Which resets first, CPSN or DLNV?

CPSN ends its outcome period on Oct 30, 2026 and DLNV on Nov 20, 2026. A new cap is set the day after each.

Which is cheaper, CPSN or DLNV?

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

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CPSN vs DLNV: Cap, Buffer & Days Left

As of Oct 21, 2026 DLNV can fall 11.6% before its buffer engages and CPSN 6.3%, and CPSN resets 21 days sooner. Net assets on Oct 21, 2026: $34m for Calamos S&P 500 Structured Alt Protection ETF - November and $20m for FT Vest U.S. Equity Dual Directional Buffer ETF - November.

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Answers cite the figures on this page.

CPSN costs 0.16 points a year less; CPSN is 1.7 times larger.

Points (pts) are percentage points.

CPSN vs DLNV: Cap, Buffer & Days Left
	CPSN	DLNV
Expense ratio	0.69%	0.85%
Net assets	$34m	$20m
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%	14.8%

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.

DLNVAt its cap

DLNV: reference +17.3% since period start, fund +12.2%; buffer 0 to −10; cap +14.0%; 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. DLNV 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, 9 days from now; DLNV runs to Nov 20, 2026, 30 days. A fall from here reaches CPSN’s buffer after 6.3% and DLNV’s after 11.6%. 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 DLNV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	DLNV	CPSN	DLNV
3 months	+2.0%	+2.9%	−1.4 pts	−0.6 pts
6 months	+3.8%	+6.2%	−4.9 pts	−2.5 pts
1 year	+6.2%	–	−9.0 pts	–
Since launch Not the same days: CPSN Nov 2024 · DLNV Nov 2025	+13.0%	+11.0%	−22.4 pts	−4.6 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

DLNV

FT Vest U.S. Equity Dual Directional Buffer ETF - November · Absorbs the first 10% of loss on SPY and caps the gain at 14.0%, over a period ending Nov 20, 2026

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 10%

Outcome period Nov 3, 2025 to Oct 30, 2026 Nov 24, 2025 to Nov 20, 2026

Days left 9 30

Starting cap +6.8% +14.0%

Can still gain not published 0.8%

Fall before buffer 6.3% 11.6%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +13.1% +17.3%

Fund return this period +6.0% +12.2%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets $34m $20m

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 DLNV

SPY had already risen past this fund's cap of +14.0% 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 11.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.8% 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. 30 days remained on Oct 21, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSN or DLNV?: CPSN ends its outcome period on Oct 30, 2026 and DLNV on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, CPSN or DLNV?: CPSN charges 0.69% a year and DLNV charges 0.85%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSN vs DDTD CPSN vs NVBT CPSN vs CPSO CPSN vs DDTN DLNV vs DDTD DLNV vs DDFD DLNV vs BDEC DLNV vs DNOV

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

Where these figures came from

CPSN filings on SEC EDGAR ↗Calamos website ↗DLNV filings on SEC EDGAR ↗First Trust page for DLNV ↗

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 DLNV, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-dlnv

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