CPSJ vs PJUL: Cap, Buffer & Days Left
As of Oct 13, 2026 PJUL can fall 3.3% before its buffer engages and CPSJ 1.7%. Net assets on Oct 13, 2026: $50m for Calamos S&P 500 ® Structured Alt Protection ETF - July and $1.3bn for Innovator U.S. Equity Power Buffer ETF - Jul.
CPSJ costs 0.10 points a year less; their one-year returns differ by 4.9 points; PJUL is far larger, $1.3bn against $50m.
Points (pts) are percentage points.
| CPSJ | PJUL | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $50m | $1.3bn |
| Total return, 1 year | +5.6% | +10.5% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 4.1% | 4.0% |
CPSJ: reference +4.3% since period start, fund +1.6%; buffer Floor; cap +7.7%; Full floor. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
PJUL: reference +4.2% since period start, fund +3.1%; buffer 0 to −15; cap +14.0%; Between buffer and cap. Figures to Oct 13, 2026.
PJUL: reference +4.2% since period start, fund +3.1%; buffer 0 to −15; cap +14.0%; Between buffer and cap. Figures to Oct 13, 2026.
These are two different products. CPSJ is a floor fund, which caps how far a holder can fall. PJUL is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
CPSJ resets first, on Jun 30, 2027, 260 days from now; PJUL runs to Jun 30, 2027, 260 days. A fall from here reaches CPSJ’s buffer after 1.7% and PJUL’s after 3.3%. 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 | CPSJ | PJUL | CPSJ | PJUL |
| 3 months | +1.2% | +2.5% | −2.3 pts | −0.9 pts |
| 6 months | +3.2% | +5.9% | −8.9 pts | −6.1 pts |
| 1 year | +5.6% | +10.5% | −11.7 pts | −6.8 pts |
| 3 years | not published | +48.0% | not published | −32.3 pts |
| Since launch Not the same days: CPSJ Jul 2024 · PJUL Aug 2018 | +17.0% | +101.8% | −25.7 pts | −70.8 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
As of Oct 13, 2026. Source: ETFIQ.
About CPSJ
The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.1% 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. 260 days remained on Oct 13, 2026. On Jun 30, 2027 the period ends and a new cap is set.
About PJUL
From its price on Oct 13, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.0% 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.
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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSJ against PJUL, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsj-vs-pjul
ETFIQ. (Oct 13, 2026). CPSJ against PJUL. Retrieved from https://etfiq.com/compare/buffer/cpsj-vs-pjul
[CPSJ against PJUL (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/cpsj-vs-pjul)
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