Data as of .
CPSY vs XJAN: which one stands where?
As of Sep 19, 2026 XJAN can fall 6.7% before its buffer engages and CPSY 4.1%, and CPSY resets 15 days sooner.
These are two different products. CPSY is a floor fund, which caps how far a holder can fall. XJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
CPSY resets first, on Jan 1, 2027, 104 days from now; XJAN runs to Jan 15, 2027, 119 days. A fall from here reaches CPSY’s buffer after 4.1% and XJAN’s after 6.7%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSY | XJAN | CPSY | XJAN | |
| 3 months | +1.4% | +2.2% | −0.8 pts | −0.1 pts |
| 6 months | +4.2% | +9.0% | −13.8 pts | −9.1 pts |
| 1 year | +5.7% | +9.0% | −10.8 pts | −7.5 pts |
| 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 Jan 1, 2027 | XJAN FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January Absorbs the first 15% of loss on SPY and caps the gain at 9.9%, over a period ending Jan 15, 2027 | |
|---|---|---|
| Issuer | Calamos | First Trust |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 15% |
| Outcome period | Jan 2, 2026 to Jan 1, 2027 | Jan 20, 2026 to Jan 15, 2027 |
| Days left | 104 | 119 |
| Starting cap | +5.9% | +9.9% |
| Can still gain | not published | 2.7% |
| Fall before buffer | 4.1% | 6.7% |
| Protection left, index points | 99.5% of 99.5% | 15.0% of 15.0% |
| Index return this period | +11.5% | +10.1% |
| Fund return this period | +3.8% | +6.2% |
| State today | At cap | At cap |
| Expense ratio | 0.69% | 0.85% |
| Net assets | $29m | $40m |
CPSY in plain words
SPY had already risen past this fund's cap of +5.9% for the period on Sep 19, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.7% 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. 104 days remained on Sep 19, 2026. On Jan 1, 2027 the period ends and a new cap is set.
XJAN in plain words
SPY had already risen past this fund's cap of +9.9% for the period on Sep 19, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.7% as the period runs out. The fund's price can fall 6.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 9.2% 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. 119 days remained on Sep 19, 2026. On Jan 15, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSY or XJAN?
- CPSY ends its outcome period on Jan 1, 2027 and XJAN on Jan 15, 2027. A new cap is set the day after each.
- Which is cheaper, CPSY or XJAN?
- CPSY charges 0.69% a year and XJAN charges 0.85%, so CPSY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPSY against XJAN, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/cpsy-vs-xjan Free to use with attribution; the underlying files are at Open data.