Which resets first, AJAN or CPSY?

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

Which is cheaper, AJAN or CPSY?

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

Open in the app Compare their flows Ask IQ about these two funds

AJAN vs CPSY: Cap, Buffer & Days Left

As of Oct 13, 2026 CPSY can fall 4.7% before its buffer engages and AJAN 3.9%, and CPSY resets 365 days sooner. Net assets on Oct 13, 2026: $42m for Innovator Equity Defined Protection ETF - Jan 2028 and $29m for Calamos S&P 500 ® Structured Alt Protection ETF - January.

CPSY costs 0.10 points a year less; their one-year returns differ by 1.6 points; AJAN is 1.5 times larger.

Points (pts) are percentage points.

AJAN vs CPSY: Cap, Buffer & Days Left
	AJAN	CPSY
Expense ratio	0.79%	0.69%
Net assets	$42m	$29m
Total return, 1 year	+4.5%	+6.1%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.3%	12.2%

AJANAt its cap

AJAN: reference +14.1% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

CPSYAt its cap

CPSY: reference +13.9% since period start, fund +4.4%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

They do not reset together. CPSY has 79 days of its period left and AJAN has 444, so the two are not the same bet on the same months.

Where each one stands today

CPSY resets first, on Dec 31, 2026, 79 days from now; AJAN runs to Dec 31, 2027, 444 days. A fall from here reaches AJAN’s buffer after 3.9% and CPSY’s after 4.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: AJAN vs CPSY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJAN	CPSY	AJAN	CPSY
3 months	+0.9%	+1.6%	−2.5 pts	−1.9 pts
6 months	+2.5%	+3.4%	−9.6 pts	−8.6 pts
1 year	+4.5%	+6.1%	−12.9 pts	−11.3 pts
Since launch Not the same days: AJAN Jan 2024 · CPSY Jan 2025	+18.1%	+11.6%	−46.5 pts	−21.5 pts

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

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

CPSY

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Dec 31, 2026

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 100% 100%

Outcome period Dec 31, 2025 to Dec 31, 2027 Jan 2, 2026 to Dec 31, 2026

Days left 444 79

Starting cap +13.3% +6.4%

Can still gain 9.0% not published

Fall before buffer 3.9% 4.7%

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

Index return this period +14.1% +13.9%

Fund return this period +3.4% +4.4%

State today At cap At cap

Expense ratio 0.79% 0.69%

Net assets $42m $29m

As of Oct 13, 2026. Source: ETFIQ.

About AJAN

SPY had already risen past this fund's cap of +13.3% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 9.0% as the period runs out. The fund's price can fall 3.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.3% 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. 444 days remained on Oct 13, 2026. On Dec 31, 2027 the period ends and a new cap is set.

About CPSY

SPY had already risen past this fund's cap of +6.4% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.2% from today's level to the point where the buffer begins. 79 days remained on Oct 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

AJAN vs FLJJ AJAN vs PMJA AJAN vs PQXV AJAN vs PQXX CPSY vs PBFB CPSY vs JANM CPSY vs CPSF CPSY vs DECM

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJAN on its own →CPSY on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AJAN ↗CPSY filings on SEC EDGAR ↗CPSY prospectus with the expense ratio (SEC) ↗Calamos website ↗

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 pageCitation, APA and Markdown

ETFIQ, AJAN against CPSY, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/ajan-vs-cpsy

Open data

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