Which resets first, CPSN or DHDG?

CPSN ends its outcome period on Oct 30, 2026 and DHDG on Oct 16, 2026. A new cap is set the day after each.

Which is cheaper, CPSN or DHDG?

CPSN charges 0.69% a year and DHDG charges 0.85%, so CPSN is cheaper. Fees come from each fund's prospectus.

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CPSN vs DHDG: Cap, Buffer & Days Left

As of Oct 13, 2026 DHDG can fall 6.3% before its buffer engages and CPSN 6.1%, and DHDG resets 14 days sooner. Net assets on Oct 12, 2026: $34m for Calamos S&P 500 ® Structured Alt Protection ETF - November and $78m for FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF.

CPSN costs 0.16 points a year less; their one-year returns differ by 9.9 points; DHDG is 2.3 times larger.

Points (pts) are percentage points.

CPSN vs DHDG: Cap, Buffer & Days Left
	CPSN	DHDG
Expense ratio	0.69%	0.85%
Net assets, as of Oct 12, 2026	$34m	$78m
Total return, 1 year	+6.4%	+16.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.2%	6.8%

CPSNAt its cap

CPSN: reference +13.9% since period start, fund +5.8%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

DHDGAt its cap

DHDG: reference +4.6% since period start, fund +3.8%; buffer −2 to −15; cap +4.3%; At its cap. Figures to Oct 13, 2026.

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

DHDG resets first, on Oct 16, 2026, 3 days from now; CPSN runs to Oct 30, 2026, 17 days. A fall from here reaches CPSN’s buffer after 6.1% and DHDG’s after 6.3%. 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 DHDG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	DHDG	CPSN	DHDG
3 months	+1.9%	+4.1%	−2.0 pts	+0.2 pts
6 months	+4.4%	+11.6%	−9.0 pts	−1.8 pts
1 year	+6.4%	+16.3%	−12.8 pts	−2.8 pts
Since launch Not the same days: CPSN Nov 2024 · DHDG Oct 2024	+12.8%	+26.0%	−23.5 pts	−7.3 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

DHDG

FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF · Absorbs losses from 2.5% to 15.0% on SPY and caps the gain at 4.3%, over a period ending Oct 16, 2026

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 2% to 15%

Outcome period Nov 3, 2025 to Oct 30, 2026 Jul 20, 2026 to Oct 16, 2026

Days left 17 3

Starting cap +6.8% +4.3%

Can still gain not published 0.3%

Fall before buffer 6.1% 6.3%

Protection left, index points 100.0% of 100.0% 12.5% of 12.5%

Index return this period +13.9% +4.6%

Fund return this period +5.8% +3.8%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets, as of Oct 12, 2026 $34m $78m

As of Oct 13, 2026. Source: ETFIQ.

About CPSN

SPY had already risen past this fund's cap of +6.8% for the period on Oct 13, 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. 17 days remained on Oct 13, 2026. On Oct 30, 2026 the period ends and a new cap is set.

About DHDG

SPY had already risen past this fund's cap of +4.3% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.3% as the period runs out. 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 6.8% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 3 days remained on Oct 13, 2026. On Oct 16, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSN or DHDG?: CPSN ends its outcome period on Oct 30, 2026 and DHDG on Oct 16, 2026. A new cap is set the day after each.
Which is cheaper, CPSN or DHDG?: CPSN charges 0.69% a year and DHDG charges 0.85%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSN vs NVBW CPSN vs DDFN CPSN vs ZNOV CPSN vs UNOV DHDG vs NVBU DHDG vs DDTN DHDG vs NOVP DHDG vs OCTM

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

Where these figures came from

CPSN filings on SEC EDGAR ↗CPSN prospectus with the expense ratio (SEC) ↗Calamos website ↗DHDG filings on SEC EDGAR ↗First Trust page for DHDG ↗

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 DHDG, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsn-vs-dhdg

Open data

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