CPSO vs DDTO: Cap, Buffer & Days Left
As of Oct 9, 2026 DDTO can fall 1.1% before its buffer engages and CPSO 0.7%. Net assets on Oct 9, 2026: $31m for Calamos S&P 500 ® Structured Alt Protection ETF - October and $32m for Innovator Equity Dual Directional 10 Buffer ETF - Oct.
CPSO costs 0.10 points a year less; their one-year returns differ by 6.1 points.
Points (pts) are percentage points.
| CPSO | DDTO | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $31m | $32m |
| Total return, 1 year | +6.3% | +12.4% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 1.9% | 2.0% |
CPSO: reference +1.9% since period start, fund +0.7%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
DDTO: reference +2.1% since period start, fund +1.1%; buffer 0 to −10; cap +14.8%; Between buffer and cap. Figures to Oct 9, 2026.
DDTO: reference +2.1% since period start, fund +1.1%; buffer 0 to −10; cap +14.8%; Between buffer and cap. Figures to Oct 9, 2026.
These are two different products. CPSO is a floor fund, which caps how far a holder can fall. DDTO is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
CPSO resets first, on Sep 30, 2027, 356 days from now; DDTO runs to Sep 30, 2027, 356 days. A fall from here reaches CPSO’s buffer after 0.7% and DDTO’s after 1.1%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSO | DDTO | CPSO | DDTO |
| 3 months | +2.1% | +3.6% | −1.1 pts | +0.5 pts |
| 6 months | +4.7% | +9.8% | −9.9 pts | −4.8 pts |
| 1 year | +6.3% | +12.4% | −9.7 pts | −3.6 pts |
| Since launch Not the same days: CPSO Oct 2024 · DDTO Oct 2025 | +12.9% | +12.5% | −24.0 pts | −3.9 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
As of Oct 9, 2026. Source: ETFIQ.
About CPSO
The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. 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. 356 days remained on Oct 9, 2026. On Sep 30, 2027 the period ends and a new cap is set.
About DDTO
From its price on Oct 9, 2026, the fund can gain about 13.6% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% 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.
Questions people ask
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, CPSO against DDTO, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpso-vs-ddto
ETFIQ. (Oct 9, 2026). CPSO against DDTO. Retrieved from https://etfiq.com/compare/buffer/cpso-vs-ddto
[CPSO against DDTO (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpso-vs-ddto)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.