Data as of .
CPSA vs XJUL: which one stands where?
As of Sep 21, 2026 XJUL can fall 3.1% before its buffer engages and CPSA 0.8%, and XJUL resets 14 days sooner.
These are two different products. CPSA is a floor fund, which caps how far a holder can fall. XJUL is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
XJUL resets first, on Jul 16, 2027, 298 days from now; CPSA runs to Jul 30, 2027, 312 days. A fall from here reaches CPSA’s buffer after 0.8% and XJUL’s after 3.1%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSA | XJUL | CPSA | XJUL | |
| 3 months | +1.2% | +2.3% | −1.0 pts | +0.1 pts |
| 6 months | +4.4% | +7.5% | −13.6 pts | −10.6 pts |
| 1 year | +5.5% | +8.6% | −11.1 pts | −8.0 pts |
| 3 years | not published | +35.3% | not published | −43.1 pts |
| CPSA Calamos S&P 500 ® Structured Alt Protection ETF - August Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 7.7%, over a period ending Jul 30, 2027 | XJUL FT Vest U.S. Equity Enhance & Moderate Buffer ETF - July Absorbs the first 15% of loss on SPY and caps the gain at 11.4%, over a period ending Jul 16, 2027 | |
|---|---|---|
| Issuer | Calamos | First Trust |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 15% |
| Outcome period | Aug 3, 2026 to Jul 30, 2027 | Jul 20, 2026 to Jul 16, 2027 |
| Days left | 312 | 298 |
| Starting cap | +7.7% | +11.4% |
| Can still gain | not published | 8.0% |
| Fall before buffer | 0.8% | 3.1% |
| Protection left, index points | 100.0% of 100.0% | 15.0% of 15.0% |
| Index return this period | +0.5% | +4.1% |
| Fund return this period | +0.8% | +2.4% |
| State today | Open | Open |
| Expense ratio | 0.69% | 0.85% |
| Net assets | $48m | $42m |
CPSA in plain words
The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.6% 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. 312 days remained on Sep 21, 2026. On Jul 30, 2027 the period ends and a new cap is set.
XJUL in plain words
From its price on Sep 21, 2026, the fund can gain about 8.0% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.9% 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 SPY level. 298 days remained on Sep 21, 2026. On Jul 16, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSA or XJUL?
- CPSA ends its outcome period on Jul 30, 2027 and XJUL on Jul 16, 2027. A new cap is set the day after each.
- Which is cheaper, CPSA or XJUL?
- CPSA charges 0.69% a year and XJUL charges 0.85%, so CPSA is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPSA against XJUL, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsa-vs-xjul Free to use with attribution; the underlying files are at Open data.