A
vs
B
Share on XDownload as PDFOpen liveCompare their flowsAsk IQ about these two funds

CPSA vs DDFG: Cap, Buffer & Days Left

As of Oct 9, 2026 DDFG can fall 2.7% before its buffer engages and CPSA 1.3%, and CPSA resets 1 day sooner. Net assets on Oct 9, 2026: $50m for Calamos S&P 500 ® Structured Alt Protection ETF - August and $87m for Innovator Equity Dual Directional 15 Buffer ETF - Aug.

CPSA costs 0.10 points a year less; DDFG is 1.8 times larger.

CPSADDFG
Expense ratio0.69%0.79%
Net assets$50m$87m
Total return, 1 year+5.9%not published
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer2.7%4.0%
CPSAFull floor
Full floorCPSA: reference +2.8% since period start, fund +1.2%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% period start+7.8% cap+2.8% gain captured+5% more to the capTODAY · SPY +2.8%Full floorCPSA: reference +2.8% since period start, fund +1.2%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% start+7.8% cap+2.8% gain captured+5% more to the capTODAY · SPY +2.8%

CPSA: reference +2.8% since period start, fund +1.2%; buffer Floor; cap +7.8%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

DDFGBetween buffer and cap
Between buffer and capDDFG: reference +4.2% since period start, fund +2.6%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Figures to Oct 9, 2026.15 pts of buffer+4.2%+7.2% to cap−15.0% floor0% period start+11.4% capTODAY · SPY +4.2%Between buffer and capDDFG: reference +4.2% since period start, fund +2.6%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Figures to Oct 9, 2026.15 pts−15.0% floor0% start+11.4% cap+4.2% gain captured+7.2% more to the capTODAY · SPY +4.2%

DDFG: reference +4.2% since period start, fund +2.6%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Figures to Oct 9, 2026.

DDFG: reference +4.2% since period start, fund +2.6%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Figures to Oct 9, 2026.

These are two different products. CPSA is a floor fund, which caps how far a holder can fall. DDFG 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

CPSA resets first, on Jul 30, 2027, 294 days from now; DDFG runs to Jul 31, 2027, 295 days. A fall from here reaches CPSA’s buffer after 1.3% and DDFG’s after 2.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference
WindowCPSADDFGCPSADDFG
3 months+1.5%not published−1.6 ptsnot published
6 months+3.8%not published−10.8 ptsnot published
1 year+5.9%not published−10.1 ptsnot published

Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSA
Calamos S&P 500 ® Structured Alt Protection ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.8%, over a period ending Jul 30, 2027
DDFG
Innovator Equity Dual Directional 15 Buffer ETF - Aug · Absorbs the first 15% of loss on SPY and caps the gain at 11.4%, over a period ending Jul 31, 2027
Issuer Calamos Innovator
Reference index SPY SPY
Buffer 100% 15%
Outcome period Aug 3, 2026 to Jul 30, 2027 Jul 31, 2026 to Jul 31, 2027
Days left 294 295
Starting cap +7.8% +11.4%
Can still gain not published 8.4%
Fall before buffer 1.3% 2.7%
Protection left, index points 100.0% of 100.0% 15.0% of 15.0%
Index return this period +2.8% +4.2%
Fund return this period +1.2% +2.6%
State today Open Open
Expense ratio 0.69% 0.79%
Net assets $50m $87m

As of Oct 9, 2026. Source: ETFIQ.

CPSA in plain words

The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.7% 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. 294 days remained on Oct 9, 2026. On Jul 30, 2027 the period ends and a new cap is set.

DDFG in plain words

From its price on Oct 9, 2026, the fund can gain about 8.4% more before it reaches its cap. The fund's price can fall 2.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.0% 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. 295 days remained on Oct 9, 2026. On Jul 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSA or DDFG?
CPSA ends its outcome period on Jul 30, 2027 and DDFG on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSA or DDFG?
CPSA charges 0.69% a year and DDFG charges 0.79%, so CPSA is cheaper. Fees come from each fund's prospectus.
Other comparisons
CPSA vs SEPUCPSA vs ZSEPCPSA vs USEPCPSA vs GAUGDDFG vs CPSJDDFG vs XJULDDFG vs PBAUDDFG vs JULM
S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSA on its own →DDFG on its own →How every figure is computed →Standards and sources →
Where these figures came from
CPSA filings on SEC EDGAR ↗Calamos website ↗DDFG filings on SEC EDGAR ↗Innovator page for DDFG ↗

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 page

ETFIQ, CPSA against DDFG, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsa-vs-ddfg

Open data

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