Which resets first, CPSF or GJAN?

CPSF ends its outcome period on Jan 29, 2027 and GJAN on Jan 15, 2027. A new cap is set the day after each.

Which is cheaper, CPSF or GJAN?

CPSF charges 0.69% a year and GJAN charges 0.85%, so CPSF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

CPSF vs GJAN: Cap, Buffer & Days Left

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As of Nov 4, 2026 GJAN can fall 8.1% before its buffer engages and CPSF 4.3%, and GJAN 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 $433m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - January.

CPSF on its own →GJAN on its own →

At a glance

CPSF At its cap

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.

GJAN Between buffer and cap

GJAN: reference +10.8% since period start, fund +7.9%; buffer 0 to −15; cap +11.8%; 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 4.7 points; GJAN is 11.7 times larger.

Points (pts) are percentage points.

CPSF vs GJAN: Cap, Buffer & Days Left
Measure	CPSF	GJAN
Return
Measure	CPSF	GJAN
Total return, 1 year	+6.0%	+10.7%
Drawdown
Measure	CPSF	GJAN
Index fall to the buffer	9.3%	9.8%
Benchmark
Measure	CPSF	GJAN
What it tracks	SPY	SPY
Cost and size
Measure	CPSF	GJAN
Expense ratio	0.69%	0.85%
Net assets, as of Nov 3, 2026	$37m	$433m
Holdings
Measure	CPSF	GJAN
Holdings in common	not published

Method

Window by window

Window by window: CPSF vs GJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	GJAN	CPSF	GJAN
3 months	+1.2%	+1.6%	+1.6 pts	+2.0 pts
6 months	+2.6%	+4.4%	−1.9 pts	−0.1 pts
1 year	+6.0%	+10.7%	−7.6 pts	−2.8 pts
3 years	–	+41.9%	–	−34.5 pts
Since launchNot the same days: CPSF Feb 2025 · GJAN Jan 2023	+11.0%	+52.7%	−17.3 pts	−38.7 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

CPSF Calamos S&P 500 Structured Alt Protection ETF - February · Absorbs the whole loss on SPY and caps the gain at 6.3%, over a period ending Jan 29, 2027 GJAN FT Vest U.S. Equity Moderate Buffer ETF - January · Absorbs the first 15% of loss on SPY and caps the gain at 11.8%, over a period ending Jan 15, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 15%

Outcome period Feb 2, 2026 to Jan 29, 2027 Jan 20, 2026 to Jan 15, 2027

Days left 86 72

Starting cap +6.3% +11.8%

Can still gain not published 2.8%

Fall before buffer 4.3% 8.1%

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

Index return this period +10.3% +10.8%

Fund return this period +4.0% +7.9%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets, CPSF as of Nov 4, 2026 and GJAN as of Nov 3, 2026 $37m $433m

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. GJAN 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

GJAN 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 GJAN’s after 8.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

GJAN

From its price on Nov 4, 2026, the fund can gain about 2.8% more before it reaches its cap. The fund's price can fall 8.1% 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: 15.0% of the 15.0% 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.

Questions people ask

Which resets first, CPSF or GJAN?: CPSF ends its outcome period on Jan 29, 2027 and GJAN on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or GJAN?: CPSF charges 0.69% a year and GJAN charges 0.85%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs FJAN CPSF vs SIXF CPSF vs FEBU CPSF vs PBFB GJAN vs JANM GJAN vs FEBP GJAN vs PBFB GJAN vs CPSY

Where to next

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSF on its own →GJAN on its own →Method →Standards and sources →

Sources and dates

CPSF filings on SEC EDGAR ↗

Calamos website ↗

GJAN filings on SEC EDGAR ↗

First Trust page for GJAN ↗

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.

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ETFIQ, CPSF against GJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsf-vs-gjan

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