Which resets first, CPSN or DHDG?

CPSN ends its outcome period on Oct 29, 2027 and DHDG on Jan 15, 2027. 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.

Data as of Nov 4, 2026.

Buffer ETFs

CPSN vs DHDG: Cap, Buffer & Days Left

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As of Nov 4, 2026 DHDG can fall 3.1% before its buffer engages and CPSN 0.3%, and DHDG resets 287 days sooner.

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Net assets: $36m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - November, and $81m on Nov 3, 2026 for FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF.

CPSN on its own →DHDG on its own →

At a glance

CPSN Full floor

CPSN: reference +2.0% since period start, fund +0.3%; buffer Floor; cap +8.2%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

DHDG Between buffer and cap

DHDG: reference +0.5% since period start, fund +0.4%; buffer −2 to −15; cap +4.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

CPSN costs 0.16 points a year less; their one-year returns differ by 6.7 points; DHDG is 2.4 times larger.

Points (pts) are percentage points.

CPSN vs DHDG: Cap, Buffer & Days Left
Measure	CPSN	DHDG
Return
Measure	CPSN	DHDG
Total return, 1 year	+6.4%	+13.1%
Drawdown
Measure	CPSN	DHDG
Index fall to the buffer	1.9%	2.9%
Benchmark
Measure	CPSN	DHDG
What it tracks	SPY	SPY
Cost and size
Measure	CPSN	DHDG
Expense ratio	0.69%	0.85%
Net assets, as of Nov 3, 2026	$34m	$81m
Holdings
Measure	CPSN	DHDG
Holdings in common	not published

Method

Window by window

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	+1.8%	+1.3%	+2.2 pts	+1.6 pts
6 months	+3.5%	+5.6%	−1.0 pts	+1.1 pts
1 year	+6.4%	+13.1%	−7.1 pts	−0.5 pts
Since launchNot the same days: CPSN Nov 2024 · DHDG Oct 2024	+13.4%	+24.9%	−20.8 pts	−6.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

CPSN Calamos S&P 500 Structured Alt Protection ETF - November · Absorbs the whole loss on SPY and caps the gain at 8.2%, over a period ending Oct 29, 2027 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 4.5%, over a period ending Jan 15, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 2% to 15%

Outcome period Nov 2, 2026 to Oct 29, 2027 Oct 19, 2026 to Jan 15, 2027

Days left 359 72

Starting cap +8.2% +4.5%

Can still gain not published 3.9%

Fall before buffer 0.3% 3.1%

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

Index return this period +2.0% +0.5%

Fund return this period +0.3% +0.4%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets, CPSN as of Nov 4, 2026 and DHDG as of Nov 3, 2026 $36m $81m

As of Nov 4, 2026. Source: ETFIQ.

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.

They do not reset together. DHDG has 72 days of its period left and CPSN has 359, so the two are not the same bet on the same months.

Where each one stands today

DHDG resets first, on Jan 15, 2027, 72 days from now; CPSN runs to Oct 29, 2027, 359 days. A fall from here reaches CPSN’s buffer after 0.3% and DHDG’s after 3.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSN

The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.9% 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. 359 days remained on Nov 4, 2026. On Oct 29, 2027 the period ends and a new cap is set.

DHDG

From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.9% 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. 72 days remained on Nov 4, 2026. On Jan 15, 2027 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 29, 2027 and DHDG on Jan 15, 2027. 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 DDFN CPSN vs FHDG CPSN vs SIXZ CPSN vs DECU DHDG vs DDTN DHDG vs DDTF DHDG vs DDFF DHDG vs DDFN

Where to next

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 →Method →Standards and sources →

Sources and dates

CPSN filings on SEC EDGAR ↗

Calamos website ↗

DHDG filings on SEC EDGAR ↗

First Trust page for DHDG ↗

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, CPSN against DHDG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsn-vs-dhdg

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