Which resets first, AUGW or CPSJ?

AUGW ends its outcome period on Jul 31, 2027 and CPSJ on Jun 30, 2027. A new cap is set the day after each.

Which is cheaper, AUGW or CPSJ?

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

Data as of Nov 4, 2026.

Buffer ETFs

AUGW vs CPSJ: Cap, Buffer & Days Left

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As of Nov 4, 2026 AUGW can fall 2.7% before its buffer engages and CPSJ 1.7%, and CPSJ resets 31 days sooner.

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Net assets: $127m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Aug, and $51m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - July.

AUGW on its own →CPSJ on its own →

At a glance

AUGW Between buffer and cap

AUGW: reference +2.6% since period start, fund +2.0%; buffer 0 to −20; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

CPSJ Full floor

CPSJ: reference +2.8% since period start, fund +1.5%; buffer Floor; cap +7.7%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

CPSJ costs 0.05 points a year less; their one-year returns differ by 3.7 points; AUGW is 2.5 times larger.

Points (pts) are percentage points.

AUGW vs CPSJ: Cap, Buffer & Days Left
Measure	AUGW	CPSJ
Return
Measure	AUGW	CPSJ
Total return, 1 year	+9.0%	+5.3%
Drawdown
Measure	AUGW	CPSJ
Index fall to the buffer	2.6%	2.7%
Benchmark
Measure	AUGW	CPSJ
What it tracks	SPY	SPY
Cost and size
Measure	AUGW	CPSJ
Expense ratio	0.74%	0.69%
Net assets, as of Nov 3, 2026	$127m	$50m
Holdings
Measure	AUGW	CPSJ
Holdings in common	not published

Method

Window by window

Window by window: AUGW vs CPSJ: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AUGW	CPSJ	AUGW	CPSJ
3 months	+0.8%	+0.7%	+1.2 pts	+1.0 pts
6 months	+4.1%	+2.2%	−0.4 pts	−2.2 pts
1 year	+9.0%	+5.3%	−4.5 pts	−8.2 pts
3 years	+42.3%	–	−34.1 pts	–
Since launchNot the same days: AUGW Aug 2023 · CPSJ Jul 2024	+39.7%	+16.9%	−28.3 pts	−23.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

AUGW AllianzIM U.S. Equity Buffer20 ETF - Aug · Absorbs the first 20% of loss on SPY and caps the gain at 12.1%, over a period ending Jul 31, 2027 CPSJ Calamos S&P 500 Structured Alt Protection ETF - July · Absorbs the whole loss on SPY and caps the gain at 7.7%, over a period ending Jun 30, 2027

Issuer AllianzIM Calamos

Reference index SPY SPY

Buffer 20% 100%

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

Days left 269 238

Starting cap +12.1% +7.7%

Can still gain 9.1% not published

Fall before buffer 2.7% 1.7%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +2.6% +2.8%

Fund return this period +2.0% +1.5%

State today Open Open

Expense ratio 0.74% 0.69%

Net assets, AUGW as of Nov 3, 2026 and CPSJ as of Nov 4, 2026 $127m $51m

As of Nov 4, 2026. Source: ETFIQ.

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

They do not reset together. CPSJ has 238 days of its period left and AUGW has 269, so the two are not the same bet on the same months.

Where each one stands today

CPSJ resets first, on Jun 30, 2027, 238 days from now; AUGW runs to Jul 31, 2027, 269 days. A fall from here reaches AUGW’s buffer after 2.7% and CPSJ’s after 1.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

AUGW

From its price on Nov 4, 2026, the fund can gain about 9.1% more before it reaches its cap. The fund's price can fall 2.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.6% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 269 days remained on Nov 4, 2026. On Jul 31, 2027 the period ends and a new cap is set.

CPSJ

The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.7% 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. 238 days remained on Nov 4, 2026. On Jun 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, AUGW or CPSJ?: AUGW ends its outcome period on Jul 31, 2027 and CPSJ on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, AUGW or CPSJ?: AUGW charges 0.74% a year and CPSJ charges 0.69%, so CPSJ is cheaper. Fees come from each fund's prospectus.

Other comparisons

AUGW vs AUGC AUGW vs CPSA AUGW vs AUGP AUGW vs BAUG CPSJ vs DDFL CPSJ vs AJUL CPSJ vs DDTL CPSJ vs BAUG

Where to next

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AUGW on its own →CPSJ on its own →Method →Standards and sources →

Sources and dates

AUGW filings on SEC EDGAR ↗

AllianzIM page for AUGW ↗

CPSJ filings on SEC EDGAR ↗

Calamos website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, AUGW against CPSJ, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/augw-vs-cpsj

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