Data as of Nov 4, 2026.
CPSM vs DLMY: Cap, Buffer & Days Left
As of Nov 4, 2026 DLMY can fall 4.5% before its buffer engages and CPSM 2.6%, and CPSM resets 21 days sooner.
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Net assets: $59m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - May, and $12m on Nov 3, 2026 for FT Vest U.S. Equity Dual Directional Buffer ETF - May.
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.DLMY: reference +3.7% since period start, fund +3.9%; buffer 0 to −10; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.
DLMY: reference +3.7% since period start, fund +3.9%; buffer 0 to −10; cap +14.1%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSM costs 0.16 points a year less; CPSM is 4.9 times larger.
Points (pts) are percentage points.
| Measure | CPSM | DLMY |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.8% | not published |
| Drawdown | ||
| Index fall to the buffer | 6.0% | 3.6% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.85% |
| Net assets, as of Nov 3, 2026 | $59m | $12m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
May 29, 2026 to Oct 30, 2026 · 22 weekly returnsFrom May 2026 to Oct 2026, DLMY returned more: +1.6% to +1.2%. CPSM fell less at its worst: −0.4% to −1.4%.
Full scorecard
3 measures, with how each is measured Open ↓
| Measure | CPSM | DLMY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +1.2% | +1.6% | DLMY | Price change plus distributions, reinvested. |
| Price return | +1.2% | +1.6% | DLMY | Price change alone, distributions left out. |
| Risk | ||||
| Max drawdown | −0.4% | −1.4% | CPSM | Deepest fall from a high to the low after it. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 22 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSM | DLMY | CPSM | DLMY |
| 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 · DLMY May 2026 | +18.8% | +3.6% | −34.5 pts | −0.2 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. DLMY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
CPSM resets first, on Apr 30, 2027, 177 days from now; DLMY runs to May 21, 2027, 198 days. A fall from here reaches CPSM’s buffer after 2.6% and DLMY’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.
No client brief for this pair: ETFIQ prints no one-year total return for DLMY.
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.
DLMY
From its price on Nov 4, 2026, the fund can gain about 9.0% more before it reaches its cap. The fund's price can fall 4.5% 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: 10.0% of the 10.0% buffer still sits below today's SPY level. 198 days remained on Nov 4, 2026. On May 21, 2027 the period ends and a new cap is set.
Questions people ask
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, CPSM against DLMY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsm-vs-dlmy
ETFIQ. (Nov 4, 2026). CPSM against DLMY. Retrieved from https://etfiq.com/compare/buffer/cpsm-vs-dlmy
[CPSM against DLMY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsm-vs-dlmy)
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