Which resets first, CPSN or UDEC?

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

Which is cheaper, CPSN or UDEC?

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

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CPSN vs UDEC: Cap, Buffer & Days Left

As of Oct 22, 2026 UDEC can fall 13.6% before its buffer engages and CPSN 6.2%, and CPSN resets 31 days sooner. Net assets: $34m on Oct 22, 2026 for Calamos S&P 500 Structured Alt Protection ETF - November, and $239m on Oct 21, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Dec.

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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 5.5 points; UDEC is 7.0 times larger.

Points (pts) are percentage points.

CPSN vs UDEC: Cap, Buffer & Days Left
	CPSN	UDEC
Expense ratio	0.69%	0.79%
Net assets, as of Oct 21, 2026	$34m	$239m
Total return, 1 year	+6.1%	+11.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	10.6%	15.0%

CPSNAt its cap

CPSN: reference +11.8% since period start, fund +5.9%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 22, 2026.

Figures to Oct 22, 2026.

UDECBetween buffer and cap

UDEC: reference +11.8% since period start, fund +9.1%; buffer −5 to −35; cap +12.0%; Between buffer and cap. Figures to Oct 22, 2026.

These are two different products. CPSN is a floor fund, which caps how far a holder can fall. UDEC 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 8 days of its period left and UDEC has 39, so the two are not the same bet on the same months.

Where each one stands today

CPSN resets first, on Oct 30, 2026, 8 days from now; UDEC runs to Nov 30, 2026, 39 days. A fall from here reaches CPSN’s buffer after 6.2% and UDEC’s after 13.6%. 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 UDEC: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	UDEC	CPSN	UDEC
3 months	+2.2%	+3.2%	−1.3 pts	−0.3 pts
6 months	+3.8%	+6.0%	−4.1 pts	−1.8 pts
1 year	+6.1%	+11.6%	−8.3 pts	−2.8 pts
3 years	–	+48.6%	–	−33.1 pts
Since launch Not the same days: CPSN Nov 2024 · UDEC Dec 2019	+12.9%	+63.1%	−20.9 pts	−82.1 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

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

UDEC

Innovator U.S. Equity Ultra Buffer ETF - Dec · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.0%, over a period ending Nov 30, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 5% to 35%

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

Days left 8 39

Starting cap +6.8% +12.0%

Can still gain not published 2.0%

Fall before buffer 6.2% 13.6%

Protection left, index points 100.0% of 100.0% 30.0% of 30.0%

Index return this period +11.8% +11.8%

Fund return this period +5.9% +9.1%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets, CPSN as of Oct 22, 2026 and UDEC as of Oct 21, 2026 $34m $239m

As of Oct 22, 2026. Source: ETFIQ.

About CPSN

SPY had already risen past this fund's cap of +6.8% for the period on Oct 22, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 8 days remained on Oct 22, 2026. On Oct 30, 2026 the period ends and a new cap is set.

About UDEC

From its price on Oct 22, 2026, the fund can gain about 2.0% more before it reaches its cap. The fund's price can fall 13.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.0% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 39 days remained on Oct 22, 2026. On Nov 30, 2026 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSN vs DECW CPSN vs BDEC CPSN vs ZNOV CPSN vs BNOV UDEC vs ZDEK UDEC vs DECP UDEC vs PBDE UDEC vs NOVM

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

Where these figures came from

CPSN filings on SEC EDGAR ↗Calamos website ↗UDEC filings on SEC EDGAR ↗Innovator page for UDEC ↗

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 UDEC, data as of Oct 22, 2026. https://etfiq.com/compare/buffer/cpsn-vs-udec

Open data

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