Which resets first, CPNS or DQSE?

CPNS ends its outcome period on Sep 1, 2027 and DQSE on Sep 17, 2027. A new cap is set the day after each.

Which is cheaper, CPNS or DQSE?

CPNS charges 0.69% a year and DQSE charges 0.90%, so CPNS is cheaper. Fees come from each fund's prospectus.

CPNS vs DQSE: which one stands where?

As of Oct 1, 2026 DQSE can fall 2.3% before its buffer engages and CPNS 0.7%, and CPNS resets 17 days sooner. Calamos Nasdaq-100 ® Structured Alt Protection ETF - September and FT Vest Nasdaq-100 Dual Directional Buffer ETF - September.

CPNSFull floor

CPNS: reference +4.5% since period start, fund +0.6%; buffer −0 to floor; cap +8.7%; Full floor.

DQSEBetween buffer and cap

DQSE: reference +2.5% since period start, fund +1.4%; buffer 0 to −10; cap +18.8%; Between buffer and cap.

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

Where each one stands today

CPNS resets first, on Sep 1, 2027, 335 days from now; DQSE runs to Sep 17, 2027, 352 days. A fall from here reaches CPNS’s buffer after 0.7% and DQSE’s after 2.3%. Both track QQQ, 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	CPNS	DQSE	CPNS	DQSE
3 months	+1.6%	not published	−0.6 pts	not published
6 months	+4.9%	not published	−22.0 pts	not published
1 year	+6.0%	not published	−17.8 pts	not published

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

On the same fields

CPNS

Calamos Nasdaq-100 ® Structured Alt Protection ETF - September · Absorbs losses from 0.0% to 100.0% on QQQ and caps the gain at 8.7%, over a period ending Sep 1, 2027

DQSE

FT Vest Nasdaq-100 Dual Directional Buffer ETF - September · Absorbs the first 0% to 10% of loss on QQQ and caps the gain at 18.8%, over a period ending Sep 17, 2027

Issuer Calamos First Trust

Reference index QQQ QQQ

Buffer 0% to 100% 0% to 10%

Outcome period Sep 1, 2026 to Sep 1, 2027 Sep 21, 2026 to Sep 17, 2027

Days left 335 352

Starting cap +8.7% +18.8%

Can still gain not published 16.2%

Fall before buffer 0.7% 2.3%

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

Index return this period +4.5% +2.5%

Fund return this period +0.6% +1.4%

State today Open Open

Expense ratio 0.69% 0.90%

Net assets $24m $9m

CPNS and DQSE on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPNS in plain words

The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 4.4% 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 QQQ level. 335 days remained on Oct 1, 2026. On Sep 1, 2027 the period ends and a new cap is set.

DQSE in plain words

From its price on Oct 1, 2026, the fund can gain about 16.2% more before it reaches its cap. The fund's price can fall 2.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 2.5% 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 QQQ level. 352 days remained on Oct 1, 2026. On Sep 17, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPNS or DQSE?: CPNS ends its outcome period on Sep 1, 2027 and DQSE on Sep 17, 2027. A new cap is set the day after each.
Which is cheaper, CPNS or DQSE?: CPNS charges 0.69% a year and DQSE charges 0.90%, so CPNS is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPNS vs NOCT CPNS vs NSEP CPNS vs PQOC CPNS vs QMAG DQSE vs NOCT DQSE vs PQOC DQSE vs QSPT DQSE vs DDNQ

Nasdaq-100 (QQQ) →CPNS on its own →DQSE on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPNS filings on SEC EDGAR ↗Calamos website ↗DQSE filings on SEC EDGAR ↗First Trust page for DQSE ↗

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, CPNS against DQSE, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpns-vs-dqse

Open data

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