higher
Tradability15% weight	A81Higher	D37
Holdings10% weight	B68	Not scored
Durability5% weight	A86Higher	F24

Rank among S&P 500 Max Buffer funds

How we build Categories ›

Same Category. JUNM and PMSE are both graded against the same 20 S&P 500 Max Buffer funds, so their Grades compare head to head.

S&P 500 Max Buffer⁠

Category · 20 funds

See all 20 ›

PMSE ranks 2nd and JUNM 14th of 20 funds in the S&P 500 Max Buffer Category.

Rank 1BPMDEPGIM S&P 500 Max Buffer ETF - DecemberScore 63
Rank 2BPMJLPGIM S&P 500 Max Buffer ETF - JulyScore 56
Rank 2BPMSEPGIM S&P 500 Max Buffer ETF - SeptemberScore 56
Rank 4BPMJNPGIM S&P 500 Max Buffer ETF - JuneScore 55
Rank 13CDECMFT Vest U.S. Equity Max Buffer ETF - DecemberScore 44
Rank 14CJUNMFT Vest U.S. Equity Max Buffer ETF - JuneScore 43
Rank 15DFEBMFT Vest U.S. Equity Max Buffer ETF - FebruaryScore 40

Our read on each fund

ETF.net Research

JUNMCFT Vest U.S. Equity Max Buffer ETF - June

PMSEBPGIM S&P 500 Max Buffer ETF - September

In short

JUNM Most buffer ETFs pick a number and defend it. This one chases the biggest buffer the options market will fund each June, then pays for it with a cap that leaves only a sliver of the S&P 500's upside.

PMSE No data

Stated mandate

JUNM The Fund seeks to match the price return of the State Street SPDR S&P 500 ETF Trust up to a preset cap while seeking the maximum available downside buffer over roughly one year. For June 22, 2026–June 17, 2027, it seeks 100% loss buffering with a 7.33% cap before fees and expenses.

PMSE No data

Why people hold it

JUNM Simple mechanics: track SPY's price return up to a preset cap while seeking the maximum downside buffer available, over a roughly one-year period that resets each June.ftportfolios.com
Cap and buffer are rebuilt with fresh options every June, so terms are repriced each year instead of frozen at launch.ftportfolios.com
What's being buffered is SPY, the original S&P 500 tracker, so the underlying exposure is about as plain-vanilla as US equity gets.

PMSE No data

Worth knowing

JUNM The buffer is bought with upside: gains stop at the cap set each June, and the fund follows SPY's price only, so dividends don't feed your return.
At 0.85% a year, it runs above the Calamos structured-protection series (CPSJ, CPSM, CPST) at 0.69%. Cost is where it trails its floor-fund peer group.
Headline terms apply from the June start date, so a mid-period buyer gets a different cap and buffer. It's also a 2024 launch on the smaller, thinner-traded end of the shelf.

PMSE No data

Full JUNM profile⁠

Full PMSE profile⁠

JUNM vs PMSE Holdings

How JUNM and PMSE differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of JUNM and 0.0% of PMSE.

Level by level

Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for PMSE.

Country, concentration and asset class

Country by domicile

Country weights in JUNM and PMSE, widest gap first
Country	More in JUNMMore in PMSE	JUNM	PMSE
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

JUNM103.3%
PMSE103.6%

Securities held

JUNM2
PMSE3

Asset class

JUNM: Multi-Asset
PMSE: Alternatives

Holdings

Only in JUNM2
In both0
Only in PMSE3

Only in JUNM

2 securities, 100% of JUNM by weight

2027-06-17 State Street® SPDR® S&P 500® ETF Trust C 7.4598.50%
2027-06-17 State Street® SPDR® S&P 500® ETF Trust P 746.723.89%

Only in PMSE

3 securities, 100% of PMSE by weight

4SPY Us 08/31/27 C15.3496.96%
4SPY Us 08/31/27 P767.054.61%
Net Current Assets<0.01%

Weight gaps

JUNM and PMSE share no securities.

All 3 JUNM holdings⁠All PMSE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JUNM vs PMSE Cost

Overpaying JUNM vs PMSE

$6,220

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

JUNM 0.85%
$16,199
PMSE 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

JUNM 0.85%
PMSE 0.50%
Overpaying

Year by year

Year	JUNM	PMSE	Overpaying
10	$1,508	$900	$608
20	$5,706	$3,460	$2,246
30	$16,199	$9,979	$6,220

Expense ratio

0.85%JUNM
0.50%PMSE, cheaper

PMSE0.50%JUNM0.85%

0.50%0.85%

Middle half of S&P 500 Max Buffer funds
Median 0.52%

PMSE cheapest of 20 funds

JUNM 12th cheapest of 20 funds

JUNM vs PMSE Dividends

Last 12 months to Oct 30, 2026

Payout (12M): JUNM None; PMSE None

Distribution history

JUNMAll JUNM payments⁠

No distribution history available.

PMSEAll PMSE payments⁠

No distribution history available.

JUNM vs PMSE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JUNM 3.2%since Jul 2024PMSE 2.2%since Oct 2025
Return per unit of riskSharpe ratio, 3 years: JUNM 0.70since Jul 2024PMSE 0.55since Oct 2025
Worst fallMax drawdown, 5 years: JUNM −5.4%since Jun 2024PMSE −1.4%since Sep 2025
Market sensitivityBeta, 5 years: JUNM 0.22PMSE 0.16; Market = 1

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