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.

BDEC vs CPSD: which one stands where?

As of Oct 2, 2026 BDEC can fall 11.0% before its buffer engages and CPSD 5.2%. Innovator U.S. Equity Buffer ETF - Dec and Calamos S&P 500 ® Structured Alt Protection ETF - December.

CPSD costs 0.10 points a year less; their one-year returns differ by 8.0 points; BDEC is 4.6 times larger.

	BDEC	CPSD
Expense ratio	0.79%	0.69%
Net assets	$214m	$46m
Total return, 1 year	+14.3%	+6.3%
What it tracks	SPY	SPY
Holdings in common	not published

BDECBetween buffer and cap

BDEC: reference +12.6% since period start, fund +11.5%; buffer 0 to −9; cap +17.4%; Between buffer and cap.

CPSDAt its cap

CPSD: reference +13.1% since period start, fund +4.9%; 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. BDEC 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.

Where each one stands today

BDEC resets first, on Nov 30, 2026, 59 days from now; CPSD runs to Nov 30, 2026, 59 days. A fall from here reaches BDEC’s buffer after 11.0% and CPSD’s after 5.2%. 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	BDEC	CPSD	BDEC	CPSD
3 months	+3.4%	+1.8%	−0.2 pts	−1.8 pts
6 months	+13.7%	+4.6%	−4.3 pts	−13.3 pts
1 year	+14.3%	+6.3%	−1.9 pts	−9.9 pts
3 years	+58.7%	not published	−30.6 pts	not published

BDEC 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

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 59 59

Starting cap +17.4% +6.1%

Can still gain 4.7% not published

Fall before buffer 11.0% 5.2%

Protection left, index points 9.0% of 9.0% 99.5% of 99.5%

Index return this period +12.6% +13.1%

Fund return this period +11.5% +4.9%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $214m $46m

BDEC and CPSD on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BDEC in plain words

From its price on Oct 2, 2026, the fund can gain about 4.7% more before it reaches its cap. The fund's price can fall 11.0% 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: 9.0% of the 9.0% buffer still sits below today's SPY level. 59 days remained on Oct 2, 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 Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.1% 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

BDEC vs CPSN BDEC vs DDFD BDEC vs DDTD BDEC vs DECP CPSD vs DDFD CPSD vs DDTD CPSD vs DECP CPSD vs DECT

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

Where these figures came from

BDEC filings on SEC EDGAR ↗Innovator page for BDEC ↗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, BDEC against CPSD, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bdec-vs-cpsd

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.