Which resets first, CPSA or DLAG?

CPSA ends its outcome period on Jul 31, 2027 and DLAG on Aug 20, 2027. A new cap is set the day after each.

Which is cheaper, CPSA or DLAG?

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

CPSA vs DLAG: which one stands where?

As of Oct 1, 2026 DLAG can fall 1.1% before its buffer engages and CPSA 0.7%, and CPSA resets 21 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - August and FT Vest U.S. Equity Dual Directional Buffer ETF - August.

CPSAFull floor

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

DLAGBuffer working

DLAG: reference −0.4% since period start, fund +0.3%; buffer 0 to −10; cap +13.5%; Buffer working.

These are two different products. CPSA is a floor fund, which caps how far a holder can fall. DLAG 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 31, 2027, 303 days from now; DLAG runs to Aug 20, 2027, 324 days. A fall from here reaches CPSA’s buffer after 0.7% and DLAG’s after 1.1%. 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	DLAG	CPSA	DLAG
3 months	+1.2%	+2.1%	−1.3 pts	−0.4 pts
6 months	+4.2%	+9.2%	−12.8 pts	−7.8 pts
1 year	+5.5%	+10.2%	−10.2 pts	−5.5 pts

CPSA and DLAG 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

DLAG

FT Vest U.S. Equity Dual Directional Buffer ETF - August · Absorbs the first 10% of loss on SPY and caps the gain at 13.5%, over a period ending Aug 20, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 0% to 100% 10%

Outcome period Aug 3, 2026 to Jul 31, 2027 Aug 24, 2026 to Aug 20, 2027

Days left 303 324

Starting cap +7.7% +13.5%

Can still gain not published 12.3%

Fall before buffer 0.7% 1.1%

Protection left, index points 99.9% of 99.9% 9.6% of 10.0%

Index return this period +0.7% −0.4%

Fund return this period +0.7% +0.3%

State today Open Buffer working

Expense ratio 0.69% 0.85%

Net assets $49m $15m

CPSA and DLAG 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.

DLAG in plain words

From its price on Oct 1, 2026, the fund can gain about 12.3% more before it reaches its cap. The fund's price can fall 1.1% 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: 9.6% of the 10.0% buffer still sits below today's SPY level. 324 days remained on Oct 1, 2026. On Aug 20, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSA or DLAG?: CPSA ends its outcome period on Jul 31, 2027 and DLAG on Aug 20, 2027. A new cap is set the day after each.
Which is cheaper, CPSA or DLAG?: CPSA charges 0.69% a year and DLAG charges 0.85%, so CPSA is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSA vs BSEP CPSA vs CAUG CPSA vs CPSJ CPSA vs CTAU DLAG vs FAUG DLAG vs AUGM DLAG vs BSEP DLAG vs CPST

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

Where these figures came from

CPSA filings on SEC EDGAR ↗Calamos website ↗DLAG filings on SEC EDGAR ↗First Trust page for DLAG ↗

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 DLAG, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpsa-vs-dlag

Open data

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