Which resets first, CPSF or JANM?

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

Which is cheaper, CPSF or JANM?

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

Data as of Nov 4, 2026.

Buffer ETFs

CPSF vs JANM: Cap, Buffer & Days Left

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As of Nov 4, 2026 JANM can fall 5.2% before its buffer engages and CPSF 4.3%, and JANM 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 $37m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - January.

CPSF on its own →JANM 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.

JANM At its cap

JANM: reference +10.8% since period start, fund +4.6%; buffer 0 to −46; cap +7.0%; At its cap. Data to Nov 4, 2026.

Pair scorecard

CPSF costs 0.16 points a year less; their one-year returns differ by 0.3 points.

Points (pts) are percentage points.

CPSF vs JANM: Cap, Buffer & Days Left
Measure	CPSF	JANM
Return
Measure	CPSF	JANM
Total return, 1 year	+6.0%	+6.3%
Drawdown
Measure	CPSF	JANM
Index fall to the buffer	9.3%	9.8%
Benchmark
Measure	CPSF	JANM
What it tracks	SPY	SPY
Cost and size
Measure	CPSF	JANM
Expense ratio	0.69%	0.85%
Net assets, as of Nov 3, 2026	$37m	$37m
Holdings
Measure	CPSF	JANM
Holdings in common	not published

Method

Window by window

Window by window: CPSF vs JANM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	JANM	CPSF	JANM
3 months	+1.2%	+1.3%	+1.6 pts	+1.6 pts
6 months	+2.6%	+2.9%	−1.9 pts	−1.6 pts
1 year	+6.0%	+6.3%	−7.6 pts	−7.2 pts
Since launchNot the same days: CPSF Feb 2025 · JANM Jan 2025	+11.0%	+10.8%	−17.3 pts	−16.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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 JANM FT Vest U.S. Equity Max Buffer ETF - January · Absorbs the first 46% of loss on SPY and caps the gain at 7.0%, over a period ending Jan 15, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 46%

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

Days left 86 72

Starting cap +6.3% +7.0%

Can still gain not published 1.5%

Fall before buffer 4.3% 5.2%

Protection left, index points 100.0% of 100.0% 45.8% of 45.8%

Index return this period +10.3% +10.8%

Fund return this period +4.0% +4.6%

State today At cap At cap

Expense ratio 0.69% 0.85%

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

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. JANM 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

JANM 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 JANM’s after 5.2%. 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.

JANM

SPY had already risen past this fund's cap of +7.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.5% as the period runs out. The fund's price can fall 5.2% 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: 45.8% of the 45.8% 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 JANM?: CPSF ends its outcome period on Jan 29, 2027 and JANM on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or JANM?: CPSF charges 0.69% a year and JANM charges 0.85%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs PMFB CPSF vs FEBP CPSF vs PBFB CPSF vs CPSY JANM vs PBFB JANM vs PMFB JANM vs CPSY JANM vs SIXF

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 →JANM on its own →Method →Standards and sources →

Sources and dates

CPSF filings on SEC EDGAR ↗

Calamos website ↗

JANM filings on SEC EDGAR ↗

First Trust page for JANM ↗

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.

Cite this pageCitation, APA and Markdown

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

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