CPSA vs XAUG: Cap, Buffer & Days Left
As of Oct 21, 2026 XAUG can fall 2.0% 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 $26m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - August.
CPSA costs 0.16 points a year less; their one-year returns differ by 2.5 points; CPSA is 1.9 times larger.
Points (pts) are percentage points.
| CPSA | XAUG | |
|---|---|---|
| Expense ratio | 0.69% | 0.85% |
| Net assets | $50m | $26m |
| Total return, 1 year | +5.7% | +8.2% |
| 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.
XAUG: reference +1.0% since period start, fund +1.2%; buffer 0 to −15; cap +11.1%; Between buffer and cap. Figures to Oct 21, 2026.
XAUG: reference +1.0% since period start, fund +1.2%; buffer 0 to −15; cap +11.1%; 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. XAUG 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; XAUG runs to Aug 20, 2027, 303 days. A fall from here reaches CPSA’s buffer after 1.2% and XAUG’s after 2.0%. 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 | XAUG | CPSA | XAUG |
| 3 months | +1.4% | +1.7% | −2.1 pts | −1.8 pts |
| 6 months | +3.0% | +4.2% | −5.7 pts | −4.5 pts |
| 1 year | +5.7% | +8.2% | −9.5 pts | −6.9 pts |
| 3 years | – | +35.6% | – | −48.0 pts |
| Since launch Not the same days: CPSA Aug 2024 · XAUG Aug 2023 | +16.5% | +33.9% | −25.9 pts | −42.0 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 XAUG
From its price on Oct 21, 2026, the fund can gain about 9.0% more before it reaches its cap. The fund's price can fall 2.0% 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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSA against XAUG, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsa-vs-xaug
ETFIQ. (Oct 21, 2026). CPSA against XAUG. Retrieved from https://etfiq.com/compare/buffer/cpsa-vs-xaug
[CPSA against XAUG (ETFIQ, Oct 21, 2026)](https://etfiq.com/compare/buffer/cpsa-vs-xaug)
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