Data as of Nov 4, 2026.
AJAN vs CPSY: Cap, Buffer & Days Left
As of Nov 4, 2026 CPSY can fall 5.0% before its buffer engages and AJAN 4.0%, and CPSY resets 365 days sooner.
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Net assets on Nov 4, 2026: $43m for Innovator Equity Defined Protection ETF - Jan 2028 and $30m for Calamos S&P 500 Structured Alt Protection ETF - January.
AJAN: reference +12.4% since period start, fund +3.5%; buffer Floor; cap +13.3%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.CPSY: reference +12.2% since period start, fund +4.6%; buffer Floor; cap +6.4%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
CPSY costs 0.10 points a year less; their one-year returns differ by 1.6 points; AJAN is 1.4 times larger.
Points (pts) are percentage points.
| Measure | AJAN | CPSY |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.3% | +5.9% |
| Drawdown | ||
| Index fall to the buffer | 11.0% | 10.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.69% |
| Net assets | $43m | $30m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | AJAN | CPSY | AJAN | CPSY |
| 3 months | +0.8% | +1.3% | +1.2 pts | +1.6 pts |
| 6 months | +1.6% | +2.7% | −2.9 pts | −1.8 pts |
| 1 year | +4.3% | +5.9% | −9.3 pts | −7.6 pts |
| Since launchNot the same days: AJAN Jan 2024 · CPSY Jan 2025 | +18.3% | +11.8% | −44.0 pts | −19.4 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
CPSY is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. CPSY has 57 days of its period left and AJAN has 422, so the two are not the same bet on the same months.
Where each one stands today
CPSY resets first, on Dec 31, 2026, 57 days from now; AJAN runs to Dec 31, 2027, 422 days. A fall from here reaches AJAN’s buffer after 4.0% and CPSY’s after 5.0%. Both track SPY, so what separates them is where each is in its own period.
AJAN
From its price on Nov 4, 2026, the fund can gain about 8.8% more before it reaches its cap. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.0% 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. 422 days remained on Nov 4, 2026. On Dec 31, 2027 the period ends and a new cap is set.
CPSY
SPY had already risen past this fund's cap of +6.4% for the period on Nov 4, 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 number. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, AJAN against CPSY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ajan-vs-cpsy
ETFIQ. (Nov 4, 2026). AJAN against CPSY. Retrieved from https://etfiq.com/compare/buffer/ajan-vs-cpsy
[AJAN against CPSY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ajan-vs-cpsy)
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