Skip to content
etf.net

CPSN vs JAJL

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Innovator Equity Defined Protection ETF

JAJLCCboe

Overlap

Expense ratio

CPSN −0.10pt a year

CPSN0.69%JAJL0.79%

Avg volume · 30D

JAJL 23.1×the volume

CPSN2.03KJAJL46.9K

CPSN vs JAJL Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%CPSN+5.1%JAJL

Oct 31, 2025 to Oct 30, 2026. CPSN +6.1%. JAJL +5.1%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
CPSN 0.69%, better
JAJL 0.79%
Fund size
CPSN $34M
JAJL $304M
1Y total return
CPSN +6.1%, better
JAJL +5.1%
Holdings
CPSN 3
JAJL 4
Avg volume (30D)
CPSN 2.03K sh
JAJL 46.9K sh, better
NAV per share
CPSN $28.37
JAJL $30.33
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. JAJL: Cost 21, Risk 56, Mission not scored, Tradability 88, Holdings 58, Durability 87.
Pillar letters and Scores for CPSN, JAJL, with each pillar’s weight
PillarCPSNJAJL
Cost30% weightB62HigherF21
Mission25% weightA88Not scored
Risk15% weightB58HigherB56
Tradability15% weightB59A88Higher
Holdings10% weightNot scoredB58
Durability5% weightC54A87Higher

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. CPSN 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 ›

CPSN ranks 4th 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 3AMAXJiShares Large Cap Max Buffer Jun ETFScore 75
  4. Rank 4BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberScore 59
  5. Rank 5BCPNQCalamos Nasdaq-100 Structured Alt Protection ETF - DecemberScore 56
  6. Rank 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  7. Rank 13CJAJLInnovator Equity Defined Protection ETFScore 49
  8. Rank 15CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

JAJLCInnovator Equity Defined Protection ETF

In short

CPSN A one-year airbag strapped to the S&P 500: CPSN aims to shield 100% of index price losses over its outcome period, before fees, in exchange for a hard cap on the upside that resets every November.

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

CPSN The fund seeks positive S&P 500 price-return exposure up to a defined cap while protecting against 100% of losses over its one-year outcome period, before fees and expenses.

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

  • CPSN Aims to protect against 100% of S&P 500 price losses over its one-year outcome period, before fees and expenses. Not a partial buffer that can be used up.calamos.com
  • 0.69% expense ratio, level with the median for S&P 500 full-protection funds, and it sits in the upper half of that peer group overall.
  • Calamos runs the same structure across the calendar (CPSJ, CPSM, CPSP, CPSA), so a November start is one entry point among many rather than a single make-or-break date.
  • Every November a fresh one-year period opens with a newly set cap, so the terms re-price to current market conditions instead of locking in indefinitely.
  • 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

  • CPSN The upside is capped, and the cap is reset each period from options pricing. Exposure is to S&P 500 price return, so index dividends are not part of the deal.calamos.com
  • The protection is stated before fees and expenses and applies to a full period held start to finish. Buy mid-period and your own cap and protection look different.calamos.com
  • A small, thinly traded fund inside a crowded family of monthly siblings. Spreads can be wider than at the household-name outcome ETFs, so limit orders matter.
  • 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 CPSN profile⁠

Full JAJL profile⁠

CPSN 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.

CPSN vs JAJL Cost

Overpaying JAJL vs CPSN

$1,745

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

  • CPSN 0.69%

    $13,429

  • JAJL 0.79%

    $15,174

$10,000
30 years

Cost over time

  • CPSN 0.69%
  • 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 $15,174CPSN $13,429

Year by year

YearCPSNJAJLOverpaying
10$1,232$1,405$173
20$4,697$5,331$634
30$13,429$15,174$1,745

Expense ratio

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

CPSN 8th cheapest of 27 funds

JAJL 21st cheapest of 27 funds

CPSN vs JAJL Dividends

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

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

JAJLAll JAJL payments⁠

No distribution history available.

CPSN vs JAJL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSN 2.4%since Dec 2024JAJL 2.3%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024JAJL 0.98since Aug 2024
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024JAJL −2.1%since Jul 2024
Market sensitivityBeta, 5 years
CPSN 0.18JAJL 0.17

CPSN and JAJL in the news

All news⁠

Popular comparisons

  • CPSNBvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF – November · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • JAJLCvsCPSLA

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

    Expense ratio
    0.79% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsMMAXA

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

    Expense ratio
    0.69% · 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
    0.79% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsMAXJA

    Calamos S&P 500 Structured Alt Protection ETF – November · iShares Large Cap Max Buffer Jun ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • JAJLCvsMAXJA

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

    Expense ratio
    0.79% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.