CPSD vs DECP: Cap, Buffer & Days Left
As of Oct 13, 2026 DECP can fall 10.9% before its buffer engages and CPSD 5.5%. Net assets: $46m on Oct 12, 2026 for Calamos S&P 500 ® Structured Alt Protection ETF - December, and $34m on Oct 13, 2026 for PGIM S&P 500 Buffer 12 ETF - December.
DECP costs 0.19 points a year less; their one-year returns differ by 9.6 points; CPSD is 1.4 times larger.
Points (pts) are percentage points.
| CPSD | DECP | |
|---|---|---|
| Expense ratio | 0.69% | 0.50% |
| Net assets, as of Oct 12, 2026 | $46m | $34m |
| Total return, 1 year | +7.2% | +16.8% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 12.6% | 12.1% |
CPSD: reference +14.4% since period start, fund +5.2%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
DECP: reference +13.7% since period start, fund +11.7%; buffer 0 to −12; cap +14.8%; Between buffer and cap. Figures to Oct 13, 2026.
DECP: reference +13.7% since period start, fund +11.7%; buffer 0 to −12; cap +14.8%; Between buffer and cap. Figures to Oct 13, 2026.
These are two different products. CPSD is a floor fund, which caps how far a holder can fall. DECP 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
CPSD resets first, on Nov 30, 2026, 48 days from now; DECP runs to Nov 30, 2026, 48 days. A fall from here reaches CPSD’s buffer after 5.5% and DECP’s after 10.9%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSD | DECP | CPSD | DECP |
| 3 months | +1.8% | +3.7% | −2.1 pts | −0.1 pts |
| 6 months | +4.0% | +9.9% | −9.4 pts | −3.5 pts |
| 1 year | +7.2% | +16.8% | −12.0 pts | −2.4 pts |
| Since launch Not the same days: CPSD Dec 2024 · DECP May 2024 | +12.8% | +34.8% | −16.1 pts | −12.1 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →
On the same fields
As of Oct 13, 2026. Source: ETFIQ.
About CPSD
SPY had already risen past this fund's cap of +6.7% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.6% 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. 48 days remained on Oct 13, 2026. On Nov 30, 2026 the period ends and a new cap is set.
About DECP
From its price on Oct 13, 2026, the fund can gain about 2.4% more before it reaches its cap. The fund's price can fall 10.9% 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: 12.0% of the 12.0% buffer still sits below today's SPY level.
Questions people ask
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, CPSD against DECP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsd-vs-decp
ETFIQ. (Oct 13, 2026). CPSD against DECP. Retrieved from https://etfiq.com/compare/buffer/cpsd-vs-decp
[CPSD against DECP (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/cpsd-vs-decp)
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