Data as of Nov 4, 2026.
CPSF vs FJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 FJAN can fall 9.1% before its buffer engages and CPSF 4.3%, and FJAN resets 14 days sooner.
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Net assets: $37m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - February, and $1.5bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - January.
CPSF: reference +10.3% since period start, fund +4.0%; buffer Floor; cap +6.3%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.FJAN: reference +10.8% since period start, fund +9.1%; buffer 0 to −10; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.
FJAN: reference +10.8% since period start, fund +9.1%; buffer 0 to −10; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSF costs 0.16 points a year less; their one-year returns differ by 6.9 points; FJAN is far larger, $1.5bn against $37m.
Points (pts) are percentage points.
| Measure | CPSF | FJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.0% | +12.9% |
| Drawdown | ||
| Index fall to the buffer | 9.3% | 9.8% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.85% |
| Net assets, as of Nov 3, 2026 | $37m | $1.5bn |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSF | FJAN | CPSF | FJAN |
| 3 months | +1.2% | +1.3% | +1.6 pts | +1.7 pts |
| 6 months | +2.6% | +4.9% | −1.9 pts | +0.4 pts |
| 1 year | +6.0% | +12.9% | −7.6 pts | −0.7 pts |
| 3 years | – | +54.1% | – | −22.3 pts |
| Since launchNot the same days: CPSF Feb 2025 · FJAN Jan 2021 | +11.0% | +88.2% | −17.3 pts | −14.3 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSF is a floor fund, which caps how far a holder can fall. FJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
CPSF is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
FJAN resets first, on Jan 15, 2027, 72 days from now; CPSF runs to Jan 29, 2027, 86 days. A fall from here reaches CPSF’s buffer after 4.3% and FJAN’s after 9.1%. Both track SPY, so what separates them is where each is in its own period.
CPSF
SPY had already risen past this fund's cap of +6.3% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.3% 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. 86 days remained on Nov 4, 2026. On Jan 29, 2027 the period ends and a new cap is set.
FJAN
From its price on Nov 4, 2026, the fund can gain about 4.3% more before it reaches its cap. The fund's price can fall 9.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.8% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 72 days remained on Nov 4, 2026. On Jan 15, 2027 the period ends and a new cap is set.
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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.
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ETFIQ, CPSF against FJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsf-vs-fjan
ETFIQ. (Nov 4, 2026). CPSF against FJAN. Retrieved from https://etfiq.com/compare/buffer/cpsf-vs-fjan
[CPSF against FJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsf-vs-fjan)
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