Which resets first, BDEC or CPSN?

BDEC ends its outcome period on Nov 30, 2026 and CPSN on Oct 30, 2026. A new cap is set the day after each.

Which is cheaper, BDEC or CPSN?

BDEC charges 0.79% a year and CPSN charges 0.69%, so CPSN is cheaper. Fees come from each fund's prospectus.

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BDEC vs CPSN: Cap, Buffer & Days Left

As of Oct 21, 2026 BDEC can fall 11.5% before its buffer engages and CPSN 6.3%, and CPSN resets 31 days sooner. Net assets on Oct 21, 2026: $216m for Innovator U.S. Equity Buffer ETF - Dec and $34m for Calamos S&P 500 Structured Alt Protection ETF - November.

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Answers cite the figures on this page.

CPSN costs 0.10 points a year less; their one-year returns differ by 8.0 points; BDEC is 6.3 times larger.

Points (pts) are percentage points.

BDEC vs CPSN: Cap, Buffer & Days Left
	BDEC	CPSN
Expense ratio	0.79%	0.69%
Net assets	$216m	$34m
Total return, 1 year	+14.2%	+6.2%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.6%

BDECBetween buffer and cap

BDEC: reference +13.1% since period start, fund +12.1%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Figures to Oct 21, 2026.

CPSNAt its cap

CPSN: reference +13.1% since period start, fund +6.0%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

These are two different products. CPSN 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.

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

They do not reset together. CPSN has 9 days of its period left and BDEC has 40, so the two are not the same bet on the same months.

Where each one stands today

CPSN resets first, on Oct 30, 2026, 9 days from now; BDEC runs to Nov 30, 2026, 40 days. A fall from here reaches BDEC’s buffer after 11.5% and CPSN’s after 6.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BDEC vs CPSN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BDEC	CPSN	BDEC	CPSN
3 months	+3.3%	+2.0%	−0.1 pts	−1.4 pts
6 months	+7.6%	+3.8%	−1.1 pts	−4.9 pts
1 year	+14.2%	+6.2%	−0.9 pts	−9.0 pts
3 years	+59.7%	–	−23.8 pts	–
Since launch Not the same days: BDEC Dec 2019 · CPSN Nov 2024	+110.0%	+13.0%	−38.0 pts	−22.4 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

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

CPSN

Calamos S&P 500 Structured Alt Protection ETF - November · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Oct 30, 2026

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 100%

Outcome period Nov 30, 2025 to Nov 30, 2026 Nov 3, 2025 to Oct 30, 2026

Days left 40 9

Starting cap +17.4% +6.8%

Can still gain 4.0% not published

Fall before buffer 11.5% 6.3%

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

Index return this period +13.1% +13.1%

Fund return this period +12.1% +6.0%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $216m $34m

As of Oct 21, 2026. Source: ETFIQ.

About BDEC

From its price on Oct 21, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.6% 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. 40 days remained on Oct 21, 2026. On Nov 30, 2026 the period ends and a new cap is set.

About CPSN

SPY had already risen past this fund's cap of +6.8% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 9 days remained on Oct 21, 2026. On Oct 30, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, BDEC or CPSN?: BDEC ends its outcome period on Nov 30, 2026 and CPSN on Oct 30, 2026. A new cap is set the day after each.
Which is cheaper, BDEC or CPSN?: BDEC charges 0.79% a year and CPSN charges 0.69%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

BDEC vs DDTD BDEC vs DDFD BDEC vs DECP BDEC vs CPSD CPSN vs CPSO CPSN vs BNOV CPSN vs DHDG CPSN vs DDFN

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BDEC on its own →CPSN 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 ↗CPSN 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, BDEC against CPSN, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/bdec-vs-cpsn

Open data

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