Data as of Nov 4, 2026.
CPSM vs DDFZ: Cap, Buffer & Days Left
As of Nov 4, 2026 DDFZ can fall 2.7% before its buffer engages and CPSM 2.6%, and CPSM resets 31 days sooner.
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Net assets on Nov 4, 2026: $59m for Calamos S&P 500 Structured Alt Protection ETF - May and $145m for Innovator Equity Dual Directional 15 Buffer ETF - Jun.
CPSM: reference +6.4% since period start, fund +2.3%; buffer Floor; cap +6.7%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.DDFZ: reference +1.3% since period start, fund +2.4%; buffer 0 to −15; cap +10.7%; Between buffer and cap. Data to Nov 4, 2026.
DDFZ: reference +1.3% since period start, fund +2.4%; buffer 0 to −15; cap +10.7%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSM costs 0.10 points a year less; DDFZ is 2.5 times larger.
Points (pts) are percentage points.
| Measure | CPSM | DDFZ |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.8% | not published |
| Drawdown | ||
| Index fall to the buffer | 6.0% | 1.3% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $59m | $145m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSM | DDFZ | CPSM | DDFZ |
| 3 months | +1.0% | +0.8% | +1.3 pts | +1.2 pts |
| 6 months | +2.1% | – | −2.4 pts | – |
| 1 year | +4.8% | – | −8.7 pts | – |
| Since launchNot the same days: CPSM May 2024 · DDFZ Jun 2026 | +18.8% | +2.2% | −34.5 pts | +1.1 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSM is a floor fund, which caps how far a holder can fall. DDFZ 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. CPSM has 177 days of its period left and DDFZ has 208, so the two are not the same bet on the same months.
Where each one stands today
CPSM resets first, on Apr 30, 2027, 177 days from now; DDFZ runs to May 31, 2027, 208 days. A fall from here reaches CPSM’s buffer after 2.6% and DDFZ’s after 2.7%. Both track SPY, so what separates them is where each is in its own period.
CPSM
The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.0% 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. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
DDFZ
From its price on Nov 4, 2026, the fund can gain about 7.8% more before it reaches its cap. The fund's price can fall 2.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.3% 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. 208 days remained on Nov 4, 2026. On May 31, 2027 the period ends and a new cap is set.
Questions people ask
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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.
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ETFIQ, CPSM against DDFZ, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsm-vs-ddfz
ETFIQ. (Nov 4, 2026). CPSM against DDFZ. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-ddfz
[CPSM against DDFZ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-ddfz)
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