Which resets first, CPRJ or KAUG?

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

Which is cheaper, CPRJ or KAUG?

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

CPRJ vs KAUG: which one stands where?

As of Oct 1, 2026 CPRJ can fall 0.0% before its buffer engages and KAUG 0.0%, and CPRJ resets 31 days sooner. Calamos Russell 2000 ® Structured Alt Protection ETF - July and Innovator U.S. Small Cap Power Buffer ETF - Aug.

CPRJBuffer working

CPRJ: reference −7.2% since period start, fund −1.1%; buffer −0 to floor; cap +9.2%; Buffer working.

KAUGBuffer working

KAUG: reference −4.6% since period start, fund −1.5%; buffer 0 to −15; cap +18.5%; Buffer working.

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

CPRJ has fallen through its protection. The index is 0.1% below where the buffer stops, and that part of the loss is the holder’s.

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

Where each one stands today

CPRJ resets first, on Jul 1, 2027, 273 days from now; KAUG runs to Jul 31, 2027, 304 days. A fall from here reaches CPRJ’s buffer after 0.0% and KAUG’s after 0.0%. Both track IWM, 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	CPRJ	KAUG	CPRJ	KAUG
3 months	−1.2%	−1.1%	+5.8 pts	+5.8 pts
6 months	+1.1%	+5.4%	−10.8 pts	−6.5 pts
1 year	+3.5%	+9.0%	−12.5 pts	−7.0 pts

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

On the same fields

CPRJ

Calamos Russell 2000 ® Structured Alt Protection ETF - July · Absorbs losses from 0.1% to 100.0% on IWM and caps the gain at 9.2%, over a period ending Jul 1, 2027

KAUG

Innovator U.S. Small Cap Power Buffer ETF - Aug · Absorbs the first 15% of loss on IWM and caps the gain at 18.5%, over a period ending Jul 31, 2027

Issuer Calamos Innovator

Reference index IWM IWM

Buffer 0% to 100% 15%

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

Days left 273 304

Starting cap +9.2% +18.5%

Can still gain not published 20.2%

Fall before buffer 0.0% 0.0%

Protection left, index points 92.8% of 99.9% 10.4% of 15.0%

Index return this period −7.2% −4.6%

Fund return this period −1.1% −1.5%

State today Buffer working Buffer working

Expense ratio 0.69% 0.79%

Net assets $42m $66m

CPRJ and KAUG on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPRJ in plain words

Protection left, in index points: 92.8% of the 99.9% buffer still sits below today's IWM level. 273 days remained on Oct 1, 2026. On Jul 1, 2027 the period ends and a new cap is set.

KAUG in plain words

From its price on Oct 1, 2026, the fund can gain about 20.2% more before it reaches its cap. Protection left, in index points: 10.4% of the 15.0% buffer still sits below today's IWM level. 304 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, CPRJ or KAUG?: CPRJ ends its outcome period on Jul 1, 2027 and KAUG on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, CPRJ or KAUG?: CPRJ charges 0.69% a year and KAUG charges 0.79%, so CPRJ is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPRJ vs KJUL CPRJ vs SCAU CPRJ vs SCJL KAUG vs SCAU

Russell 2000 (IWM) →CPRJ on its own →KAUG on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPRJ filings on SEC EDGAR ↗Calamos website ↗KAUG filings on SEC EDGAR ↗Innovator page for KAUG ↗

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, CPRJ against KAUG, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cprj-vs-kaug

Open data

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