Which resets first, CPSF or DDFF?

CPSF ends its outcome period on Jan 29, 2027 and DDFF on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, CPSF or DDFF?

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

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CPSF vs DDFF: Cap, Buffer & Days Left

As of Oct 9, 2026 DDFF can fall 6.5% before its buffer engages and CPSF 4.1%, and CPSF resets 2 days sooner. Net assets on Oct 9, 2026: $35m for Calamos S&P 500 ® Structured Alt Protection ETF - February and $59m for Innovator Equity Dual Directional 15 Buffer ETF - Feb.

CPSF costs 0.10 points a year less; DDFF is 1.7 times larger.

Points (pts) are percentage points.

CPSF vs DDFF: Cap, Buffer & Days Left
	CPSF	DDFF
Expense ratio	0.69%	0.79%
Net assets	$35m	$59m
Total return, 1 year	+6.1%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	10.7%	11.1%

CPSFAt its cap

CPSF: reference +12.0% since period start, fund +3.8%; buffer Floor; cap +6.3%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

DDFFAt its cap

DDFF: reference +12.5% since period start, fund +6.3%; buffer 0 to −15; cap +9.3%; At its cap. Figures to Oct 9, 2026.

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

CPSF resets first, on Jan 29, 2027, 112 days from now; DDFF runs to Jan 31, 2027, 114 days. A fall from here reaches CPSF’s buffer after 4.1% and DDFF’s after 6.5%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSF vs DDFF: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	DDFF	CPSF	DDFF
3 months	+1.6%	+2.0%	−1.5 pts	−1.1 pts
6 months	+3.8%	+6.0%	−10.8 pts	−8.6 pts
1 year	+6.1%	not published	−9.9 pts	not published
Since launch Not the same days: CPSF Feb 2025 · DDFF Feb 2026	+10.9%	+6.0%	−19.4 pts	−6.0 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

CPSF

Calamos S&P 500 ® Structured Alt Protection ETF - February · Absorbs the whole loss on SPY and caps the gain at 6.3%, over a period ending Jan 29, 2027

DDFF

Innovator Equity Dual Directional 15 Buffer ETF - Feb · Absorbs the first 15% of loss on SPY and caps the gain at 9.3%, over a period ending Jan 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 15%

Outcome period Feb 2, 2026 to Jan 29, 2027 Jan 31, 2026 to Jan 31, 2027

Days left 112 114

Starting cap +6.3% +9.3%

Can still gain not published 2.3%

Fall before buffer 4.1% 6.5%

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

Index return this period +12.0% +12.5%

Fund return this period +3.8% +6.3%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $35m $59m

As of Oct 9, 2026. Source: ETFIQ.

About CPSF

SPY had already risen past this fund's cap of +6.3% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.7% 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. 112 days remained on Oct 9, 2026. On Jan 29, 2027 the period ends and a new cap is set.

About DDFF

SPY had already risen past this fund's cap of +9.3% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.3% as the period runs out. The fund's price can fall 6.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.1% 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. 114 days remained on Oct 9, 2026. On Jan 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSF or DDFF?: CPSF ends its outcome period on Jan 29, 2027 and DDFF on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or DDFF?: CPSF charges 0.69% a year and DDFF charges 0.79%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs FEBU CPSF vs PBFB CPSF vs JANM CPSF vs FEBP DDFF vs JANM DDFF vs PBFB DDFF vs FEBP DDFF vs CPSY

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

Where these figures came from

CPSF filings on SEC EDGAR ↗Calamos website ↗DDFF filings on SEC EDGAR ↗Innovator page for DDFF ↗

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, CPSF against DDFF, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsf-vs-ddff

Open data

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