Which resets first, BALT or CPSY?

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

Which is cheaper, BALT or CPSY?

BALT and CPSY both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.

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BALT vs CPSY: Cap, Buffer & Days Left

As of Oct 22, 2026 CPSY can fall 4.7% before its buffer engages and BALT 0.3%. Net assets on Oct 22, 2026: $3.2bn for Innovator Defined Wealth Shield ETF - Quarterly and $29m for Calamos S&P 500 Structured Alt Protection ETF - January.

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Answers cite the figures on this page.

Both cost 0.69% a year; their one-year returns differ by 0.7 points; BALT is far larger, $3.2bn against $29m.

Points (pts) are percentage points.

BALT vs CPSY: Cap, Buffer & Days Left
	BALT	CPSY
Expense ratio	0.69%	0.69%
Net assets	$3.2bn	$29m
Total return, 1 year	+6.5%	+5.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	0.2%	10.6%

BALTBetween buffer and cap

BALT: reference +0.2% since period start, fund +0.2%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 22, 2026.

CPSYAt its cap

CPSY: reference +11.8% since period start, fund +4.3%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 22, 2026.

Figures to Oct 22, 2026.

These are two different products. CPSY 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.

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

Where each one stands today

BALT resets first, on Dec 31, 2026, 70 days from now; CPSY runs to Dec 31, 2026, 70 days. A fall from here reaches BALT’s buffer after 0.3% and CPSY’s after 4.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BALT vs CPSY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BALT	CPSY	BALT	CPSY
3 months	+2.1%	+1.7%	−1.4 pts	−1.8 pts
6 months	+3.2%	+3.0%	−4.6 pts	−4.9 pts
1 year	+6.5%	+5.8%	−7.9 pts	−8.6 pts
3 years	+25.9%	–	−55.8 pts	–
Since launch Not the same days: BALT Jul 2021 · CPSY Jan 2025	+36.1%	+11.4%	−41.4 pts	−19.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →

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

CPSY

Calamos S&P 500 Structured Alt Protection ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Dec 31, 2026

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 20% 100%

Outcome period Sep 30, 2026 to Dec 31, 2026 Jan 2, 2026 to Dec 31, 2026

Days left 70 70

Starting cap +2.4% +6.4%

Can still gain 2.2% not published

Fall before buffer 0.3% 4.7%

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

Index return this period +0.2% +11.8%

Fund return this period +0.2% +4.3%

State today Open At cap

Expense ratio 0.69% 0.69%

Net assets $3.2bn $29m

As of Oct 22, 2026. Source: ETFIQ.

About BALT

From its price on Oct 22, 2026, the fund can gain about 2.2% more before it reaches its cap. 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 0.2% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 70 days remained on Oct 22, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About CPSY

SPY had already risen past this fund's cap of +6.4% for the period on Oct 22, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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.

Questions people ask

Which resets first, BALT or CPSY?: BALT ends its outcome period on Dec 31, 2026 and CPSY on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or CPSY?: BALT and CPSY both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BALT vs QBSV BALT vs DDTJ BALT vs TOCT BALT vs DDFJ CPSY vs FJAN CPSY vs PFEB CPSY vs DJAN CPSY vs GJAN

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BALT on its own →CPSY on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

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, BALT against CPSY, data as of Oct 22, 2026. https://etfiq.com/compare/buffer/balt-vs-cpsy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.