Which resets first, CPSN or DDFD?

CPSN ends its outcome period on Oct 30, 2026 and DDFD on Nov 30, 2026. A new cap is set the day after each.

Which is cheaper, CPSN or DDFD?

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

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CPSN vs DDFD: Cap, Buffer & Days Left

As of Oct 21, 2026 DDFD can fall 8.0% before its buffer engages and CPSN 6.3%, and CPSN resets 31 days sooner. Net assets on Oct 21, 2026: $34m for Calamos S&P 500 Structured Alt Protection ETF - November and $96m for Innovator Equity Dual Directional 15 Buffer ETF - Dec.

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Answers cite the figures on this page.

CPSN costs 0.10 points a year less; DDFD is 2.8 times larger.

Points (pts) are percentage points.

CPSN vs DDFD: Cap, Buffer & Days Left
	CPSN	DDFD
Expense ratio	0.69%	0.79%
Net assets	$34m	$96m
Total return, 1 year	+6.2%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.6%

CPSNAt its cap

CPSN: reference +13.1% since period start, fund +6.0%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

DDFDAt its cap

DDFD: reference +13.1% since period start, fund +7.9%; buffer 0 to −15; cap +9.6%; At its cap. Figures to Oct 21, 2026.

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

They do not reset together. CPSN has 9 days of its period left and DDFD has 40, so the two are not the same bet on the same months.

Where each one stands today

CPSN resets first, on Oct 30, 2026, 9 days from now; DDFD runs to Nov 30, 2026, 40 days. A fall from here reaches CPSN’s buffer after 6.3% and DDFD’s after 8.0%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSN vs DDFD: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	DDFD	CPSN	DDFD
3 months	+2.0%	+2.2%	−1.4 pts	−1.2 pts
6 months	+3.8%	+4.5%	−4.9 pts	−4.2 pts
1 year	+6.2%	–	−9.0 pts	–
Since launch Not the same days: CPSN Nov 2024 · DDFD Dec 2025	+13.0%	+7.6%	−22.4 pts	−6.1 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →

On the same fields

CPSN

Calamos S&P 500 Structured Alt Protection ETF - November · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Oct 30, 2026

DDFD

Innovator Equity Dual Directional 15 Buffer ETF - Dec · Absorbs the first 15% of loss on SPY and caps the gain at 9.6%, over a period ending Nov 30, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 15%

Outcome period Nov 3, 2025 to Oct 30, 2026 Nov 30, 2025 to Nov 30, 2026

Days left 9 40

Starting cap +6.8% +9.6%

Can still gain not published 0.8%

Fall before buffer 6.3% 8.0%

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

Index return this period +13.1% +13.1%

Fund return this period +6.0% +7.9%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $34m $96m

As of Oct 21, 2026. Source: ETFIQ.

About CPSN

SPY had already risen past this fund's cap of +6.8% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.6% 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. 9 days remained on Oct 21, 2026. On Oct 30, 2026 the period ends and a new cap is set.

About DDFD

SPY had already risen past this fund's cap of +9.6% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.8% as the period runs out. The fund's price can fall 8.0% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 40 days remained on Oct 21, 2026. On Nov 30, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSN or DDFD?: CPSN ends its outcome period on Oct 30, 2026 and DDFD on Nov 30, 2026. A new cap is set the day after each.
Which is cheaper, CPSN or DDFD?: CPSN charges 0.69% a year and DDFD charges 0.79%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSN vs CPSO CPSN vs BDEC CPSN vs DHDG CPSN vs DDFN DDFD vs DDTD DDFD vs DECP DDFD vs DECU DDFD vs DECT

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

Where these figures came from

CPSN filings on SEC EDGAR ↗Calamos website ↗DDFD filings on SEC EDGAR ↗Innovator page for DDFD ↗

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, CPSN against DDFD, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-ddfd

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