Data as of .
CPSY vs ZJAN: which one stands where?
As of Sep 21, 2026 ZJAN can fall 4.4% before its buffer engages and CPSY 4.3%.
Where each one stands today
CPSY resets first, on Dec 31, 2026, 101 days from now; ZJAN runs to Dec 31, 2026, 101 days. A fall from here reaches CPSY’s buffer after 4.3% and ZJAN’s after 4.4%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSY | ZJAN | CPSY | ZJAN | |
| 3 months | +1.4% | +1.4% | −0.8 pts | −0.9 pts |
| 6 months | +4.2% | +4.2% | −13.8 pts | −13.8 pts |
| 1 year | +5.7% | +5.7% | −10.8 pts | −10.8 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 Dec 31, 2026 | ZJAN Innovator Equity Defined Protection ETF - 1 Yr January Absorbs the whole loss on SPY and caps the gain at 6.5%, over a period ending Dec 31, 2026 | |
|---|---|---|
| Issuer | Calamos | Innovator |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 100% |
| Outcome period | Jan 2, 2026 to Dec 31, 2026 | Dec 31, 2025 to Dec 31, 2026 |
| Days left | 101 | 101 |
| Starting cap | +5.9% | +6.5% |
| Can still gain | not published | 1.9% |
| Fall before buffer | 4.3% | 4.4% |
| Protection left, index points | 99.5% of 99.5% | 100.0% of 100.0% |
| Index return this period | +11.5% | +13.5% |
| Fund return this period | +4.0% | +4.0% |
| State today | At cap | At cap |
| Expense ratio | 0.69% | 0.79% |
| Net assets | $29m | $109m |
CPSY in plain words
SPY had already risen past this fund's cap of +5.9% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.3% 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. 101 days remained on Sep 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
ZJAN in plain words
SPY had already risen past this fund's cap of +6.5% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.9% as the period runs out. The fund's price can fall 4.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% 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.
Questions people ask
- Which resets first, CPSY or ZJAN?
- CPSY ends its outcome period on Dec 31, 2026 and ZJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, CPSY or ZJAN?
- CPSY charges 0.69% a year and ZJAN charges 0.79%, 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 ZJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsy-vs-zjan Free to use with attribution; the underlying files are at Open data.