Which resets first, CPSJ or UJUL?

CPSJ ends its outcome period on Jun 30, 2027 and UJUL on Jun 30, 2027. A new cap is set the day after each.

Which is cheaper, CPSJ or UJUL?

CPSJ charges 0.69% a year and UJUL charges 0.79%, so CPSJ is cheaper. Fees come from each fund's prospectus.

CPSJ vs UJUL: which one stands where?

As of Oct 2, 2026 UJUL can fall 7.2% before its buffer engages and CPSJ 1.4%. Calamos S&P 500 ® Structured Alt Protection ETF - July and Innovator U.S. Equity Ultra Buffer ETF - Jul.

CPSJ costs 0.10 points a year less; their one-year returns differ by 3.6 points; UJUL is 6.1 times larger.

	CPSJ	UJUL
Expense ratio	0.69%	0.79%
Net assets	$50m	$302m
Total return, 1 year	+5.3%	+8.9%
What it tracks	SPY	SPY
Holdings in common	not published

CPSJFull floor

CPSJ: reference +3.2% since period start, fund +1.2%; buffer −0 to floor; cap +7.6%; Full floor.

UJULBetween buffer and cap

UJUL: reference +3.1% since period start, fund +2.1%; buffer −5 to −35; cap +14.2%; Between buffer and cap.

These are two different products. CPSJ is a floor fund, which caps how far a holder can fall. UJUL 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, 271 days from now; UJUL runs to Jun 30, 2027, 271 days. A fall from here reaches CPSJ’s buffer after 1.4% and UJUL’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	CPSJ	UJUL	CPSJ	UJUL
3 months	+1.2%	+2.3%	−2.4 pts	−1.3 pts
6 months	+4.0%	+7.9%	−14.0 pts	−10.0 pts
1 year	+5.3%	+8.9%	−11.0 pts	−7.3 pts
3 years	not published	+48.3%	not published	−41.0 pts

CPSJ and UJUL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSJ

Calamos S&P 500 ® Structured Alt Protection ETF - July · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.6%, over a period ending Jun 30, 2027

UJUL

Innovator U.S. Equity Ultra Buffer ETF - Jul · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.2%, over a period ending Jun 30, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 5% to 35%

Outcome period Jul 1, 2026 to Jun 30, 2027 Jun 30, 2026 to Jun 30, 2027

Days left 271 271

Starting cap +7.6% +14.2%

Can still gain not published 11.6%

Fall before buffer 1.4% 7.2%

Protection left, index points 99.9% of 99.9% 30.0% of 30.0%

Index return this period +3.2% +3.1%

Fund return this period +1.2% +2.1%

State today Open Open

Expense ratio 0.69% 0.79%

Net assets $50m $302m

CPSJ and UJUL on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSJ in plain words

The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.2% from today's level to the point where the buffer begins. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 271 days remained on Oct 2, 2026. On Jun 30, 2027 the period ends and a new cap is set.

UJUL in plain words

From its price on Oct 2, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.8% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, CPSJ or UJUL?: CPSJ ends its outcome period on Jun 30, 2027 and UJUL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, CPSJ or UJUL?: CPSJ charges 0.69% a year and UJUL charges 0.79%, so CPSJ is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSJ vs PJUL CPSJ vs PMAU CPSJ vs PMJL CPSJ vs TJUL UJUL vs PSEP UJUL vs UJAN UJUL vs UOCT UJUL vs CTJL

S&P 500 (SPY) →CPSJ on its own →UJUL on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSJ filings on SEC EDGAR ↗Calamos website ↗UJUL filings on SEC EDGAR ↗Innovator page for UJUL ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPSJ against UJUL, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsj-vs-ujul

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.