Which resets first, CPSJ or PAUG?

CPSJ ends its outcome period on Jul 1, 2027 and PAUG on Jul 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSJ or PAUG?

CPSJ charges 0.69% a year and PAUG charges 0.79%, so CPSJ is cheaper. Fees come from each fund's prospectus.

CPSJ vs PAUG: which one stands where?

As of Oct 1, 2026 PAUG can fall 1.7% before its buffer engages and CPSJ 1.1%, and CPSJ resets 31 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - July and Innovator U.S. Equity Power Buffer ETF - Aug.

CPSJFull floor

CPSJ: reference +2.3% since period start, fund +1.0%; buffer −0 to floor; cap +7.6%; Full floor.

PAUGBetween buffer and cap

PAUG: reference +2.1% since period start, fund +1.6%; buffer 0 to −15; cap +13.8%; Between buffer and cap.

These are two different products. CPSJ is a floor fund, which caps how far a holder can fall. PAUG is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. CPSJ has 273 days of its period left and PAUG has 304, so the two are not the same bet on the same months.

Where each one stands today

CPSJ resets first, on Jul 1, 2027, 273 days from now; PAUG runs to Jul 31, 2027, 304 days. A fall from here reaches CPSJ’s buffer after 1.1% and PAUG’s after 1.7%. 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

	Total return		Gap to the reference
Window	CPSJ	PAUG	CPSJ	PAUG
3 months	+1.0%	+2.2%	−1.5 pts	−0.3 pts
6 months	+3.7%	+8.9%	−13.3 pts	−8.1 pts
1 year	+5.2%	+9.8%	−10.5 pts	−5.9 pts
3 years	not published	+50.2%	not published	−34.7 pts

CPSJ and PAUG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSJ

Calamos S&P 500 ® Structured Alt Protection ETF - July · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.6%, over a period ending Jul 1, 2027

PAUG

Innovator U.S. Equity Power Buffer ETF - Aug · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending Jul 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 15%

Outcome period Jul 1, 2026 to Jul 1, 2027 Jul 31, 2026 to Jul 31, 2027

Days left 273 304

Starting cap +7.6% +13.8%

Can still gain not published 11.9%

Fall before buffer 1.1% 1.7%

Protection left, index points 99.9% of 99.9% 15.0% of 15.0%

Index return this period +2.3% +2.1%

Fund return this period +1.0% +1.6%

State today Open Open

Expense ratio 0.69% 0.79%

Net assets $50m $1.0bn

CPSJ and PAUG on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPSJ in plain words

The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.3% from today's level to the point where the buffer begins. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 273 days remained on Oct 1, 2026. On Jul 1, 2027 the period ends and a new cap is set.

PAUG in plain words

From its price on Oct 1, 2026, the fund can gain about 11.9% more before it reaches its cap. The fund's price can fall 1.7% 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: 15.0% of the 15.0% buffer still sits below today's SPY level. 304 days remained on Oct 1, 2026. On Jul 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSJ or PAUG?: CPSJ ends its outcome period on Jul 1, 2027 and PAUG on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSJ or PAUG?: CPSJ charges 0.69% a year and PAUG charges 0.79%, so CPSJ is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSJ vs CTJL CPSJ vs DDFG CPSJ vs DDFL CPSJ vs DDTG PAUG vs UAPR PAUG vs UJAN PAUG vs UJUL PAUG vs UOCT

S&P 500 (SPY) →CPSJ on its own →PAUG on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSJ filings on SEC EDGAR ↗Calamos website ↗PAUG filings on SEC EDGAR ↗Innovator page for PAUG ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPSJ against PAUG, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsj-vs-paug

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.