Which resets first, CPSY or GDEC?

CPSY ends its outcome period on Dec 31, 2026 and GDEC on Dec 18, 2026. A new cap is set the day after each.

Which is cheaper, CPSY or GDEC?

CPSY charges 0.69% a year and GDEC charges 0.85%, so CPSY is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

CPSY vs GDEC: Cap, Buffer & Days Left

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As of Nov 4, 2026 GDEC can fall 9.2% before its buffer engages and CPSY 5.0%, and GDEC resets 13 days sooner.

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Net assets: $30m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - January, and $426m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - December.

CPSY on its own →GDEC on its own →

At a glance

CPSY At its cap

CPSY: reference +12.2% since period start, fund +4.6%; buffer Floor; cap +6.4%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

GDEC At its cap

GDEC: reference +12.7% since period start, fund +9.2%; buffer 0 to −15; cap +12.1%; At its cap. Data to Nov 4, 2026.

Pair scorecard

CPSY costs 0.16 points a year less; their one-year returns differ by 5.5 points; GDEC is 14.2 times larger.

Points (pts) are percentage points.

CPSY vs GDEC: Cap, Buffer & Days Left
Measure	CPSY	GDEC
Return
Measure	CPSY	GDEC
Total return, 1 year	+5.9%	+11.4%
Drawdown
Measure	CPSY	GDEC
Index fall to the buffer	10.9%	11.2%
Benchmark
Measure	CPSY	GDEC
What it tracks	SPY	SPY
Cost and size
Measure	CPSY	GDEC
Expense ratio	0.69%	0.85%
Net assets, as of Nov 3, 2026	$30m	$426m
Holdings
Measure	CPSY	GDEC
Holdings in common	not published

Method

Window by window

Window by window: CPSY vs GDEC: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSY	GDEC	CPSY	GDEC
3 months	+1.3%	+1.7%	+1.6 pts	+2.1 pts
6 months	+2.7%	+4.7%	−1.8 pts	+0.2 pts
1 year	+5.9%	+11.4%	−7.6 pts	−2.2 pts
Since launchNot the same days: CPSY Jan 2025 · GDEC Dec 2023	+11.8%	+36.7%	−19.4 pts	−25.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

CPSY Calamos S&P 500 Structured Alt Protection ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Dec 31, 2026 GDEC FT Vest U.S. Equity Moderate Buffer ETF - December · Absorbs the first 15% of loss on SPY and caps the gain at 12.1%, over a period ending Dec 18, 2026

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 15%

Outcome period Jan 2, 2026 to Dec 31, 2026 Dec 22, 2025 to Dec 18, 2026

Days left 57 44

Starting cap +6.4% +12.1%

Can still gain not published 1.8%

Fall before buffer 5.0% 9.2%

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

Index return this period +12.2% +12.7%

Fund return this period +4.6% +9.2%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets, CPSY as of Nov 4, 2026 and GDEC as of Nov 3, 2026 $30m $426m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

GDEC resets first, on Dec 18, 2026, 44 days from now; CPSY runs to Dec 31, 2026, 57 days. A fall from here reaches CPSY’s buffer after 5.0% and GDEC’s after 9.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSY

SPY had already risen past this fund's cap of +6.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

GDEC

SPY had already risen past this fund's cap of +12.1% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.8% as the period runs out. The fund's price can fall 9.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.2% 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. 44 days remained on Nov 4, 2026. On Dec 18, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSY or GDEC?: CPSY ends its outcome period on Dec 31, 2026 and GDEC on Dec 18, 2026. A new cap is set the day after each.
Which is cheaper, CPSY or GDEC?: CPSY charges 0.69% a year and GDEC charges 0.85%, so CPSY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs FDEC CPSY vs XBJA CPSY vs JANU CPSY vs XJAN GDEC vs QBSV GDEC vs PQX GDEC vs FLJJ GDEC vs DDSQ

Where to next

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSY on its own →GDEC on its own →Method →Standards and sources →

Sources and dates

CPSY filings on SEC EDGAR ↗

Calamos website ↗

GDEC filings on SEC EDGAR ↗

First Trust page for GDEC ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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, CPSY against GDEC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsy-vs-gdec

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