Data as of .
CPSA vs ZAUG: which one stands where?
As of Sep 21, 2026 ZAUG can fall 1.0% before its buffer engages and CPSA 0.8%, and CPSA resets 1 days sooner.
Where each one stands today
CPSA resets first, on Jul 30, 2027, 312 days from now; ZAUG runs to Jul 31, 2027, 313 days. A fall from here reaches CPSA’s buffer after 0.8% and ZAUG’s after 1.0%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSA | ZAUG | CPSA | ZAUG | |
| 3 months | +1.2% | +1.4% | −1.0 pts | −0.9 pts |
| 6 months | +4.4% | +4.7% | −13.6 pts | −13.4 pts |
| 1 year | +5.5% | +5.6% | −11.1 pts | −10.9 pts |
| CPSA Calamos S&P 500 ® Structured Alt Protection ETF - August Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 7.7%, over a period ending Jul 30, 2027 | ZAUG Innovator Equity Defined Protection ETF - 1 Yr August Absorbs the whole loss on SPY and caps the gain at 8.4%, over a period ending Jul 31, 2027 | |
|---|---|---|
| Issuer | Calamos | Innovator |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 100% |
| Outcome period | Aug 3, 2026 to Jul 30, 2027 | Jul 31, 2026 to Jul 31, 2027 |
| Days left | 312 | 313 |
| Starting cap | +7.7% | +8.4% |
| Can still gain | not published | 7.3% |
| Fall before buffer | 0.8% | 1.0% |
| Protection left, index points | 100.0% of 100.0% | 100.0% of 100.0% |
| Index return this period | +0.5% | +3.6% |
| Fund return this period | +0.8% | +0.9% |
| State today | Open | Open |
| Expense ratio | 0.69% | 0.79% |
| Net assets | $48m | $163m |
CPSA in plain words
The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.6% 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. 312 days remained on Sep 21, 2026. On Jul 30, 2027 the period ends and a new cap is set.
ZAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% from today's level to the point where the buffer begins. 313 days remained on Sep 21, 2026. On Jul 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSA or ZAUG?
- CPSA ends its outcome period on Jul 30, 2027 and ZAUG on Jul 31, 2027. A new cap is set the day after each.
- Which is cheaper, CPSA or ZAUG?
- CPSA charges 0.69% a year and ZAUG charges 0.79%, so CPSA is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPSA against ZAUG, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsa-vs-zaug Free to use with attribution; the underlying files are at Open data.