CPSF vs JANM: Cap, Buffer & Days Left
As of Oct 9, 2026 JANM can fall 5.1% before its buffer engages and CPSF 4.1%, and JANM resets 14 days sooner. Net assets on Oct 9, 2026: $35m for Calamos S&P 500 ® Structured Alt Protection ETF - February and $37m for FT Vest U.S. Equity Max Buffer ETF - January.
CPSF costs 0.16 points a year less; their one-year returns differ by 0.3 points.
| CPSF | JANM | |
|---|---|---|
| Expense ratio | 0.69% | 0.85% |
| Net assets | $35m | $37m |
| Total return, 1 year | +6.1% | +6.4% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 10.7% | 11.2% |
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.
JANM: reference +12.6% since period start, fund +4.5%; buffer 0 to −46; cap +7.0%; At its cap. Figures to Oct 9, 2026.
JANM: reference +12.6% since period start, fund +4.5%; buffer 0 to −46; cap +7.0%; 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. 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, 98 days from now; CPSF runs to Jan 29, 2027, 112 days. A fall from here reaches CPSF’s buffer after 4.1% and JANM’s after 5.1%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSF | JANM | CPSF | JANM |
| 3 months | +1.6% | +1.6% | −1.5 pts | −1.5 pts |
| 6 months | +3.8% | +4.2% | −10.8 pts | −10.4 pts |
| 1 year | +6.1% | +6.4% | −9.9 pts | −9.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CPSF in plain words
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.
JANM in plain words
SPY had already risen past this fund's cap of +7.0% 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 1.6% as the period runs out. The fund's price can fall 5.1% 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: 45.8% of the 45.8% 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
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.
ETFIQ, CPSF against JANM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsf-vs-janm
ETFIQ. (Oct 9, 2026). CPSF against JANM. Retrieved from https://etfiq.com/compare/buffer/cpsf-vs-janm
[CPSF against JANM (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsf-vs-janm)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.