Data as of Nov 4, 2026.
CPSA vs UAUG: Cap, Buffer & Days Left
As of Nov 4, 2026 UAUG can fall 7.1% before its buffer engages and CPSA 1.3%, and CPSA resets 1 day sooner.
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Net assets on Nov 4, 2026: $50m for Calamos S&P 500 Structured Alt Protection ETF - August and $247m for Innovator U.S. Equity Ultra Buffer ETF - Aug.
CPSA: reference +1.2% since period start, fund +1.2%; buffer Floor; cap +7.8%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.UAUG: reference +2.6% since period start, fund +2.0%; buffer −5 to −35; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.
UAUG: reference +2.6% since period start, fund +2.0%; buffer −5 to −35; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSA costs 0.10 points a year less; their one-year returns differ by 3.9 points; UAUG is 4.9 times larger.
Points (pts) are percentage points.
| Measure | CPSA | UAUG |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.8% | +9.7% |
| Drawdown | ||
| Index fall to the buffer | 1.2% | 7.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $50m | $247m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSA | UAUG | CPSA | UAUG |
| 3 months | +0.6% | +0.7% | +1.0 pts | +1.1 pts |
| 6 months | +2.6% | +4.4% | −1.9 pts | −0.1 pts |
| 1 year | +5.8% | +9.7% | −7.8 pts | −3.9 pts |
| 3 years | – | +49.6% | – | −26.8 pts |
| Since launchNot the same days: CPSA Aug 2024 · UAUG Aug 2019 | +16.6% | +74.2% | −24.6 pts | −85.9 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSA is a floor fund, which caps how far a holder can fall. UAUG 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, 268 days from now; UAUG runs to Jul 31, 2027, 269 days. A fall from here reaches CPSA’s buffer after 1.3% and UAUG’s after 7.1%. Both track SPY, so what separates them is where each is in its own period.
CPSA
The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.2% 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. 268 days remained on Nov 4, 2026. On Jul 30, 2027 the period ends and a new cap is set.
UAUG
From its price on Nov 4, 2026, the fund can gain about 11.5% more before it reaches its cap. The fund's price can fall 7.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% 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.
Questions people ask
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, CPSA against UAUG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsa-vs-uaug
ETFIQ. (Nov 4, 2026). CPSA against UAUG. Retrieved from https://etfiq.com/compare/buffer/cpsa-vs-uaug
[CPSA against UAUG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsa-vs-uaug)
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