Which resets first, CPSA or DDFS?

CPSA ends its outcome period on Jul 31, 2027 and DDFS on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSA or DDFS?

CPSA charges 0.69% a year and DDFS charges 0.79%, so CPSA is cheaper. Fees come from each fund's prospectus.

CPSA vs DDFS: which one stands where?

As of Oct 1, 2026 CPSA can fall 0.7% before its buffer engages and DDFS 0.2%, and CPSA resets 32 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - August and Innovator Equity Dual Directional 15 Buffer ETF - Sep.

CPSAFull floor

CPSA: reference +0.7% since period start, fund +0.7%; buffer −0 to floor; cap +7.7%; Full floor.

DDFSBuffer working

DDFS: reference −0.6% since period start, fund +0.1%; buffer 0 to −15; cap +10.5%; Buffer working.

These are two different products. CPSA is a floor fund, which caps how far a holder can fall. DDFS 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. CPSA has 303 days of its period left and DDFS has 335, so the two are not the same bet on the same months.

Where each one stands today

CPSA resets first, on Jul 31, 2027, 303 days from now; DDFS runs to Aug 31, 2027, 335 days. A fall from here reaches CPSA’s buffer after 0.7% and DDFS’s after 0.2%. 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	CPSA	DDFS	CPSA	DDFS
3 months	+1.2%	+1.3%	−1.3 pts	−1.3 pts
6 months	+4.2%	+5.3%	−12.8 pts	−11.7 pts
1 year	+5.5%	+6.8%	−10.2 pts	−8.9 pts

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

On the same fields

CPSA

Calamos S&P 500 ® Structured Alt Protection ETF - August · Absorbs losses from 0.1% to 100.0% on SPY and caps the gain at 7.7%, over a period ending Jul 31, 2027

DDFS

Innovator Equity Dual Directional 15 Buffer ETF - Sep · Absorbs the first 15% of loss on SPY and caps the gain at 10.5%, over a period ending Aug 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 15%

Outcome period Aug 3, 2026 to Jul 31, 2027 Aug 31, 2026 to Aug 31, 2027

Days left 303 335

Starting cap +7.7% +10.5%

Can still gain not published 10.3%

Fall before buffer 0.7% 0.2%

Protection left, index points 99.9% of 99.9% 14.4% of 15.0%

Index return this period +0.7% −0.6%

Fund return this period +0.7% +0.1%

State today Open Buffer working

Expense ratio 0.69% 0.79%

Net assets $49m $116m

CPSA and DDFS on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPSA 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, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 99.9% of the 99.9% buffer still sits below today's SPY level. 303 days remained on Oct 1, 2026. On Jul 31, 2027 the period ends and a new cap is set.

DDFS in plain words

From its price on Oct 1, 2026, the fund can gain about 10.3% more before it reaches its cap. The fund's price can fall 0.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 14.4% of the 15.0% buffer still sits below today's SPY level. 335 days remained on Oct 1, 2026. On Aug 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSA or DDFS?: CPSA ends its outcome period on Jul 31, 2027 and DDFS on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSA or DDFS?: CPSA charges 0.69% a year and DDFS charges 0.79%, so CPSA is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSA vs DAUG CPSA vs AUGW CPSA vs BAUG CPSA vs CAUG DDFS vs DDTS DDFS vs DLAG DDFS vs AUGM DDFS vs BSEP

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

Where these figures came from

CPSA filings on SEC EDGAR ↗Calamos website ↗DDFS filings on SEC EDGAR ↗Innovator page for DDFS ↗

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, CPSA against DDFS, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsa-vs-ddfs

Open data

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