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CPSL vs JAJL

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Innovator Equity Defined Protection ETF

JAJLCCboe

Overlap

Expense ratio

CPSL −0.69pt a year

CPSL0.10%JAJL0.79%

Avg volume · 30D

JAJL 1.3×the volume

CPSL37.4KJAJL46.9K

CPSL vs JAJL Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+5.1%JAJL

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. JAJL +5.1%. Use the arrow keys to read each point.0%1%2%3%6%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
JAJL 0.79%
Fund size
CPSL $163M
JAJL $304M
1Y total return
CPSL +5.3%, better
JAJL +5.1%
Holdings
CPSL 13
JAJL 4
Avg volume (30D)
CPSL 37.4K sh
JAJL 46.9K sh, better
NAV per share
CPSL $28.38
JAJL $30.33
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. JAJL: Cost 21, Risk 56, Mission not scored, Tradability 88, Holdings 58, Durability 87.
Pillar letters and Scores for CPSL, JAJL, with each pillar’s weight
PillarCPSLJAJL
Cost30% weightA99HigherF21
Mission25% weightNot scoredNot scored
Risk15% weightC52B56Higher
Tradability15% weightA75A88Higher
Holdings10% weightA93HigherB58
Durability5% weightB69A87Higher

Rank among S&P 500 Full Protection funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CPSL and JAJL are both graded against the same 27 S&P 500 Full Protection funds, so their Grades compare head to head.

S&P 500 Full Protection⁠

Category · 27 funds
See all 27 ›

CPSL ranks 1st and JAJL 13th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 80
  2. Rank 2AMMAXiShares Large Cap Max Buffer Mar ETFScore 76
  3. Rank 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  4. Rank 13CJAJLInnovator Equity Defined Protection ETFScore 49
  5. Rank 15CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

JAJLCInnovator Equity Defined Protection ETF

In short

CPSL No data

JAJL A floor under the S&P 500, rented about six months at a time. JAJL is built to absorb 100% of losses over each outcome period, and in exchange your upside stops at a cap fixed the day that period starts.

Stated mandate

CPSL No data

JAJL The actively managed ETF uses a defined-outcome strategy tied to an S&P 500-tracking ETF over an approximately six-month period. It seeks to replicate the underlying ETF subject to a 4.10% pre-fee cap and protection against 100% of losses during the current outcome period.

Why people hold it

CPSL No data

  • JAJL Protection is total by design, not partial: the strategy targets 100% of downside over the outcome period rather than absorbing a slice of it.innovatoretfs.com
  • Outcome periods run roughly six months, so the cap gets rebuilt on current option pricing twice a year instead of being locked in for a full year.
  • The reference is the S&P 500 itself, delivered through an S&P 500 tracking ETF, so the exposure being protected is the index you already follow.

Worth knowing

CPSL No data

  • JAJL At 0.79% a year it prices above the norm for S&P 500 full-protection funds (the Calamos versions like CPSJ and CPSR charge 0.69%), and fees come out of an already capped upside.
  • The cap is quoted before fees, and both cap and protection are measured to the end of the outcome period. Buy mid-period and your personal terms differ from the headline ones.innovatoretfs.com
  • Volume is light, so bid-ask spreads deserve attention, and with no distribution stream the entire result shows up in the share price.

Full CPSL profile⁠

Full JAJL profile⁠

CPSL vs JAJL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CPSL vs JAJL Cost

Overpaying JAJL vs CPSL

$13,068

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPSL 0.10%

    $2,106

  • JAJL 0.79%

    $15,174

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • JAJL 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530JAJL $15,174CPSL $2,106

Year by year

YearCPSLJAJLOverpaying
10$183$1,405$1,222
20$717$5,331$4,614
30$2,106$15,174$13,068

Expense ratio

  • 0.10%CPSL, cheaper
  • 0.79%JAJL
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

JAJL 21st cheapest of 27 funds

CPSL vs JAJL Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPSL None
JAJL None

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

JAJLAll JAJL payments⁠

No distribution history available.

CPSL vs JAJL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSL 2.3%since Oct 2024JAJL 2.3%since Aug 2024Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024JAJL 0.98since Aug 2024
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024JAJL −2.1%since Jul 2024
Market sensitivityBeta, 5 years
CPSL 0.17JAJL 0.17Same figure. Both funds show the same value, so neither comes out ahead.

CPSL and JAJL in the news

All news⁠

Popular comparisons

  • CPSLAvsMMAXA

    Calamos Laddered S&P 500 Structured Alt Protection ETF · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
    0.10% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • JAJLCvsMMAXA

    Innovator Equity Defined Protection ETF · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
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    Category
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  • CPSLAvsMAXJA

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    Expense ratio
    0.10% · 0.53%
    Category
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  • JAJLCvsMAXJA

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    Expense ratio
    0.79% · 0.53%
    Category
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  • CPSLAvsCPSNB

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    Expense ratio
    0.10% · 0.69%
    Category
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  • JAJLCvsCPSNB

    Innovator Equity Defined Protection ETF · Calamos S&P 500 Structured Alt Protection ETF – November

    Expense ratio
    0.79% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.