Which resets first, CPST or ZALT?

CPST ends its outcome period on Sep 1, 2027 and ZALT on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, CPST or ZALT?

CPST charges 0.69% a year and ZALT charges 0.69%, so CPST is cheaper. Fees come from each fund's prospectus.

CPST vs ZALT: which one stands where?

As of Oct 1, 2026 CPST can fall 0.1% before its buffer engages and ZALT 0.0%, and ZALT resets 243 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - September and Innovator U.S. Equity 10 Buffer ETF - Quarterly.

CPSTFull floor

CPST: reference +0.1% since period start, fund 0.0%; buffer −0 to floor; cap +8.0%; Full floor.

ZALTBetween buffer and cap

ZALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +3.6%; Between buffer and cap.

These are two different products. CPST is a floor fund, which caps how far a holder can fall. ZALT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. ZALT has 92 days of its period left and CPST has 335, so the two are not the same bet on the same months.

Where each one stands today

ZALT resets first, on Dec 31, 2026, 92 days from now; CPST runs to Sep 1, 2027, 335 days. A fall from here reaches CPST’s buffer after 0.1% and ZALT’s after 0.0%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	CPST	ZALT	CPST	ZALT
3 months	+1.0%	+2.0%	−1.5 pts	−0.5 pts
6 months	+3.9%	+5.9%	−13.0 pts	−11.1 pts
1 year	+5.2%	+8.3%	−10.5 pts	−7.4 pts

CPST and ZALT over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPST

Calamos S&P 500 ® Structured Alt Protection ETF - September · Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.0%, over a period ending Sep 1, 2027

ZALT

Innovator U.S. Equity 10 Buffer ETF - Quarterly · Absorbs the first 10% of loss on SPY and caps the gain at 3.6%, over a period ending Dec 31, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 10%

Outcome period Sep 1, 2026 to Sep 1, 2027 Sep 30, 2026 to Dec 31, 2026

Days left 335 92

Starting cap +8.0% +3.6%

Can still gain not published 3.6%

Fall before buffer 0.1% 0.0%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +0.1% 0.0%

Fund return this period 0.0% 0.0%

State today Open Open

Expense ratio 0.69% 0.69%

Net assets $37m $795m

CPST and ZALT on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPST in plain words

The fund's price can fall 0.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.1% 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. 335 days remained on Oct 1, 2026. On Sep 1, 2027 the period ends and a new cap is set.

ZALT in plain words

From its price on Oct 1, 2026, the fund can gain about 3.6% more before it reaches its cap. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPST or ZALT?: CPST ends its outcome period on Sep 1, 2027 and ZALT on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, CPST or ZALT?: CPST charges 0.69% a year and ZALT charges 0.69%, so CPST is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPST vs PBSE CPST vs PMOC CPST vs PMSE CPST vs POCT ZALT vs JAJL ZALT vs JANP ZALT vs JANT ZALT vs OCTP

S&P 500 (SPY) →CPST on its own →ZALT on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPST filings on SEC EDGAR ↗Calamos website ↗ZALT filings on SEC EDGAR ↗Innovator page for ZALT ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPST against ZALT, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpst-vs-zalt

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.