Which resets first, CPSD or DDFD?

CPSD ends its outcome period on Nov 30, 2026 and DDFD on Nov 30, 2026. A new cap is set the day after each.

Which is cheaper, CPSD or DDFD?

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

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CPSD vs DDFD: Cap, Buffer & Days Left

As of Oct 13, 2026 DDFD can fall 7.9% before its buffer engages and CPSD 5.5%. Net assets on Oct 12, 2026: $46m for Calamos S&P 500 ® Structured Alt Protection ETF - December and $96m for Innovator Equity Dual Directional 15 Buffer ETF - Dec.

CPSD costs 0.10 points a year less; DDFD is 2.1 times larger.

Points (pts) are percentage points.

CPSD vs DDFD: Cap, Buffer & Days Left
	CPSD	DDFD
Expense ratio	0.69%	0.79%
Net assets, as of Oct 12, 2026	$46m	$96m
Total return, 1 year	+7.2%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.6%	12.1%

CPSDAt its cap

CPSD: reference +14.4% since period start, fund +5.2%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

DDFDAt its cap

DDFD: reference +13.7% since period start, fund +7.8%; buffer 0 to −15; cap +9.6%; At its cap. Figures to Oct 13, 2026.

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

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

CPSD resets first, on Nov 30, 2026, 48 days from now; DDFD runs to Nov 30, 2026, 48 days. A fall from here reaches CPSD’s buffer after 5.5% and DDFD’s after 7.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSD vs DDFD: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSD	DDFD	CPSD	DDFD
3 months	+1.8%	+2.1%	−2.1 pts	−1.7 pts
6 months	+4.0%	+5.5%	−9.4 pts	−7.9 pts
1 year	+7.2%	not published	−12.0 pts	not published
Since launch Not the same days: CPSD Dec 2024 · DDFD Dec 2025	+12.8%	+7.5%	−16.1 pts	−6.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

CPSD

Calamos S&P 500 ® Structured Alt Protection ETF - December · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Nov 30, 2026

DDFD

Innovator Equity Dual Directional 15 Buffer ETF - Dec · Absorbs the first 15% of loss on SPY and caps the gain at 9.6%, over a period ending Nov 30, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 15%

Outcome period Dec 1, 2025 to Nov 30, 2026 Nov 30, 2025 to Nov 30, 2026

Days left 48 48

Starting cap +6.7% +9.6%

Can still gain not published 1.0%

Fall before buffer 5.5% 7.9%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +14.4% +13.7%

Fund return this period +5.2% +7.8%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets, as of Oct 12, 2026 $46m $96m

As of Oct 13, 2026. Source: ETFIQ.

About CPSD

SPY had already risen past this fund's cap of +6.7% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.6% 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. 48 days remained on Oct 13, 2026. On Nov 30, 2026 the period ends and a new cap is set.

About DDFD

SPY had already risen past this fund's cap of +9.6% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.0% as the period runs out. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.1% 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.

Questions people ask

Which resets first, CPSD or DDFD?: CPSD ends its outcome period on Nov 30, 2026 and DDFD on Nov 30, 2026. A new cap is set the day after each.
Which is cheaper, CPSD or DDFD?: CPSD charges 0.69% a year and DDFD charges 0.79%, so CPSD is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSD vs DECU CPSD vs DECP CPSD vs NOVM CPSD vs XNOV DDFD vs DECU DDFD vs PBDE DDFD vs CPSN DDFD vs DECP

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

Where these figures came from

CPSD filings on SEC EDGAR ↗CPSD prospectus with the expense ratio (SEC) ↗Calamos website ↗DDFD filings on SEC EDGAR ↗Innovator page for DDFD ↗

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, CPSD against DDFD, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsd-vs-ddfd

Open data

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