Which resets first, BJAN or CPSY?

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

Which is cheaper, BJAN or CPSY?

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

Data as of Nov 4, 2026.

Buffer ETFs

BJAN vs CPSY: Cap, Buffer & Days Left

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As of Nov 4, 2026 BJAN can fall 10.4% before its buffer engages and CPSY 5.0%.

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Net assets on Nov 4, 2026: $348m for Innovator U.S. Equity Buffer ETF - Jan and $30m for Calamos S&P 500 Structured Alt Protection ETF - January.

BJAN on its own →CPSY on its own →

At a glance

BJAN Between buffer and cap

BJAN: reference +12.4% since period start, fund +10.8%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Data to Nov 4, 2026.

CPSY At its cap

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 8.2 points; BJAN is 11.6 times larger.

Points (pts) are percentage points.

BJAN vs CPSY: Cap, Buffer & Days Left
Measure	BJAN	CPSY
Return
Measure	BJAN	CPSY
Total return, 1 year	+14.1%	+5.9%
Drawdown
Measure	BJAN	CPSY
Index fall to the buffer	11.0%	10.9%
Benchmark
Measure	BJAN	CPSY
What it tracks	SPY	SPY
Cost and size
Measure	BJAN	CPSY
Expense ratio	0.79%	0.69%
Net assets	$348m	$30m
Holdings
Measure	BJAN	CPSY
Holdings in common	not published

Method

Window by window

Window by window: BJAN vs CPSY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BJAN	CPSY	BJAN	CPSY
3 months	+1.3%	+1.3%	+1.7 pts	+1.6 pts
6 months	+5.2%	+2.7%	+0.7 pts	−1.8 pts
1 year	+14.1%	+5.9%	+0.5 pts	−7.6 pts
3 years	+63.4%	–	−13.0 pts	–
Since launchNot the same days: BJAN Jan 2019 · CPSY Jan 2025	+152.9%	+11.8%	−53.6 pts	−19.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

BJAN Innovator U.S. Equity Buffer ETF - Jan · Absorbs the first 9% of loss on SPY and caps the gain at 16.5%, over a period ending Dec 31, 2026 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 9% 100%

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

Days left 57 57

Starting cap +16.5% +6.4%

Can still gain 4.4% not published

Fall before buffer 10.4% 5.0%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +12.4% +12.2%

Fund return this period +10.8% +4.6%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $348m $30m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. CPSY is a floor fund, which caps how far a holder can fall. BJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

Where each one stands today

BJAN resets first, on Dec 31, 2026, 57 days from now; CPSY runs to Dec 31, 2026, 57 days. A fall from here reaches BJAN’s buffer after 10.4% and CPSY’s after 5.0%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

BJAN

From its price on Nov 4, 2026, the fund can gain about 4.4% more before it reaches its cap. The fund's price can fall 10.4% 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: 9.0% of the 9.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 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. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

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

Other comparisons

BJAN vs QBSV BJAN vs CPSD BJAN vs DDTJ BJAN vs QBSF CPSY vs FEBT CPSY vs DDTF CPSY vs PMFB CPSY vs PQXV

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BJAN on its own →CPSY on its own →Method →Standards and sources →

Sources and dates

BJAN filings on SEC EDGAR ↗

Innovator page for BJAN ↗

CPSY filings on SEC EDGAR ↗

Calamos website ↗

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, BJAN against CPSY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bjan-vs-cpsy

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