Which resets first, CPST or FAUG?

CPST ends its outcome period on Aug 31, 2027 and FAUG on Aug 20, 2027. A new cap is set the day after each.

Which is cheaper, CPST or FAUG?

CPST charges 0.69% a year and FAUG charges 0.85%, so CPST is cheaper. Fees come from each fund's prospectus.

CPST vs FAUG: which one stands where?

As of Oct 2, 2026 FAUG can fall 1.6% before its buffer engages and CPST 0.3%, and FAUG resets 11 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - September and FT Vest U.S. Equity Buffer ETF - August.

CPST costs 0.16 points a year less; their one-year returns differ by 6.1 points; FAUG is 37.0 times larger.

	CPST	FAUG
Expense ratio	0.69%	0.85%
Net assets	$39m	$1.4bn
Total return, 1 year	+5.2%	+11.3%
What it tracks	SPY	SPY
Holdings in common	not published

CPSTFull floor

CPST: reference +1.0% since period start, fund +0.3%; buffer −0 to floor; cap +8.0%; Full floor.

FAUGBetween buffer and cap

FAUG: reference +0.5% since period start, fund +0.8%; buffer 0 to −10; cap +17.2%; Between buffer and cap.

These are two different products. CPST is a floor fund, which caps how far a holder can fall. FAUG 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

FAUG resets first, on Aug 20, 2027, 322 days from now; CPST runs to Aug 31, 2027, 333 days. A fall from here reaches CPST’s buffer after 0.3% and FAUG’s after 1.6%. 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	CPST	FAUG	CPST	FAUG
3 months	+1.2%	+2.5%	−2.4 pts	−1.0 pts
6 months	+4.1%	+11.2%	−13.8 pts	−6.8 pts
1 year	+5.2%	+11.3%	−11.1 pts	−4.9 pts
3 years	not published	+56.5%	not published	−32.8 pts

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

On the same fields

CPST

Calamos S&P 500 ® Structured Alt Protection ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.0%, over a period ending Aug 31, 2027

FAUG

FT Vest U.S. Equity Buffer ETF - August · Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, over a period ending Aug 20, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 0% to 100% 10%

Outcome period Sep 1, 2026 to Aug 31, 2027 Aug 24, 2026 to Aug 20, 2027

Days left 333 322

Starting cap +8.0% +17.2%

Can still gain not published 15.4%

Fall before buffer 0.3% 1.6%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +1.0% +0.5%

Fund return this period +0.3% +0.8%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets $39m $1.4bn

CPST and FAUG on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPST in plain words

The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.1% 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. 333 days remained on Oct 2, 2026. On Aug 31, 2027 the period ends and a new cap is set.

FAUG in plain words

From its price on Oct 2, 2026, the fund can gain about 15.4% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 322 days remained on Oct 2, 2026. On Aug 20, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPST or FAUG?: CPST ends its outcome period on Aug 31, 2027 and FAUG on Aug 20, 2027. A new cap is set the day after each.
Which is cheaper, CPST or FAUG?: CPST charges 0.69% a year and FAUG charges 0.85%, so CPST is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPST vs PQXX CPST vs PSEP CPST vs QBSF CPST vs QBSV FAUG vs GAUG FAUG vs PBSE FAUG vs PMSE FAUG vs PSEP

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

Where these figures came from

CPST filings on SEC EDGAR ↗Calamos website ↗FAUG filings on SEC EDGAR ↗First Trust page for FAUG ↗

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, CPST against FAUG, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpst-vs-faug

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.