Which resets first, CPSY or JANU?

CPSY ends its outcome period on Dec 31, 2026 and JANU on Dec 31, 2026. New terms are set the day after each.

Which is cheaper, CPSY or JANU?

CPSY charges 0.69% a year and JANU charges 0.74%, so CPSY is cheaper. Fees come from each fund's prospectus.

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CPSY vs JANU: Cap, Buffer & Days Left

As of Oct 13, 2026 JANU can fall 9.9% before its buffer engages and CPSY 4.7%. Net assets on Oct 13, 2026: $29m for Calamos S&P 500 ® Structured Alt Protection ETF - January and $80m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan.

CPSY costs 0.05 points a year less; their one-year returns differ by 6.5 points; JANU is 2.8 times larger.

Points (pts) are percentage points.

CPSY vs JANU: Cap, Buffer & Days Left
	CPSY	JANU
Expense ratio	0.69%	0.74%
Net assets	$29m	$80m
Total return, 1 year	+6.1%	+12.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.2%	12.3%

CPSYAt its cap

CPSY: reference +13.9% since period start, fund +4.4%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

JANUNo cap

JANU: reference +14.1% since period start, fund +10.1%; buffer 0 to −15; no cap; No cap. Figures to Oct 13, 2026.

These are two different products. CPSY is a floor fund, which caps how far a holder can fall. JANU 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, 79 days from now; JANU runs to Dec 31, 2026, 79 days. A fall from here reaches CPSY’s buffer after 4.7% and JANU’s after 9.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSY vs JANU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSY	JANU	CPSY	JANU
3 months	+1.6%	+2.4%	−1.9 pts	−1.1 pts
6 months	+3.4%	+8.8%	−8.6 pts	−3.2 pts
1 year	+6.1%	+12.6%	−11.3 pts	−4.8 pts
Since launch CPSY Jan 2025 · JANU Jan 2025	+11.6%	+23.9%	−21.5 pts	−9.2 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

CPSY

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Dec 31, 2026

JANU

AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Dec 31, 2026

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 100% 15%

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

Days left 79 79

Starting cap +6.4% uncapped

Can still gain not published uncapped

Fall before buffer 4.7% 9.9%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +13.9% +14.1%

Fund return this period +4.4% +10.1%

State today At cap Uncapped

Expense ratio 0.69% 0.74%

Net assets $29m $80m

As of Oct 13, 2026. Source: ETFIQ.

About CPSY

SPY had already risen past this fund's cap of +6.4% for the period on Oct 13, 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. 79 days remained on Oct 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About JANU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 9.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.3% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Dec 31, 2026 the period ends and new terms are set.

Questions people ask

Which resets first, CPSY or JANU?: CPSY ends its outcome period on Dec 31, 2026 and JANU on Dec 31, 2026. New terms are set the day after each.
Which is cheaper, CPSY or JANU?: CPSY charges 0.69% a year and JANU charges 0.74%, so CPSY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs DECM CPSY vs TJAN CPSY vs FEBP CPSY vs QBSV JANU vs QBSV JANU vs DDTJ JANU vs QBSF JANU vs PQX

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSY on its own →JANU on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSY filings on SEC EDGAR ↗CPSY prospectus with the expense ratio (SEC) ↗Calamos website ↗JANU filings on SEC EDGAR ↗AllianzIM page for JANU ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSY against JANU, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsy-vs-janu

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.