Which resets first, CPRY or KJAN?

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

Which is cheaper, CPRY or KJAN?

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

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CPRY vs KJAN: Cap, Buffer & Days Left

As of Oct 13, 2026 KJAN can fall 9.6% before its buffer engages and CPRY 5.0%. Net assets on Oct 13, 2026: $35m for Calamos Russell 2000 ® Structured Alt Protection ETF - January and $313m for Innovator U.S. Small Cap Power Buffer ETF - Jan.

CPRY costs 0.10 points a year less; their one-year returns differ by 3.7 points; KJAN is 8.8 times larger.

Points (pts) are percentage points.

CPRY vs KJAN: Cap, Buffer & Days Left
	CPRY	KJAN
Expense ratio	0.69%	0.79%
Net assets	$35m	$313m
Total return, 1 year	+8.0%	+11.7%
What it tracks	IWM	IWM
Holdings in common	not published
Index fall to the buffer	10.1%	11.0%

CPRYAt its cap

CPRY: reference +11.2% since period start, fund +4.7%; buffer Floor; cap +7.5%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

KJANBetween buffer and cap

KJAN: reference +12.4% since period start, fund +9.9%; buffer 0 to −15; cap +17.3%; Between buffer and cap. Figures to Oct 13, 2026.

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

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

Where each one stands today

CPRY resets first, on Dec 31, 2026, 79 days from now; KJAN runs to Dec 31, 2026, 79 days. A fall from here reaches CPRY’s buffer after 5.0% and KJAN’s after 9.6%. Both track IWM, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPRY vs KJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPRY	KJAN	CPRY	KJAN
3 months	+0.8%	−0.4%	+6.9 pts	+5.6 pts
6 months	+2.8%	+4.6%	−0.2 pts	+1.6 pts
1 year	+8.0%	+11.7%	−5.3 pts	−1.5 pts
3 years	not published	+51.4%	not published	−11.1 pts
Since launch Not the same days: CPRY Jan 2025 · KJAN Jan 2020	+13.8%	+70.5%	−11.3 pts	+3.5 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

CPRY

Calamos Russell 2000 ® Structured Alt Protection ETF - January · Absorbs the whole loss on IWM and caps the gain at 7.5%, over a period ending Dec 31, 2026

KJAN

Innovator U.S. Small Cap Power Buffer ETF - Jan · Absorbs the first 15% of loss on IWM and caps the gain at 17.3%, over a period ending Dec 31, 2026

Issuer Calamos Innovator

Reference index IWM IWM

Buffer 100% 15%

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

Days left 79 79

Starting cap +7.5% +17.3%

Can still gain not published 6.2%

Fall before buffer 5.0% 9.6%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +11.2% +12.4%

Fund return this period +4.7% +9.9%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets $35m $313m

As of Oct 13, 2026. Source: ETFIQ.

About CPRY

IWM had already risen past this fund's cap of +7.5% for the period on Oct 13, 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, IWM can fall 10.1% 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 IWM level. 79 days remained on Oct 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About KJAN

From its price on Oct 13, 2026, the fund can gain about 6.2% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IWM can fall 11.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's IWM level.

Questions people ask

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

Other comparisons

CPRY vs RBUF CPRY vs KFEB CPRY vs QBKF CPRY vs QBKV KJAN vs RBUF KJAN vs QBKF KJAN vs QBKV

Russell 2000 (IWM) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPRY on its own →KJAN on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

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, CPRY against KJAN, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpry-vs-kjan

Open data

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