CPSY vs JANM: which one stands where?
As of Oct 1, 2026 JANM can fall 4.7% before its buffer engages and CPSY 4.5%, and CPSY resets 15 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - January and FT Vest U.S. Equity Max Buffer ETF - January.
CPSY: reference +11.6% since period start, fund +4.2%; buffer −1 to floor; cap +5.9%; At its cap.
JANM: reference +10.2% since period start, fund +4.0%; buffer 0 to −46; cap +7.0%; At its cap.
These are two different products. CPSY 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
CPSY resets first, on Jan 1, 2027, 92 days from now; JANM runs to Jan 15, 2027, 107 days. A fall from here reaches CPSY’s buffer after 4.5% and JANM’s after 4.7%. 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 | CPSY | JANM | CPSY | JANM |
| 3 months | +1.7% | +1.5% | −0.8 pts | −1.0 pts |
| 6 months | +4.3% | +4.5% | −12.7 pts | −12.4 pts |
| 1 year | +5.9% | +6.0% | −9.8 pts | −9.7 pts |
CPSY and JANM over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CPSY and JANM on the same fields, as of Oct 1, 2026. Source: ETFIQ.
CPSY in plain words
SPY had already risen past this fund's cap of +5.9% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Jan 1, 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 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.0% as the period runs out. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 9.3% 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. 107 days remained on Oct 1, 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. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, CPSY against JANM, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-janm
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CPSY against JANM, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-janm Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPSY against JANM, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsy-vs-janm
- APA
- ETFIQ. (Oct 1, 2026). CPSY against JANM. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-janm
- Markdown
- [CPSY against JANM (ETFIQ, Oct 1, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-janm)