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

BALT vs CPSY: which one stands where?

As of Oct 2, 2026 CPSY can fall 4.6% before its buffer engages and BALT 0.2%. Innovator Defined Wealth Shield ETF - Quarterly and Calamos S&P 500 ® Structured Alt Protection ETF - January.

their one-year returns differ by 0.6 points; BALT is 106.7 times larger.

	BALT	CPSY
Expense ratio	0.69%	0.69%
Net assets	$3.1bn	$29m
Total return, 1 year	+6.5%	+5.9%
What it tracks	SPY	SPY
Holdings in common	not published

BALTBetween buffer and cap

BALT: reference +0.9% since period start, fund +0.2%; buffer 0 to −20; cap +2.4%; Between buffer and cap.

CPSYAt its cap

CPSY: reference +12.7% since period start, fund +4.3%; buffer −1 to floor; cap +5.9%; At its cap.

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, 90 days from now; CPSY runs to Dec 31, 2026, 90 days. A fall from here reaches BALT’s buffer after 0.2% and CPSY’s after 4.6%. 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	BALT	CPSY	BALT	CPSY
3 months	+2.1%	+1.7%	−1.5 pts	−1.9 pts
6 months	+4.4%	+4.4%	−13.6 pts	−13.6 pts
1 year	+6.5%	+5.9%	−9.7 pts	−10.3 pts
3 years	+26.1%	not published	−63.2 pts	not published

BALT and CPSY 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

CPSY

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 5.9%, over a period ending Dec 31, 2026

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 20% 1% to 100%

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

Days left 90 90

Starting cap +2.4% +5.9%

Can still gain 2.3% not published

Fall before buffer 0.2% 4.6%

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

Index return this period +0.9% +12.7%

Fund return this period +0.2% +4.3%

State today Open At cap

Expense ratio 0.69% 0.69%

Net assets $3.1bn $29m

BALT and CPSY on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BALT in plain words

From its price on Oct 2, 2026, the fund can gain about 2.3% more before it reaches its cap. The fund's price can fall 0.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.9% 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. 90 days remained on Oct 2, 2026. On Dec 31, 2026 the period ends and a new cap is set.

CPSY in plain words

SPY had already risen past this fund's cap of +5.9% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.7% 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.

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

Other comparisons

BALT vs BJAN BALT vs DDTJ BALT vs DDTO BALT vs DECM CPSY vs JANM CPSY vs PBFB CPSY vs PFEB CPSY vs PMFB

SPY →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. 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 CPSY, data as of Oct 2, 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. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.