Which resets first, BAUG or CPSA?

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

Which is cheaper, BAUG or CPSA?

BAUG charges 0.79% a year and CPSA charges 0.69%, so CPSA is cheaper. Fees come from each fund's prospectus.

BAUG vs CPSA: which one stands where?

As of Oct 2, 2026 BAUG can fall 2.5% before its buffer engages and CPSA 1.0%, and CPSA resets 1 days sooner. Innovator U.S. Equity Buffer ETF - Aug and Calamos S&P 500 ® Structured Alt Protection ETF - August.

CPSA costs 0.10 points a year less; their one-year returns differ by 7.5 points; BAUG is 5.5 times larger.

	BAUG	CPSA
Expense ratio	0.79%	0.69%
Net assets	$272m	$49m
Total return, 1 year	+13.2%	+5.7%
What it tracks	SPY	SPY
Holdings in common	not published

BAUGBetween buffer and cap

BAUG: reference +3.0% since period start, fund +2.5%; buffer 0 to −9; cap +17.8%; Between buffer and cap.

CPSAFull floor

CPSA: reference +1.6% since period start, fund +1.0%; buffer −0 to floor; cap +7.7%; Full floor.

These are two different products. CPSA is a floor fund, which caps how far a holder can fall. BAUG 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, 301 days from now; BAUG runs to Jul 31, 2027, 302 days. A fall from here reaches BAUG’s buffer after 2.5% and CPSA’s after 1.0%. 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	BAUG	CPSA	BAUG	CPSA
3 months	+3.6%	+1.4%	0.0 pts	−2.2 pts
6 months	+13.0%	+4.5%	−5.0 pts	−13.5 pts
1 year	+13.2%	+5.7%	−3.0 pts	−10.6 pts
3 years	+70.0%	not published	−19.3 pts	not published

BAUG 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

BAUG

Innovator U.S. Equity Buffer ETF - Aug · Absorbs the first 9% of loss on SPY and caps the gain at 17.8%, over a period ending Jul 31, 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 30, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 0% to 100%

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

Days left 302 301

Starting cap +17.8% +7.7%

Can still gain 14.8% not published

Fall before buffer 2.5% 1.0%

Protection left, index points 9.0% of 9.0% 99.9% of 99.9%

Index return this period +3.0% +1.6%

Fund return this period +2.5% +1.0%

State today Open Open

Expense ratio 0.79% 0.69%

Net assets $272m $49m

BAUG and CPSA on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BAUG in plain words

From its price on Oct 2, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 2.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.9% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 302 days remained on Oct 2, 2026. On Jul 31, 2027 the period ends and a new cap is set.

CPSA in plain words

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 1.6% 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. 301 days remained on Oct 2, 2026. On Jul 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BAUG or CPSA?: BAUG ends its outcome period on Jul 31, 2027 and CPSA on Jul 30, 2027. A new cap is set the day after each.
Which is cheaper, BAUG or CPSA?: BAUG charges 0.79% a year and CPSA charges 0.69%, so CPSA is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAUG vs CAUG BAUG vs DDTG BAUG vs DJUL BAUG vs FJUL CPSA vs DJUL CPSA vs DLAG CPSA vs FAUG CPSA vs FJUL

SPY →BAUG on its own →CPSA on its own →How every figure is computed →Standards and sources →

Where these figures came from

BAUG filings on SEC EDGAR ↗Innovator page for BAUG ↗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, BAUG against CPSA, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/baug-vs-cpsa

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.