Which resets first, CPSN or DECU?

CPSN ends its outcome period on Oct 30, 2026 and DECU on Nov 30, 2026. New terms are set the day after each.

Which is cheaper, CPSN or DECU?

CPSN charges 0.69% a year and DECU charges 0.74%, so CPSN is cheaper. Fees come from each fund's prospectus.

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CPSN vs DECU: Cap, Buffer & Days Left

As of Oct 21, 2026 DECU can fall 8.9% before its buffer engages and CPSN 6.3%, and CPSN resets 31 days sooner. Net assets on Oct 21, 2026: $34m for Calamos S&P 500 Structured Alt Protection ETF - November and $53m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Dec.

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Answers cite the figures on this page.

CPSN costs 0.05 points a year less; their one-year returns differ by 4.1 points; DECU is 1.6 times larger.

Points (pts) are percentage points.

CPSN vs DECU: Cap, Buffer & Days Left
	CPSN	DECU
Expense ratio	0.69%	0.74%
Net assets	$34m	$53m
Total return, 1 year	+6.2%	+10.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.6%

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.

DECUNo cap

DECU: reference +13.1% since period start, fund +8.9%; buffer 0 to −15; no cap; No cap. Figures to Oct 21, 2026.

These are two different products. CPSN is a floor fund, which caps how far a holder can fall. DECU 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 DECU 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; DECU runs to Nov 30, 2026, 40 days. A fall from here reaches CPSN’s buffer after 6.3% and DECU’s after 8.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSN vs DECU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	DECU	CPSN	DECU
3 months	+2.0%	+2.3%	−1.4 pts	−1.2 pts
6 months	+3.8%	+6.0%	−4.9 pts	−2.7 pts
1 year	+6.2%	+10.3%	−9.0 pts	−4.9 pts
Since launch Not the same days: CPSN Nov 2024 · DECU Dec 2024	+13.0%	+19.0%	−22.4 pts	−9.0 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

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

DECU

AllianzIM U.S. Equity Buffer15 Uncapped ETF - Dec · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Nov 30, 2026

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 100% 15%

Outcome period Nov 3, 2025 to Oct 30, 2026 Dec 1, 2025 to Nov 30, 2026

Days left 9 40

Starting cap +6.8% uncapped

Can still gain not published uncapped

Fall before buffer 6.3% 8.9%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +13.1% +13.1%

Fund return this period +6.0% +8.9%

State today At cap Uncapped

Expense ratio 0.69% 0.74%

Net assets $34m $53m

As of Oct 21, 2026. Source: ETFIQ.

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. In index terms, SPY can fall 11.6% 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. 9 days remained on Oct 21, 2026. On Oct 30, 2026 the period ends and a new cap is set.

About DECU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.9% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 40 days remained on Oct 21, 2026. On Nov 30, 2026 the period ends and new terms are set.

Questions people ask

Which resets first, CPSN or DECU?: CPSN ends its outcome period on Oct 30, 2026 and DECU on Nov 30, 2026. New terms are set the day after each.
Which is cheaper, CPSN or DECU?: CPSN charges 0.69% a year and DECU charges 0.74%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSN vs NOVP CPSN vs DECP CPSN vs DDTN CPSN vs CPSO DECU vs BDEC DECU vs DLNV DECU vs DDTD DECU vs DECW

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSN on its own →DECU on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSN filings on SEC EDGAR ↗Calamos website ↗DECU filings on SEC EDGAR ↗AllianzIM page for DECU ↗

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, CPSN against DECU, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-decu

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