Which resets first, BAUG or CPSJ?

BAUG ends its outcome period on Jul 31, 2027 and CPSJ on Jul 1, 2027. A new cap is set the day after each.

Which is cheaper, BAUG or CPSJ?

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

BAUG vs CPSJ: which one stands where?

As of Oct 1, 2026 BAUG can fall 1.9% before its buffer engages and CPSJ 1.1%, and CPSJ resets 31 days sooner. Innovator U.S. Equity Buffer ETF - Aug and Calamos S&P 500 ® Structured Alt Protection ETF - July.

BAUGBetween buffer and cap

BAUG: reference +2.1% since period start, fund +1.8%; buffer 0 to −9; cap +17.8%; Between buffer and cap.

CPSJFull floor

CPSJ: reference +2.3% since period start, fund +1.0%; buffer −0 to floor; cap +7.6%; Full floor.

These are two different products. CPSJ 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.

They do not reset together. CPSJ has 273 days of its period left and BAUG has 304, so the two are not the same bet on the same months.

Where each one stands today

CPSJ resets first, on Jul 1, 2027, 273 days from now; BAUG runs to Jul 31, 2027, 304 days. A fall from here reaches BAUG’s buffer after 1.9% and CPSJ’s after 1.1%. 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	CPSJ	BAUG	CPSJ
3 months	+3.1%	+1.0%	+0.6 pts	−1.5 pts
6 months	+12.5%	+3.7%	−4.5 pts	−13.3 pts
1 year	+12.8%	+5.2%	−2.9 pts	−10.5 pts
3 years	+67.5%	not published	−17.5 pts	not published

BAUG and CPSJ 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

CPSJ

Calamos S&P 500 ® Structured Alt Protection ETF - July · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.6%, over a period ending Jul 1, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 0% to 100%

Outcome period Jul 31, 2026 to Jul 31, 2027 Jul 1, 2026 to Jul 1, 2027

Days left 304 273

Starting cap +17.8% +7.6%

Can still gain 15.6% not published

Fall before buffer 1.9% 1.1%

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

Index return this period +2.1% +2.3%

Fund return this period +1.8% +1.0%

State today Open Open

Expense ratio 0.79% 0.69%

Net assets $271m $50m

BAUG and CPSJ on the same fields, as of Oct 1, 2026. Source: ETFIQ.

BAUG in plain words

From its price on Oct 1, 2026, the fund can gain about 15.6% more before it reaches its cap. The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% 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. 304 days remained on Oct 1, 2026. On Jul 31, 2027 the period ends and a new cap is set.

CPSJ in plain words

The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.3% 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. 273 days remained on Oct 1, 2026. On Jul 1, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BAUG or CPSJ?: BAUG ends its outcome period on Jul 31, 2027 and CPSJ on Jul 1, 2027. A new cap is set the day after each.
Which is cheaper, BAUG or CPSJ?: BAUG charges 0.79% a year and CPSJ charges 0.69%, so CPSJ is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAUG vs UAUG BAUG vs XJUL BAUG vs ZAUG BAUG vs CAUG CPSJ vs BJUL CPSJ vs CJUL CPSJ vs CTJL CPSJ vs DDFL

SPY →BAUG on its own →CPSJ 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 ↗CPSJ 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 CPSJ, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/baug-vs-cpsj

Open data

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