Which resets first, AJAN or CPSD?

AJAN ends its outcome period on Dec 31, 2027 and CPSD on Dec 1, 2026. A new cap is set the day after each.

Which is cheaper, AJAN or CPSD?

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

AJAN vs CPSD: which one stands where?

As of Oct 1, 2026 CPSD can fall 5.0% before its buffer engages and AJAN 3.3%, and CPSD resets 396 days sooner. Innovator Equity Defined Protection ETF - Jan 2028 and Calamos S&P 500 ® Structured Alt Protection ETF - December.

AJANFull floor

AJAN: reference +11.8% since period start, fund +2.8%; buffer Floor; cap +13.3%; Full floor.

CPSDAt its cap

CPSD: reference +12.1% since period start, fund +4.7%; buffer −1 to floor; cap +6.1%; At its cap.

CPSD is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. CPSD has 61 days of its period left and AJAN has 457, so the two are not the same bet on the same months.

Where each one stands today

CPSD resets first, on Dec 1, 2026, 61 days from now; AJAN runs to Dec 31, 2027, 457 days. A fall from here reaches AJAN’s buffer after 3.3% and CPSD’s after 5.0%. 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	AJAN	CPSD	AJAN	CPSD
3 months	+0.7%	+1.6%	−1.8 pts	−0.9 pts
6 months	+3.3%	+4.5%	−13.7 pts	−12.5 pts
1 year	+3.9%	+6.3%	−11.8 pts	−9.4 pts

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

On the same fields

AJAN

Innovator Equity Defined Protection ETF - Jan 2028 · Absorbs the whole loss on SPY and caps the gain at 13.3%, over a period ending Dec 31, 2027

CPSD

Calamos S&P 500 ® Structured Alt Protection ETF - December · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 6.1%, over a period ending Dec 1, 2026

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 100% 1% to 100%

Outcome period Dec 31, 2025 to Dec 31, 2027 Dec 1, 2025 to Dec 1, 2026

Days left 457 61

Starting cap +13.3% +6.1%

Can still gain 9.6% not published

Fall before buffer 3.3% 5.0%

Protection left, index points 100.0% of 100.0% 99.5% of 99.5%

Index return this period +11.8% +12.1%

Fund return this period +2.8% +4.7%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $42m $46m

AJAN and CPSD on the same fields, as of Oct 1, 2026. Source: ETFIQ.

AJAN in plain words

From its price on Oct 1, 2026, the fund can gain about 9.6% more before it reaches its cap. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 457 days remained on Oct 1, 2026. On Dec 31, 2027 the period ends and a new cap is set.

CPSD in plain words

SPY had already risen past this fund's cap of +6.1% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's SPY level. 61 days remained on Oct 1, 2026. On Dec 1, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, AJAN or CPSD?: AJAN ends its outcome period on Dec 31, 2027 and CPSD on Dec 1, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or CPSD?: AJAN charges 0.79% a year and CPSD charges 0.69%, so CPSD is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs JANU AJAN vs JANW AJAN vs PBJA AJAN vs PJAN CPSD vs DECP CPSD vs DECT CPSD vs DECU CPSD vs DECW

SPY →AJAN on its own →CPSD on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AJAN ↗CPSD filings on SEC EDGAR ↗Calamos 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, AJAN against CPSD, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/ajan-vs-cpsd

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.