Which resets first, CPSY or ZALT?

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

Which is cheaper, CPSY or ZALT?

CPSY and ZALT both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.

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CPSY vs ZALT: Cap, Buffer & Days Left

As of Oct 21, 2026 CPSY can fall 4.8% before its buffer engages and ZALT 0.8%. Net assets on Oct 21, 2026: $29m for Calamos S&P 500 Structured Alt Protection ETF - January and $831m for Innovator U.S. Equity 10 Buffer ETF - Quarterly.

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Answers cite the figures on this page.

Both cost 0.69% a year; their one-year returns differ by 2.6 points; ZALT is far larger, $831m against $29m.

Points (pts) are percentage points.

CPSY vs ZALT: Cap, Buffer & Days Left
	CPSY	ZALT
Expense ratio	0.69%	0.69%
Net assets	$29m	$831m
Total return, 1 year	+6.0%	+8.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.6%	1.4%

CPSYAt its cap

CPSY: reference +13.2% since period start, fund +4.5%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

ZALTBetween buffer and cap

ZALT: reference +1.4% since period start, fund +0.8%; buffer 0 to −10; cap +3.6%; Between buffer and cap. Figures to Oct 21, 2026.

These are two different products. CPSY 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.

CPSY is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

CPSY resets first, on Dec 31, 2026, 71 days from now; ZALT runs to Dec 31, 2026, 71 days. A fall from here reaches CPSY’s buffer after 4.8% and ZALT’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSY vs ZALT: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSY	ZALT	CPSY	ZALT
3 months	+1.7%	+2.3%	−1.7 pts	−1.2 pts
6 months	+3.1%	+4.2%	−5.6 pts	−4.5 pts
1 year	+6.0%	+8.6%	−9.2 pts	−6.6 pts
3 years	–	+36.3%	–	−47.3 pts
Since launch Not the same days: CPSY Jan 2025 · ZALT Oct 2023	+11.7%	+36.0%	−20.6 pts	−45.0 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

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

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 100% 10%

Outcome period Jan 2, 2026 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026

Days left 71 71

Starting cap +6.4% +3.6%

Can still gain not published 2.7%

Fall before buffer 4.8% 0.8%

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

Index return this period +13.2% +1.4%

Fund return this period +4.5% +0.8%

State today At cap Open

Expense ratio 0.69% 0.69%

Net assets $29m $831m

As of Oct 21, 2026. Source: ETFIQ.

About CPSY

SPY had already risen past this fund's cap of +6.4% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.8% 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. 71 days remained on Oct 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About ZALT

From its price on Oct 21, 2026, the fund can gain about 2.7% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, CPSY or ZALT?: CPSY ends its outcome period on Dec 31, 2026 and ZALT on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSY or ZALT?: CPSY and ZALT both charge 0.69% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs PFEB CPSY vs FDEC CPSY vs PJAN CPSY vs FJAN ZALT vs DDTO ZALT vs DDTJ ZALT vs TOCT ZALT vs PQX

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

Where these figures came from

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

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, CPSY against ZALT, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsy-vs-zalt

Open data

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