Which resets first, CPSF or XJAN?

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

Which is cheaper, CPSF or XJAN?

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

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CPSF vs XJAN: Cap, Buffer & Days Left

As of Oct 13, 2026 XJAN can fall 7.4% before its buffer engages and CPSF 4.1%, and XJAN resets 14 days sooner. Net assets on Oct 13, 2026: $35m for Calamos S&P 500 ® Structured Alt Protection ETF - February and $71m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January.

CPSF costs 0.16 points a year less; their one-year returns differ by 3.4 points; XJAN is 2.0 times larger.

Points (pts) are percentage points.

CPSF vs XJAN: Cap, Buffer & Days Left
	CPSF	XJAN
Expense ratio	0.69%	0.85%
Net assets	$35m	$71m
Total return, 1 year	+6.2%	+9.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	10.6%	11.1%

CPSFAt its cap

CPSF: reference +11.9% since period start, fund +3.8%; buffer Floor; cap +6.3%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

XJANAt its cap

XJAN: reference +12.5% since period start, fund +7.1%; buffer 0 to −15; cap +9.9%; At its cap. Figures to Oct 13, 2026.

These are two different products. CPSF is a floor fund, which caps how far a holder can fall. XJAN 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

XJAN resets first, on Jan 15, 2027, 94 days from now; CPSF runs to Jan 29, 2027, 108 days. A fall from here reaches CPSF’s buffer after 4.1% and XJAN’s after 7.4%. 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 XJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	XJAN	CPSF	XJAN
3 months	+1.7%	+2.3%	−1.8 pts	−1.2 pts
6 months	+3.3%	+6.0%	−8.7 pts	−6.0 pts
1 year	+6.2%	+9.6%	−11.2 pts	−7.7 pts
Since launch Not the same days: CPSF Feb 2025 · XJAN Jan 2024	+10.9%	+27.8%	−19.3 pts	−33.2 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

XJAN

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January · Absorbs the first 15% of loss on SPY and caps the gain at 9.9%, 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 108 94

Starting cap +6.3% +9.9%

Can still gain not published 1.9%

Fall before buffer 4.1% 7.4%

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

Index return this period +11.9% +12.5%

Fund return this period +3.8% +7.1%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets $35m $71m

As of Oct 13, 2026. Source: ETFIQ.

About CPSF

SPY had already risen past this fund's cap of +6.3% for the period on Oct 13, 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 10.6% 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. 108 days remained on Oct 13, 2026. On Jan 29, 2027 the period ends and a new cap is set.

About XJAN

SPY had already risen past this fund's cap of +9.9% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.9% as the period runs out. The fund's price can fall 7.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.1% 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. 94 days remained on Oct 13, 2026. On Jan 15, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSF vs SIXF CPSF vs PBFB CPSF vs JANM CPSF vs FEBP XJAN vs FEBP XJAN vs CPSY XJAN vs DDTF XJAN vs FJAN

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

Where these figures came from

CPSF filings on SEC EDGAR ↗CPSF prospectus with the expense ratio (SEC) ↗Calamos website ↗XJAN filings on SEC EDGAR ↗First Trust page for XJAN ↗

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 XJAN, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsf-vs-xjan

Open data

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