Data as of Nov 4, 2026.
CPSD vs PDEC: Cap, Buffer & Days Left
As of Nov 4, 2026 PDEC can fall 10.1% before its buffer engages and CPSD 5.8%.
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Net assets on Nov 4, 2026: $46m for Calamos S&P 500 Structured Alt Protection ETF - December and $987m for Innovator U.S. Equity Power Buffer ETF - Dec.
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.PDEC: reference +12.2% since period start, fund +10.3%; buffer 0 to −15; cap +13.1%; Between buffer and cap. Data to Nov 4, 2026.
PDEC: reference +12.2% since period start, fund +10.3%; buffer 0 to −15; cap +13.1%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSD costs 0.10 points a year less; their one-year returns differ by 5.9 points; PDEC is far larger, $987m against $46m.
Points (pts) are percentage points.
| Measure | CPSD | PDEC |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.3% | +12.2% |
| Drawdown | ||
| Index fall to the buffer | 11.3% | 10.8% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $46m | $987m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSD | PDEC | CPSD | PDEC |
| 3 months | +1.5% | +1.8% | +1.8 pts | +2.2 pts |
| 6 months | +3.1% | +5.1% | −1.4 pts | +0.6 pts |
| 1 year | +6.3% | +12.2% | −7.2 pts | −1.4 pts |
| 3 years | – | +45.8% | – | −30.6 pts |
| Since launchNot the same days: CPSD Dec 2024 · PDEC Dec 2019 | +13.1% | +80.7% | −13.9 pts | −65.4 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
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. PDEC 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, 26 days from now; PDEC runs to Nov 30, 2026, 26 days. A fall from here reaches CPSD’s buffer after 5.8% and PDEC’s after 10.1%. Both track SPY, so what separates them is where each is in its own period.
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. 26 days remained on Nov 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.
PDEC
From its price on Nov 4, 2026, the fund can gain about 1.8% more before it reaches its cap. The fund's price can fall 10.1% 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: 15.0% of the 15.0% buffer still sits below today's SPY level.
Questions people ask
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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, CPSD against PDEC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsd-vs-pdec
ETFIQ. (Nov 4, 2026). CPSD against PDEC. Retrieved from https://etfiq.com/compare/buffer/cpsd-vs-pdec
[CPSD against PDEC (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsd-vs-pdec)
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