Which resets first, CPSY or JANP?

CPSY ends its outcome period on Dec 31, 2026 and JANP on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, CPSY or JANP?

CPSY charges 0.69% a year and JANP charges 0.50%, so JANP is cheaper. Fees come from each fund's prospectus.

CPSY vs JANP: which one stands where?

As of Oct 2, 2026 JANP can fall 9.2% before its buffer engages and CPSY 4.6%. Calamos S&P 500 ® Structured Alt Protection ETF - January and PGIM S&P 500 Buffer 12 ETF - January.

JANP costs 0.19 points a year less; their one-year returns differ by 7.1 points; JANP is 1.8 times larger.

	CPSY	JANP
Expense ratio	0.69%	0.50%
Net assets	$29m	$52m
Total return, 1 year	+5.9%	+13.0%
What it tracks	SPY	SPY
Holdings in common	not published

CPSYAt its cap

CPSY: reference +12.7% since period start, fund +4.3%; buffer −1 to floor; cap +5.9%; At its cap.

JANPBetween buffer and cap

JANP: reference +12.9% since period start, fund +9.6%; buffer 0 to −12; cap +13.9%; Between buffer and cap.

These are two different products. CPSY is a floor fund, which caps how far a holder can fall. JANP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

CPSY is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

CPSY resets first, on Dec 31, 2026, 90 days from now; JANP runs to Dec 31, 2026, 90 days. A fall from here reaches CPSY’s buffer after 4.6% and JANP’s after 9.2%. 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	CPSY	JANP	CPSY	JANP
3 months	+1.7%	+3.1%	−1.9 pts	−0.5 pts
6 months	+4.4%	+11.4%	−13.6 pts	−6.5 pts
1 year	+5.9%	+13.0%	−10.3 pts	−3.3 pts

CPSY and JANP 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

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 5.9%, over a period ending Dec 31, 2026

JANP

PGIM S&P 500 Buffer 12 ETF - January · Absorbs the first 12% of loss on SPY and caps the gain at 13.9%, over a period ending Dec 31, 2026

Issuer Calamos PGIM

Reference index SPY SPY

Buffer 1% to 100% 12%

Outcome period Jan 2, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026

Days left 90 90

Starting cap +5.9% +13.9%

Can still gain not published 3.5%

Fall before buffer 4.6% 9.2%

Protection left, index points 99.5% of 99.5% 12.0% of 12.0%

Index return this period +12.7% +12.9%

Fund return this period +4.3% +9.6%

State today At cap Open

Expense ratio 0.69% 0.50%

Net assets $29m $52m

CPSY and JANP on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSY in plain words

SPY had already risen past this fund's cap of +5.9% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.7% 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. 90 days remained on Oct 2, 2026. On Dec 31, 2026 the period ends and a new cap is set.

JANP in plain words

From its price on Oct 2, 2026, the fund can gain about 3.5% more before it reaches its cap. The fund's price can fall 9.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, CPSY or JANP?: CPSY ends its outcome period on Dec 31, 2026 and JANP on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSY or JANP?: CPSY charges 0.69% a year and JANP charges 0.50%, so JANP is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs SIXF CPSY vs SIXJ CPSY vs SQMX CPSY vs TJAN JANP vs PMJA JANP vs PQV JANP vs PQX JANP vs PQXV

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

Where these figures came from

CPSY filings on SEC EDGAR ↗Calamos website ↗JANP filings on SEC EDGAR ↗PGIM website ↗

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, CPSY against JANP, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsy-vs-janp

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.