CPSA vs ZAUG: Cap, Buffer & Days Left
As of Oct 13, 2026 ZAUG can fall 1.4% before its buffer engages and CPSA 1.2%, and CPSA resets 1 day sooner. Net assets on Oct 12, 2026: $50m for Calamos S&P 500 ® Structured Alt Protection ETF - August and $163m for Innovator Equity Defined Protection ETF - 1 Yr August.
CPSA costs 0.10 points a year less; both returned +6.3% over a year; ZAUG is 3.3 times larger.
Points (pts) are percentage points.
| CPSA | ZAUG | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets, as of Oct 12, 2026 | $50m | $163m |
| Total return, 1 year | +6.3% | +6.3% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 2.6% | 3.9% |
CPSA: reference +2.7% since period start, fund +1.1%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
ZAUG: reference +4.1% since period start, fund +1.3%; buffer Floor; cap +8.4%; Full floor. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
Where each one stands today
CPSA resets first, on Jul 30, 2027, 290 days from now; ZAUG runs to Jul 31, 2027, 291 days. A fall from here reaches CPSA’s buffer after 1.2% and ZAUG’s after 1.4%. 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 | ZAUG | CPSA | ZAUG |
| 3 months | +1.4% | +1.5% | −2.4 pts | −2.3 pts |
| 6 months | +3.6% | +3.7% | −9.8 pts | −9.7 pts |
| 1 year | +6.3% | +6.3% | −12.9 pts | −12.8 pts |
| Since launch CPSA Aug 2024 · ZAUG Aug 2024 | +16.6% | +16.7% | −26.7 pts | −26.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →
On the same fields
As of Oct 13, 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 2.6% 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. 290 days remained on Oct 13, 2026. On Jul 30, 2027 the period ends and a new cap is set.
About ZAUG
From its price on Oct 13, 2026, the fund can gain about 6.8% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.9% from today's level to the point where the buffer begins. 291 days remained on Oct 13, 2026. On Jul 31, 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 ZAUG, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsa-vs-zaug
ETFIQ. (Oct 13, 2026). CPSA against ZAUG. Retrieved from https://etfiq.com/compare/buffer/cpsa-vs-zaug
[CPSA against ZAUG (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/cpsa-vs-zaug)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.