Which resets first, BALT or CPSD?

BALT ends its outcome period on Dec 31, 2026 and CPSD on Dec 1, 2026. A new cap is set the day after each.

Which is cheaper, BALT or CPSD?

BALT charges 0.69% a year and CPSD charges 0.69%, so BALT is cheaper. Fees come from each fund's prospectus.

BALT vs CPSD: which one stands where?

As of Oct 1, 2026 CPSD can fall 5.0% before its buffer engages and BALT 0.0%, and CPSD resets 31 days sooner. Innovator Defined Wealth Shield ETF - Quarterly and Calamos S&P 500 ® Structured Alt Protection ETF - December.

BALTBetween buffer and cap

BALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.4%; Between buffer and cap.

CPSDAt its cap

CPSD: reference +12.1% since period start, fund +4.7%; buffer −1 to floor; cap +6.1%; At its cap.

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

CPSD is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. CPSD has 61 days of its period left and BALT has 92, so the two are not the same bet on the same months.

Where each one stands today

CPSD resets first, on Dec 1, 2026, 61 days from now; BALT runs to Dec 31, 2026, 92 days. A fall from here reaches BALT’s buffer after 0.0% and CPSD’s after 5.0%. 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

	Total return		Gap to the reference
Window	BALT	CPSD	BALT	CPSD
3 months	+2.0%	+1.6%	−0.6 pts	−0.9 pts
6 months	+4.3%	+4.5%	−12.7 pts	−12.5 pts
1 year	+6.5%	+6.3%	−9.2 pts	−9.4 pts
3 years	+25.7%	not published	−59.3 pts	not published

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

On the same fields

BALT

Innovator Defined Wealth Shield ETF - Quarterly · Absorbs the first 20% of loss on SPY and caps the gain at 2.4%, over a period ending Dec 31, 2026

CPSD

Calamos S&P 500 ® Structured Alt Protection ETF - December · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 6.1%, over a period ending Dec 1, 2026

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 20% 1% to 100%

Outcome period Sep 30, 2026 to Dec 31, 2026 Dec 1, 2025 to Dec 1, 2026

Days left 92 61

Starting cap +2.4% +6.1%

Can still gain 2.4% not published

Fall before buffer 0.0% 5.0%

Protection left, index points 20.0% of 20.0% 99.5% of 99.5%

Index return this period 0.0% +12.1%

Fund return this period 0.0% +4.7%

State today Open At cap

Expense ratio 0.69% 0.69%

Net assets $3.0bn $46m

BALT and CPSD on the same fields, as of Oct 1, 2026. Source: ETFIQ.

BALT in plain words

From its price on Oct 1, 2026, the fund can gain about 2.4% more before it reaches its cap. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

CPSD in plain words

SPY had already risen past this fund's cap of +6.1% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.3% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's SPY level. 61 days remained on Oct 1, 2026. On Dec 1, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, BALT or CPSD?: BALT ends its outcome period on Dec 31, 2026 and CPSD on Dec 1, 2026. A new cap is set the day after each.
Which is cheaper, BALT or CPSD?: BALT charges 0.69% a year and CPSD charges 0.69%, so BALT is cheaper. Fees come from each fund's prospectus.

Other comparisons

BALT vs BJAN BALT vs DDTO BALT vs DECM BALT vs DSEP CPSD vs GNOV CPSD vs NOVM CPSD vs PBDE CPSD vs PDEC

SPY →BALT on its own →CPSD on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for BALT ↗CPSD filings on SEC EDGAR ↗Calamos website ↗

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, BALT against CPSD, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/balt-vs-cpsd

Open data

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