Which resets first, CPSJ or XBJL?

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

Which is cheaper, CPSJ or XBJL?

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

CPSJ vs XBJL: which one stands where?

As of Oct 2, 2026 XBJL can fall 3.1% before its buffer engages and CPSJ 1.4%. Calamos S&P 500 ® Structured Alt Protection ETF - July and Innovator U.S. Equity Accelerated 9 Buffer ETF - Jul.

CPSJ costs 0.10 points a year less; their one-year returns differ by 4.6 points; XBJL is 1.5 times larger.

	CPSJ	XBJL
Expense ratio	0.69%	0.79%
Net assets	$50m	$77m
Total return, 1 year	+5.3%	+9.9%
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.

XBJLBetween buffer and cap

XBJL: reference +3.1% since period start, fund +3.0%; buffer 0 to −9; cap +13.8%; Between buffer and cap.

These are two different products. CPSJ is a floor fund, which caps how far a holder can fall. XBJL 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; XBJL runs to Jun 30, 2027, 271 days. A fall from here reaches CPSJ’s buffer after 1.4% and XBJL’s after 3.1%. 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	XBJL	CPSJ	XBJL
3 months	+1.2%	+3.2%	−2.4 pts	−0.4 pts
6 months	+4.0%	+7.8%	−14.0 pts	−10.1 pts
1 year	+5.3%	+9.9%	−11.0 pts	−6.4 pts
3 years	not published	+46.3%	not published	−43.0 pts

CPSJ and XBJL 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

XBJL

Innovator U.S. Equity Accelerated 9 Buffer ETF - Jul · Absorbs the first 9% of loss on SPY and caps the gain at 13.8%, over a period ending Jun 30, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 9%

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

Days left 271 271

Starting cap +7.6% +13.8%

Can still gain not published 10.3%

Fall before buffer 1.4% 3.1%

Protection left, index points 99.9% of 99.9% 9.0% of 9.0%

Index return this period +3.2% +3.1%

Fund return this period +1.2% +3.0%

State today Open Open

Expense ratio 0.69% 0.79%

Net assets $50m $77m

CPSJ and XBJL 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.

XBJL in plain words

From its price on Oct 2, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.0% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level.

Questions people ask

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

Other comparisons

CPSJ vs UJUL CPSJ vs ZAUG CPSJ vs ZJUL CPSJ vs AJUL XBJL vs DDTL XBJL vs DJUN XBJL vs FJUN XBJL vs GJUN

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

Where these figures came from

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

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 XBJL, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsj-vs-xbjl

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.