Which resets first, CPSY or UJAN?

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

Which is cheaper, CPSY or UJAN?

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

CPSY vs UJAN: which one stands where?

As of Oct 2, 2026 UJAN can fall 12.4% before its buffer engages and CPSY 4.6%. Calamos S&P 500 ® Structured Alt Protection ETF - January and Innovator U.S. Equity Ultra Buffer ETF - Jan.

CPSY costs 0.10 points a year less; their one-year returns differ by 4.6 points; UJAN is 8.9 times larger.

	CPSY	UJAN
Expense ratio	0.69%	0.79%
Net assets	$29m	$255m
Total return, 1 year	+5.9%	+10.5%
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.

UJANAt its cap

UJAN: reference +12.9% since period start, fund +7.7%; buffer −5 to −35; cap +11.4%; At its cap.

These are two different products. CPSY is a floor fund, which caps how far a holder can fall. UJAN 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 Dec 31, 2026, 90 days from now; UJAN runs to Dec 31, 2026, 90 days. A fall from here reaches CPSY’s buffer after 4.6% and UJAN’s after 12.4%. 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	UJAN	CPSY	UJAN
3 months	+1.7%	+2.8%	−1.9 pts	−0.8 pts
6 months	+4.4%	+9.0%	−13.6 pts	−8.9 pts
1 year	+5.9%	+10.5%	−10.3 pts	−5.7 pts
3 years	not published	+44.5%	not published	−44.8 pts

CPSY and UJAN 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

UJAN

Innovator U.S. Equity Ultra Buffer ETF - Jan · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.4%, over a period ending Dec 31, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 1% to 100% 5% to 35%

Outcome period Jan 2, 2026 to Dec 31, 2026 Dec 31, 2025 to Dec 31, 2026

Days left 90 90

Starting cap +5.9% +11.4%

Can still gain not published 2.8%

Fall before buffer 4.6% 12.4%

Protection left, index points 99.5% of 99.5% 30.0% of 30.0%

Index return this period +12.7% +12.9%

Fund return this period +4.3% +7.7%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $29m $255m

CPSY and UJAN 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.

UJAN in plain words

SPY had already risen past this fund's cap of +11.4% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.8% as the period runs out. The fund's price can fall 12.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.8% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, CPSY or UJAN?: CPSY ends its outcome period on Dec 31, 2026 and UJAN on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSY or UJAN?: CPSY charges 0.69% a year and UJAN charges 0.79%, so CPSY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs GJAN CPSY vs JAJL CPSY vs JANM CPSY vs JANP UJAN vs PMJA UJAN vs POCT UJAN vs PQV UJAN vs PQX

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

Where these figures came from

CPSY filings on SEC EDGAR ↗Calamos website ↗UJAN filings on SEC EDGAR ↗Innovator page for UJAN ↗

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 UJAN, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsy-vs-ujan

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.