Which resets first, AUGU or CPSA?

AUGU ends its outcome period on Jul 31, 2027 and CPSA on Jul 30, 2027. New terms are set the day after each.

Which is cheaper, AUGU or CPSA?

AUGU charges 0.74% a year and CPSA charges 0.69%, so CPSA is cheaper. Fees come from each fund's prospectus.

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AUGU vs CPSA: Cap, Buffer & Days Left

As of Oct 13, 2026 AUGU can fall 3.4% before its buffer engages and CPSA 1.2%, and CPSA resets 1 day sooner. Net assets on Oct 12, 2026: $41m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Aug and $50m for Calamos S&P 500 ® Structured Alt Protection ETF - August.

CPSA costs 0.05 points a year less; their one-year returns differ by 7.5 points; CPSA is 1.2 times larger.

Points (pts) are percentage points.

AUGU vs CPSA: Cap, Buffer & Days Left
	AUGU	CPSA
Expense ratio	0.74%	0.69%
Net assets, as of Oct 12, 2026	$41m	$50m
Total return, 1 year	+13.8%	+6.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	3.9%	2.6%

AUGUNo cap

AUGU: reference +4.0% since period start, fund +2.7%; buffer 0 to −15; no cap; No cap. Figures to Oct 13, 2026.

CPSAFull floor

CPSA: reference +2.7% since period start, fund +1.1%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

These are two different products. CPSA is a floor fund, which caps how far a holder can fall. AUGU is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Where each one stands today

CPSA resets first, on Jul 30, 2027, 290 days from now; AUGU runs to Jul 31, 2027, 291 days. A fall from here reaches AUGU’s buffer after 3.4% and CPSA’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: AUGU vs CPSA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AUGU	CPSA	AUGU	CPSA
3 months	+2.4%	+1.4%	−1.5 pts	−2.4 pts
6 months	+10.4%	+3.6%	−3.0 pts	−9.8 pts
1 year	+13.8%	+6.3%	−5.4 pts	−12.9 pts
Since launch AUGU Aug 2024 · CPSA Aug 2024	+31.2%	+16.6%	−12.1 pts	−26.7 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

AUGU

AllianzIM U.S. Equity Buffer15 Uncapped ETF - Aug · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Jul 31, 2027

CPSA

Calamos S&P 500 ® Structured Alt Protection ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.8%, over a period ending Jul 30, 2027

Issuer AllianzIM Calamos

Reference index SPY SPY

Buffer 15% 100%

Outcome period Aug 1, 2026 to Jul 31, 2027 Aug 3, 2026 to Jul 30, 2027

Days left 291 290

Starting cap uncapped +7.8%

Can still gain uncapped not published

Fall before buffer 3.4% 1.2%

Protection left, index points 15.0% of 15.0% 100.0% of 100.0%

Index return this period +4.0% +2.7%

Fund return this period +2.7% +1.1%

State today Uncapped Open

Expense ratio 0.74% 0.69%

Net assets, as of Oct 12, 2026 $41m $50m

As of Oct 13, 2026. Source: ETFIQ.

About AUGU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 3.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.9% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 291 days remained on Oct 13, 2026. On Jul 31, 2027 the period ends and new terms are set.

About CPSA

The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.6% 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. 290 days remained on Oct 13, 2026. On Jul 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, AUGU or CPSA?: AUGU ends its outcome period on Jul 31, 2027 and CPSA on Jul 30, 2027. New terms are set the day after each.
Which is cheaper, AUGU or CPSA?: AUGU charges 0.74% a year and CPSA charges 0.69%, so CPSA is cheaper. Fees come from each fund's prospectus.

Other comparisons

AUGU vs CPSJ AUGU vs DDFG AUGU vs AUGW AUGU vs BAUG CPSA vs USEP CPSA vs GAUG CPSA vs DAUG CPSA vs BSEP

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AUGU on its own →CPSA on its own →How every figure is computed →Standards and sources →

Where these figures came from

AUGU filings on SEC EDGAR ↗AllianzIM page for AUGU ↗CPSA filings on SEC EDGAR ↗CPSA prospectus with the expense ratio (SEC) ↗Calamos website ↗

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, AUGU against CPSA, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/augu-vs-cpsa

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.