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.

Data as of Nov 4, 2026.

Buffer ETFs

BDEC vs CPSD: Cap, Buffer & Days Left

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As of Nov 4, 2026 BDEC can fall 11.0% before its buffer engages and CPSD 5.8%.

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Net assets on Nov 4, 2026: $214m for Innovator U.S. Equity Buffer ETF - Dec and $46m for Calamos S&P 500 Structured Alt Protection ETF - December.

BDEC on its own →CPSD on its own →

At a glance

BDEC Between buffer and cap

BDEC: reference +12.2% since period start, fund +11.4%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Data to Nov 4, 2026.

CPSD At its cap

CPSD: reference +12.7% since period start, fund +5.5%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

CPSD costs 0.10 points a year less; their one-year returns differ by 6.9 points; BDEC is 4.7 times larger.

Points (pts) are percentage points.

BDEC vs CPSD: Cap, Buffer & Days Left
Measure	BDEC	CPSD
Return
Measure	BDEC	CPSD
Total return, 1 year	+13.2%	+6.3%
Drawdown
Measure	BDEC	CPSD
Index fall to the buffer	10.8%	11.3%
Benchmark
Measure	BDEC	CPSD
What it tracks	SPY	SPY
Cost and size
Measure	BDEC	CPSD
Expense ratio	0.79%	0.69%
Net assets	$214m	$46m
Holdings
Measure	BDEC	CPSD
Holdings in common	not published

Method

Window by window

Window by window: BDEC vs CPSD: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BDEC	CPSD	BDEC	CPSD
3 months	+0.9%	+1.5%	+1.3 pts	+1.8 pts
6 months	+5.0%	+3.1%	+0.5 pts	−1.4 pts
1 year	+13.2%	+6.3%	−0.4 pts	−7.2 pts
3 years	+55.1%	–	−21.3 pts	–
Since launchNot the same days: BDEC Dec 2019 · CPSD Dec 2024	+109.1%	+13.1%	−37.0 pts	−13.9 pts

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

Side by side

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 the whole loss on SPY and caps the gain at 6.7%, over a period ending Nov 30, 2026

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 100%

Outcome period Nov 30, 2025 to Nov 30, 2026 Dec 1, 2025 to Nov 30, 2026

Days left 26 26

Starting cap +17.4% +6.7%

Can still gain 4.7% not published

Fall before buffer 11.0% 5.8%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +12.2% +12.7%

Fund return this period +11.4% +5.5%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $214m $46m

As of Nov 4, 2026. Source: ETFIQ.

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, 26 days from now; CPSD runs to Nov 30, 2026, 26 days. A fall from here reaches BDEC’s buffer after 11.0% and CPSD’s after 5.8%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

BDEC

From its price on Nov 4, 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 number. In index terms, SPY can fall 10.8% 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. 26 days remained on Nov 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.

CPSD

SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.3% 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, 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 DECU BDEC vs PBDE BDEC vs DECP BDEC vs DECT CPSD vs UDEC CPSD vs GNOV CPSD vs DECW CPSD vs SIXD

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BDEC on its own →CPSD on its own →Method →Standards and sources →

Sources and dates

BDEC filings on SEC EDGAR ↗

Innovator page for BDEC ↗

CPSD filings on SEC EDGAR ↗

Calamos website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, BDEC against CPSD, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bdec-vs-cpsd

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