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.

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CPSF vs GJAN: Cap, Buffer & Days Left

As of Oct 9, 2026 GJAN can fall 8.1% before its buffer engages and CPSF 4.1%, and GJAN resets 14 days sooner. Net assets on Oct 9, 2026: $35m for Calamos S&P 500 ® Structured Alt Protection ETF - February and $443m for FT Vest U.S. Equity Moderate Buffer ETF - January.

CPSF costs 0.16 points a year less; their one-year returns differ by 5.1 points; GJAN is 12.5 times larger.

Points (pts) are percentage points.

CPSF vs GJAN: Cap, Buffer & Days Left
	CPSF	GJAN
Expense ratio	0.69%	0.85%
Net assets	$35m	$443m
Total return, 1 year	+6.1%	+11.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	10.7%	11.2%

CPSFAt its cap

CPSF: reference +12.0% since period start, fund +3.8%; buffer Floor; cap +6.3%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

GJANAt its cap

GJAN: reference +12.6% since period start, fund +7.9%; buffer 0 to −15; cap +11.8%; At its cap. Figures to Oct 9, 2026.

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.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

GJAN resets first, on Jan 15, 2027, 98 days from now; CPSF runs to Jan 29, 2027, 112 days. A fall from here reaches CPSF’s buffer after 4.1% and GJAN’s after 8.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, 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	+1.6%	+2.6%	−1.5 pts	−0.5 pts
6 months	+3.8%	+8.1%	−10.8 pts	−6.5 pts
1 year	+6.1%	+11.2%	−9.9 pts	−4.8 pts
3 years	not published	+42.5%	not published	−36.6 pts
Since launch Not the same days: CPSF Feb 2025 · GJAN Jan 2023	+10.9%	+52.8%	−19.4 pts	−41.6 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

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 112 98

Starting cap +6.3% +11.8%

Can still gain not published 2.8%

Fall before buffer 4.1% 8.1%

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

Index return this period +12.0% +12.6%

Fund return this period +3.8% +7.9%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets $35m $443m

As of Oct 9, 2026. Source: ETFIQ.

About CPSF

SPY had already risen past this fund's cap of +6.3% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.7% 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. 112 days remained on Oct 9, 2026. On Jan 29, 2027 the period ends and a new cap is set.

About GJAN

SPY had already risen past this fund's cap of +11.8% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.8% as the period runs out. The fund's price can fall 8.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.2% 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. 98 days remained on Oct 9, 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 ZFEB CPSF vs FJAN CPSF vs XJAN CPSF vs DDFF GJAN vs JANM GJAN vs PBFB GJAN vs FEBP GJAN vs CPSY

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 →How every figure is computed →Standards and sources →

Where these figures came from

CPSF filings on SEC EDGAR ↗Calamos website ↗GJAN filings on SEC EDGAR ↗First Trust page for GJAN ↗

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, CPSF against GJAN, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsf-vs-gjan

Open data

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