Data as of .
BDEC vs CPSD: which one stands where?
As of Sep 21, 2026 BDEC can fall 11.2% before its buffer engages and CPSD 5.0%.
These are two different products. CPSD is a floor fund, which caps how far a holder can fall. BDEC 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
BDEC resets first, on Nov 30, 2026, 70 days from now; CPSD runs to Nov 30, 2026, 70 days. A fall from here reaches BDEC’s buffer after 11.2% 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BDEC | CPSD | BDEC | CPSD | |
| 3 months | +2.4% | +1.5% | +0.2 pts | −0.7 pts |
| 6 months | +13.7% | +4.8% | −4.3 pts | −13.3 pts |
| 1 year | +14.4% | +6.4% | −2.2 pts | −10.2 pts |
| 3 years | +50.9% | not published | −27.5 pts | not published |
| BDEC Innovator U.S. Equity Buffer ETF - Dec Absorbs the first 9% of loss on SPY and caps the gain at 17.4%, over a period ending Nov 30, 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 Nov 30, 2026 | |
|---|---|---|
| Issuer | Innovator | Calamos |
| Reference index | SPY | SPY |
| Buffer | 9% | 1% to 100% |
| Outcome period | Nov 30, 2025 to Nov 30, 2026 | Dec 1, 2025 to Nov 30, 2026 |
| Days left | 70 | 70 |
| Starting cap | +17.4% | +6.1% |
| Can still gain | 4.4% | not published |
| Fall before buffer | 11.2% | 5.0% |
| Protection left, index points | 9.0% of 9.0% | 99.5% of 99.5% |
| Index return this period | +13.3% | +12.0% |
| Fund return this period | +11.8% | +4.7% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.69% |
| Net assets | $213m | $46m |
BDEC in plain words
From its price on Sep 21, 2026, the fund can gain about 4.4% more before it reaches its cap. The fund's price can fall 11.2% 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: 9.0% of the 9.0% buffer still sits below today's SPY level. 70 days remained on Sep 21, 2026. On Nov 30, 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 Sep 21, 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 11.2% 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, BDEC or CPSD?
- BDEC ends its outcome period on Nov 30, 2026 and CPSD on Nov 30, 2026. A new cap is set the day after each.
- Which is cheaper, BDEC or CPSD?
- BDEC charges 0.79% a year and CPSD charges 0.69%, so CPSD is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BDEC against CPSD, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bdec-vs-cpsd Free to use with attribution; the underlying files are at Open data.