CPSY vs ZJAN: Cap, Buffer & Days Left
As of Oct 9, 2026 ZJAN can fall 4.8% 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 $106m for Innovator Equity Defined Protection ETF - 1 Yr January.
CPSY costs 0.10 points a year less; their one-year returns differ by 0.3 points; ZJAN is 3.7 times larger.
Points (pts) are percentage points.
| CPSY | ZJAN | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $29m | $106m |
| Total return, 1 year | +6.0% | +5.7% |
| 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.
ZJAN: reference +14.2% since period start, fund +4.4%; buffer Floor; cap +6.5%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
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, 83 days from now; ZJAN runs to Dec 31, 2026, 83 days. A fall from here reaches CPSY’s buffer after 4.7% and ZJAN’s after 4.8%. 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 | ZJAN | CPSY | ZJAN |
| 3 months | +1.6% | +1.4% | −1.5 pts | −1.7 pts |
| 6 months | +3.7% | +3.6% | −10.8 pts | −11.0 pts |
| 1 year | +6.0% | +5.7% | −10.0 pts | −10.3 pts |
| Since launch CPSY Jan 2025 · ZJAN Jan 2025 | +11.6% | +11.2% | −21.6 pts | −21.9 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 ZJAN
SPY had already risen past this fund's cap of +6.5% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.5% as the period runs out. The fund's price can fall 4.8% 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.
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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSY against ZJAN, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsy-vs-zjan
ETFIQ. (Oct 9, 2026). CPSY against ZJAN. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-zjan
[CPSY against ZJAN (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-zjan)
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