Which resets first, CPSY or XBJA?

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

Which is cheaper, CPSY or XBJA?

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

Data as of Nov 4, 2026.

Buffer ETFs

CPSY vs XBJA: Cap, Buffer & Days Left

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As of Nov 4, 2026 XBJA can fall 9.3% before its buffer engages and CPSY 5.0%.

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Net assets on Nov 4, 2026: $30m for Calamos S&P 500 Structured Alt Protection ETF - January and $95m for Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan.

CPSY on its own →XBJA on its own →

At a glance

CPSY At its cap

CPSY: reference +12.2% since period start, fund +4.6%; buffer Floor; cap +6.4%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

XBJA At its cap

XBJA: reference +12.4% since period start, fund +9.4%; buffer 0 to −9; cap +11.9%; At its cap. Data to Nov 4, 2026.

Pair scorecard

CPSY costs 0.10 points a year less; their one-year returns differ by 5.2 points; XBJA is 3.2 times larger.

Points (pts) are percentage points.

CPSY vs XBJA: Cap, Buffer & Days Left
Measure	CPSY	XBJA
Return
Measure	CPSY	XBJA
Total return, 1 year	+5.9%	+11.1%
Drawdown
Measure	CPSY	XBJA
Index fall to the buffer	10.9%	11.0%
Benchmark
Measure	CPSY	XBJA
What it tracks	SPY	SPY
Cost and size
Measure	CPSY	XBJA
Expense ratio	0.69%	0.79%
Net assets	$30m	$95m
Holdings
Measure	CPSY	XBJA
Holdings in common	not published

Method

Window by window

Window by window: CPSY vs XBJA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSY	XBJA	CPSY	XBJA
3 months	+1.3%	+1.9%	+1.6 pts	+2.3 pts
6 months	+2.7%	+5.1%	−1.8 pts	+0.6 pts
1 year	+5.9%	+11.1%	−7.6 pts	−2.4 pts
3 years	–	+39.1%	–	−37.3 pts
Since launchNot the same days: CPSY Jan 2025 · XBJA Jan 2022	+11.8%	+41.1%	−19.4 pts	−19.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 XBJA Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan · Absorbs the first 9% of loss on SPY and caps the gain at 11.9%, over a period ending Dec 31, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 9%

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

Days left 57 57

Starting cap +6.4% +11.9%

Can still gain not published 1.6%

Fall before buffer 5.0% 9.3%

Protection left, index points 100.0% of 100.0% 9.0% of 9.0%

Index return this period +12.2% +12.4%

Fund return this period +4.6% +9.4%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $30m $95m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. CPSY is a floor fund, which caps how far a holder can fall. XBJA 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, 57 days from now; XBJA runs to Dec 31, 2026, 57 days. A fall from here reaches CPSY’s buffer after 5.0% and XBJA’s after 9.3%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSY

SPY had already risen past this fund's cap of +6.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

XBJA

SPY had already risen past this fund's cap of +11.9% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.6% as the period runs out. The fund's price can fall 9.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.0% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level.

Questions people ask

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

Other comparisons

CPSY vs FEBT CPSY vs ZJAN CPSY vs DDSQ CPSY vs JANU XBJA vs DDTJ XBJA vs PQX XBJA vs FLJJ XBJA vs PQXV

Where to next

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

Sources and dates

CPSY filings on SEC EDGAR ↗

Calamos website ↗

XBJA filings on SEC EDGAR ↗

Innovator page for XBJA ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSY against XBJA, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsy-vs-xbja

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