Data as of .
CPSM vs DDTZ: which one stands where?
As of Sep 19, 2026 DDTZ can fall 2.3% before its buffer engages and CPSM 1.9%, and CPSM resets 31 days sooner.
These are two different products. CPSM is a floor fund, which caps how far a holder can fall. DDTZ 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 224 days of its period left and DDTZ has 255, so the two are not the same bet on the same months.
Where each one stands today
CPSM resets first, on May 1, 2027, 224 days from now; DDTZ runs to May 31, 2027, 255 days. A fall from here reaches CPSM’s buffer after 1.9% and DDTZ’s after 2.3%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSM | DDTZ | CPSM | DDTZ | |
| 3 months | +1.0% | +2.1% | −1.2 pts | −0.2 pts |
| 6 months | +2.6% | not published | −15.4 pts | not published |
| 1 year | +4.6% | not published | −11.9 pts | not published |
| CPSM Calamos S&P 500 ® Structured Alt Protection ETF - May Absorbs losses from 0.2% to 100.0% on SPY and caps the gain at 6.5%, over a period ending May 1, 2027 | DDTZ Innovator Equity Dual Directional 10 Buffer ETF - Jun Absorbs the first 10% of loss on SPY and caps the gain at 15.4%, over a period ending May 31, 2027 | |
|---|---|---|
| Issuer | Calamos | Innovator |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 10% |
| Outcome period | May 1, 2026 to May 1, 2027 | May 31, 2026 to May 31, 2027 |
| Days left | 224 | 255 |
| Starting cap | +6.5% | +15.4% |
| Can still gain | not published | 12.7% |
| Fall before buffer | 1.9% | 2.3% |
| Protection left, index points | 99.8% of 99.8% | 10.0% of 10.0% |
| Index return this period | +5.7% | +0.7% |
| Fund return this period | +1.6% | +2.1% |
| State today | Open | Open |
| Expense ratio | 0.69% | 0.79% |
| Net assets | $58m | $32m |
CPSM in plain words
The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 5.6% from today's level to the point where the buffer begins. Protection left, in index points: 99.8% of the 99.8% buffer still sits below today's SPY level. 224 days remained on Sep 19, 2026. On May 1, 2027 the period ends and a new cap is set.
DDTZ in plain words
From its price on Sep 19, 2026, the fund can gain about 12.7% more before it reaches its cap. The fund's price can fall 2.3% 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: 10.0% of the 10.0% buffer still sits below today's SPY level. 255 days remained on Sep 19, 2026. On May 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSM or DDTZ?
- CPSM ends its outcome period on May 1, 2027 and DDTZ on May 31, 2027. A new cap is set the day after each.
- Which is cheaper, CPSM or DDTZ?
- CPSM charges 0.69% a year and DDTZ charges 0.79%, so CPSM is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPSM against DDTZ, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/cpsm-vs-ddtz Free to use with attribution; the underlying files are at Open data.