CPSY vs JANT: Cap, Buffer & Days Left
As of Oct 9, 2026 JANT can fall 10.8% before its buffer engages and CPSY 4.7%. Net assets on Oct 9, 2026: $29m for Calamos S&P 500 ® Structured Alt Protection ETF - January and $62m for AllianzIM U.S. Equity Buffer10 ETF - Jan.
CPSY costs 0.05 points a year less; their one-year returns differ by 8.7 points; JANT is 2.1 times larger.
Points (pts) are percentage points.
| CPSY | JANT | |
|---|---|---|
| Expense ratio | 0.69% | 0.74% |
| Net assets | $29m | $62m |
| Total return, 1 year | +6.0% | +14.7% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 12.2% | 12.4% |
CPSY: reference +14.0% since period start, fund +4.4%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
JANT: reference +14.2% since period start, fund +11.1%; buffer 0 to −10; cap +15.6%; Between buffer and cap. Figures to Oct 9, 2026.
JANT: reference +14.2% since period start, fund +11.1%; buffer 0 to −10; cap +15.6%; Between buffer and cap. Figures to Oct 9, 2026.
These are two different products. CPSY is a floor fund, which caps how far a holder can fall. JANT 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, 83 days from now; JANT runs to Dec 31, 2026, 83 days. A fall from here reaches CPSY’s buffer after 4.7% and JANT’s after 10.8%. 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 | CPSY | JANT | CPSY | JANT |
| 3 months | +1.6% | +3.2% | −1.5 pts | +0.1 pts |
| 6 months | +3.7% | +10.6% | −10.8 pts | −4.0 pts |
| 1 year | +6.0% | +14.7% | −10.0 pts | −1.3 pts |
| 3 years | not published | +60.4% | not published | −18.8 pts |
| Since launch Not the same days: CPSY Jan 2025 · JANT Jan 2021 | +11.6% | +84.3% | −21.6 pts | −26.8 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 9, 2026. Source: ETFIQ.
About CPSY
SPY had already risen past this fund's cap of +6.4% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. 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 12.2% 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. 83 days remained on Oct 9, 2026. On Dec 31, 2026 the period ends and a new cap is set.
About JANT
From its price on Oct 9, 2026, the fund can gain about 3.4% more before it reaches its cap. The fund's price can fall 10.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% 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.
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ETFIQ, CPSY against JANT, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsy-vs-jant
ETFIQ. (Oct 9, 2026). CPSY against JANT. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-jant
[CPSY against JANT (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-jant)
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