Which resets first, AUGM or CPSA?

AUGM ends its outcome period on Aug 20, 2027 and CPSA on Jul 31, 2027. A new cap is set the day after each.

Which is cheaper, AUGM or CPSA?

AUGM charges 0.85% a year and CPSA charges 0.69%, so CPSA is cheaper. Fees come from each fund's prospectus.

AUGM vs CPSA: which one stands where?

As of Oct 1, 2026 AUGM can fall 1.0% before its buffer engages and CPSA 0.7%, and CPSA resets 21 days sooner. FT Vest U.S. Equity Max Buffer ETF - August and Calamos S&P 500 ® Structured Alt Protection ETF - August.

AUGMBuffer working

AUGM: reference −0.4% since period start, fund +0.1%; buffer Floor; cap +8.0%; Buffer working.

CPSAFull floor

CPSA: reference +0.7% since period start, fund +0.7%; buffer −0 to floor; cap +7.7%; Full floor.

Where each one stands today

CPSA resets first, on Jul 31, 2027, 303 days from now; AUGM runs to Aug 20, 2027, 324 days. A fall from here reaches AUGM’s buffer after 1.0% and CPSA’s after 0.7%. 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

	Total return		Gap to the reference
Window	AUGM	CPSA	AUGM	CPSA
3 months	+0.9%	+1.2%	−1.6 pts	−1.3 pts
6 months	+4.2%	+4.2%	−12.8 pts	−12.8 pts
1 year	+5.2%	+5.5%	−10.5 pts	−10.2 pts

AUGM and CPSA over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AUGM

FT Vest U.S. Equity Max Buffer ETF - August · Absorbs the whole loss on SPY and caps the gain at 8.0%, over a period ending Aug 20, 2027

CPSA

Calamos S&P 500 ® Structured Alt Protection ETF - August · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.7%, over a period ending Jul 31, 2027

Issuer First Trust Calamos

Reference index SPY SPY

Buffer 100% 0% to 100%

Outcome period Aug 24, 2026 to Aug 20, 2027 Aug 3, 2026 to Jul 31, 2027

Days left 324 303

Starting cap +8.0% +7.7%

Can still gain 7.0% not published

Fall before buffer 1.0% 0.7%

Protection left, index points 99.6% of 100.0% 99.9% of 99.9%

Index return this period −0.4% +0.7%

Fund return this period +0.1% +0.7%

State today Buffer working Open

Expense ratio 0.85% 0.69%

Net assets $65m $49m

AUGM and CPSA on the same fields, as of Oct 1, 2026. Source: ETFIQ.

AUGM in plain words

From its price on Oct 1, 2026, the fund can gain about 7.0% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 99.6% of the 100.0% buffer still sits below today's SPY level. 324 days remained on Oct 1, 2026. On Aug 20, 2027 the period ends and a new cap is set.

CPSA in plain words

The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 303 days remained on Oct 1, 2026. On Jul 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, AUGM or CPSA?: AUGM ends its outcome period on Aug 20, 2027 and CPSA on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, AUGM or CPSA?: AUGM charges 0.85% a year and CPSA charges 0.69%, so CPSA is cheaper. Fees come from each fund's prospectus.

Other comparisons

AUGM vs BSEP AUGM vs DAUG AUGM vs CPST AUGM vs DDFS CPSA vs AUGC CPSA vs AUGP CPSA vs AUGT CPSA vs AUGU

State Street® SPDR® S&P 500® ETF Trust →AUGM on its own →CPSA on its own →How every figure is computed →Standards and sources →

Where these figures came from

AUGM filings on SEC EDGAR ↗First Trust page for AUGM ↗CPSA filings on SEC EDGAR ↗Calamos website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AUGM against CPSA, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/augm-vs-cpsa

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.