Which resets first, CPSF or DHDG?

CPSF ends its outcome period on Jan 29, 2027 and DHDG on Jan 15, 2027. A new cap is set the day after each.

Which is cheaper, CPSF or DHDG?

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

Data as of Oct 28, 2026.

Buffer ETFs

CPSF vs DHDG: Cap, Buffer & Days Left

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As of Oct 28, 2026 CPSF can fall 4.2% before its buffer engages and DHDG 3.3%, and DHDG resets 14 days sooner.

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Net assets: $36m on Oct 28, 2026 for Calamos S&P 500 Structured Alt Protection ETF - February, and $80m on Oct 27, 2026 for FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF.

CPSF on its own →DHDG on its own →

At a glance

CPSF At its cap

CPSF: reference +11.1% since period start, fund +3.9%; buffer Floor; cap +6.3%; At its cap. Data to Oct 28, 2026.

Data to Oct 28, 2026.

DHDG Between buffer and cap

DHDG: reference +1.2% since period start, fund +0.6%; buffer −2 to −15; cap +4.5%; Between buffer and cap. Data to Oct 28, 2026.

Pair scorecard

CPSF costs 0.16 points a year less; their one-year returns differ by 7.0 points; DHDG is 2.2 times larger.

Points (pts) are percentage points.

CPSF vs DHDG: Cap, Buffer & Days Left
Measure	CPSF	DHDG
Return
Measure	CPSF	DHDG
Total return, 1 year	+5.7%	+12.7%
Drawdown
Measure	CPSF	DHDG
Index fall to the buffer	10.0%	3.6%
Benchmark
Measure	CPSF	DHDG
What it tracks	SPY	SPY
Cost and size
Measure	CPSF	DHDG
Expense ratio	0.69%	0.85%
Net assets, as of Oct 27, 2026	$36m	$80m
Holdings
Measure	CPSF	DHDG
Holdings in common	not published

Method

Window by window

Window by window: CPSF vs DHDG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSF	DHDG	CPSF	DHDG
3 months	+1.9%	+4.0%	−4.0 pts	−1.9 pts
6 months	+2.8%	+7.1%	−5.8 pts	−1.5 pts
1 year	+5.7%	+12.7%	−6.8 pts	+0.3 pts
Since launchNot the same days: CPSF Feb 2025 · DHDG Oct 2024	+10.9%	+25.2%	−18.3 pts	−7.2 pts

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

Side by side

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 DHDG FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF · Absorbs losses from 2.5% to 15.0% on SPY and caps the gain at 4.5%, over a period ending Jan 15, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 2% to 15%

Outcome period Feb 2, 2026 to Jan 29, 2027 Oct 19, 2026 to Jan 15, 2027

Days left 93 79

Starting cap +6.3% +4.5%

Can still gain not published 3.6%

Fall before buffer 4.2% 3.3%

Protection left, index points 100.0% of 100.0% 12.5% of 12.5%

Index return this period +11.1% +1.2%

Fund return this period +3.9% +0.6%

State today At cap Open

Expense ratio 0.69% 0.85%

Net assets, CPSF as of Oct 28, 2026 and DHDG as of Oct 27, 2026 $36m $80m

As of Oct 28, 2026. Source: ETFIQ.

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

CPSF is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

DHDG resets first, on Jan 15, 2027, 79 days from now; CPSF runs to Jan 29, 2027, 93 days. A fall from here reaches CPSF’s buffer after 4.2% and DHDG’s after 3.3%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

CPSF

SPY had already risen past this fund's cap of +6.3% for the period on Oct 28, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.0% 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. 93 days remained on Oct 28, 2026. On Jan 29, 2027 the period ends and a new cap is set.

DHDG

From its price on Oct 28, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.6% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 79 days remained on Oct 28, 2026. On Jan 15, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSF or DHDG?: CPSF ends its outcome period on Jan 29, 2027 and DHDG on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, CPSF or DHDG?: CPSF charges 0.69% a year and DHDG charges 0.85%, so CPSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSF vs ZFEB CPSF vs FEBT CPSF vs UFEB CPSF vs FEBW DHDG vs CPSN DHDG vs CPSO DHDG vs NVBU DHDG vs FEBP

Where to next

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

Sources and dates

CPSF filings on SEC EDGAR ↗

Calamos website ↗

DHDG filings on SEC EDGAR ↗

First Trust page for DHDG ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSF against DHDG, data as of Oct 28, 2026. https://etfiq.com/compare/buffer/cpsf-vs-dhdg

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