Which resets first, CPSN or DDFN?

CPSN ends its outcome period on Oct 30, 2026 and DDFN on Oct 31, 2026. A new cap is set the day after each.

Which is cheaper, CPSN or DDFN?

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

Open in the app Compare their flows Ask IQ about these two funds

CPSN vs DDFN: Cap, Buffer & Days Left

As of Oct 9, 2026 DDFN can fall 8.9% before its buffer engages and CPSN 6.1%, and CPSN resets 1 day sooner. Net assets on Oct 9, 2026: $34m for Calamos S&P 500 ® Structured Alt Protection ETF - November and $62m for Innovator Equity Dual Directional 15 Buffer ETF - Nov.

CPSN costs 0.10 points a year less; DDFN is 1.8 times larger.

Points (pts) are percentage points.

CPSN vs DDFN: Cap, Buffer & Days Left
	CPSN	DDFN
Expense ratio	0.69%	0.79%
Net assets	$34m	$62m
Total return, 1 year	+6.3%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.2%	12.4%

CPSNAt its cap

CPSN: reference +13.9% since period start, fund +5.8%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

DDFNAt its cap

DDFN: reference +14.1% since period start, fund +8.9%; buffer 0 to −15; cap +10.0%; At its cap. Figures to Oct 9, 2026.

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

Where each one stands today

CPSN resets first, on Oct 30, 2026, 21 days from now; DDFN runs to Oct 31, 2026, 22 days. A fall from here reaches CPSN’s buffer after 6.1% and DDFN’s after 8.9%. 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 DDFN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	DDFN	CPSN	DDFN
3 months	+1.8%	+2.4%	−1.3 pts	−0.8 pts
6 months	+4.6%	+6.5%	−9.9 pts	−8.1 pts
1 year	+6.3%	not published	−9.8 pts	not published
Since launch Not the same days: CPSN Nov 2024 · DDFN Nov 2025	+12.8%	+8.3%	−23.6 pts	−5.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. 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

DDFN

Innovator Equity Dual Directional 15 Buffer ETF - Nov · Absorbs the first 15% of loss on SPY and caps the gain at 10.0%, over a period ending Oct 31, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 15%

Outcome period Nov 3, 2025 to Oct 30, 2026 Oct 31, 2025 to Oct 31, 2026

Days left 21 22

Starting cap +6.8% +10.0%

Can still gain not published 0.2%

Fall before buffer 6.1% 8.9%

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

Index return this period +13.9% +14.1%

Fund return this period +5.8% +8.9%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $34m $62m

As of Oct 9, 2026. Source: ETFIQ.

About CPSN

SPY had already risen past this fund's cap of +6.8% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.2% 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. 21 days remained on Oct 9, 2026. On Oct 30, 2026 the period ends and a new cap is set.

About DDFN

SPY had already risen past this fund's cap of +10.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.2% as the period runs out. The fund's price can fall 8.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% 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. 22 days remained on Oct 9, 2026. On Oct 31, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSN or DDFN?: CPSN ends its outcome period on Oct 30, 2026 and DDFN on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSN or DDFN?: CPSN charges 0.69% a year and DDFN charges 0.79%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSN vs NOVP CPSN vs NVBU CPSN vs DDTN CPSN vs OCTM DDFN vs NVBU DDFN vs DDTN DDFN vs NOVP DDFN vs OCTM

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

Where these figures came from

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

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 DDFN, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsn-vs-ddfn

Open data

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