CPSA vs GAUG: Cap, Buffer & Days Left
As of Oct 21, 2026 GAUG can fall 1.8% before its buffer engages and CPSA 1.2%, and CPSA resets 21 days sooner. Net assets on Oct 21, 2026: $50m for Calamos S&P 500 Structured Alt Protection ETF - August and $419m for FT Vest U.S. Equity Moderate Buffer ETF - August.
CPSA costs 0.16 points a year less; their one-year returns differ by 3.9 points; GAUG is 8.4 times larger.
Points (pts) are percentage points.
| CPSA | GAUG | |
|---|---|---|
| Expense ratio | 0.69% | 0.85% |
| Net assets | $50m | $419m |
| Total return, 1 year | +5.7% | +9.6% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 2.0% | 1.0% |
CPSA: reference +2.0% since period start, fund +1.1%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 21, 2026.
Figures to Oct 21, 2026.
GAUG: reference +1.0% since period start, fund +1.0%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 21, 2026.
GAUG: reference +1.0% since period start, fund +1.0%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 21, 2026.
These are two different products. CPSA is a floor fund, which caps how far a holder can fall. GAUG 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, 282 days from now; GAUG runs to Aug 20, 2027, 303 days. A fall from here reaches CPSA’s buffer after 1.2% and GAUG’s after 1.8%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSA | GAUG | CPSA | GAUG |
| 3 months | +1.4% | +1.8% | −2.1 pts | −1.6 pts |
| 6 months | +3.0% | +5.1% | −5.7 pts | −3.6 pts |
| 1 year | +5.7% | +9.6% | −9.5 pts | −5.6 pts |
| 3 years | – | +44.8% | – | −38.8 pts |
| Since launch Not the same days: CPSA Aug 2024 · GAUG Aug 2023 | +16.5% | +42.3% | −25.9 pts | −33.7 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →
On the same fields
As of Oct 21, 2026. Source: ETFIQ.
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 2.0% 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. 282 days remained on Oct 21, 2026. On Jul 30, 2027 the period ends and a new cap is set.
About GAUG
From its price on Oct 21, 2026, the fund can gain about 11.8% more before it reaches its cap. The fund's price can fall 1.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.0% 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. 303 days remained on Oct 21, 2026. On Aug 20, 2027 the period ends and a new cap is set.
Questions people ask
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.
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ETFIQ, CPSA against GAUG, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsa-vs-gaug
ETFIQ. (Oct 21, 2026). CPSA against GAUG. Retrieved from https://etfiq.com/compare/buffer/cpsa-vs-gaug
[CPSA against GAUG (ETFIQ, Oct 21, 2026)](https://etfiq.com/compare/buffer/cpsa-vs-gaug)
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