Which resets first, BALT or CPST?

BALT ends its outcome period on Dec 31, 2026 and CPST on Sep 1, 2027. A new cap is set the day after each.

Which is cheaper, BALT or CPST?

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

BALT vs CPST: which one stands where?

As of Oct 1, 2026 CPST can fall 0.1% before its buffer engages and BALT 0.0%, and BALT resets 243 days sooner. Innovator Defined Wealth Shield ETF - Quarterly and Calamos S&P 500 ® Structured Alt Protection ETF - September.

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.

CPSTFull floor

CPST: reference +0.1% since period start, fund 0.0%; buffer −0 to floor; cap +8.0%; Full floor.

These are two different products. CPST 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.

They do not reset together. BALT has 92 days of its period left and CPST has 335, so the two are not the same bet on the same months.

Where each one stands today

BALT resets first, on Dec 31, 2026, 92 days from now; CPST runs to Sep 1, 2027, 335 days. A fall from here reaches BALT’s buffer after 0.0% and CPST’s after 0.1%. 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	CPST	BALT	CPST
3 months	+2.0%	+1.0%	−0.6 pts	−1.5 pts
6 months	+4.3%	+3.9%	−12.7 pts	−13.0 pts
1 year	+6.5%	+5.2%	−9.2 pts	−10.5 pts
3 years	+25.7%	not published	−59.3 pts	not published

BALT and CPST 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

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 Sep 1, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 20% 0% to 100%

Outcome period Sep 30, 2026 to Dec 31, 2026 Sep 1, 2026 to Sep 1, 2027

Days left 92 335

Starting cap +2.4% +8.0%

Can still gain 2.4% not published

Fall before buffer 0.0% 0.1%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period 0.0% +0.1%

Fund return this period 0.0% 0.0%

State today Open Open

Expense ratio 0.69% 0.69%

Net assets $3.0bn $37m

BALT and CPST 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.

CPST in plain words

The fund's price can fall 0.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.1% 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. 335 days remained on Oct 1, 2026. On Sep 1, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BALT or CPST?: BALT ends its outcome period on Dec 31, 2026 and CPST on Sep 1, 2027. A new cap is set the day after each.
Which is cheaper, BALT or CPST?: BALT charges 0.69% a year and CPST charges 0.69%, so BALT is cheaper. Fees come from each fund's prospectus.

Other comparisons

BALT vs BOCT BALT vs DDTJ BALT vs DDTO BALT vs DECM CPST vs DDTO CPST vs DDTS CPST vs DSEP CPST vs EALT

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

Where these figures came from

Innovator page for BALT ↗CPST 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 CPST, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/balt-vs-cpst

Open data

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