Which resets first, CPSO or DHDG?

CPSO ends its outcome period on Sep 30, 2027 and DHDG on Jan 15, 2027. A new cap is set the day after each.

Which is cheaper, CPSO or DHDG?

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

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CPSO vs DHDG: Cap, Buffer & Days Left

As of Oct 21, 2026 DHDG can fall 3.2% before its buffer engages and CPSO 0.6%, and DHDG resets 258 days sooner. Net assets on Oct 21, 2026: $32m for Calamos S&P 500 Structured Alt Protection ETF - October and $79m for FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF.

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Answers cite the figures on this page.

CPSO costs 0.16 points a year less; their one-year returns differ by 7.8 points; DHDG is 2.5 times larger.

Points (pts) are percentage points.

CPSO vs DHDG: Cap, Buffer & Days Left
	CPSO	DHDG
Expense ratio	0.69%	0.85%
Net assets	$32m	$79m
Total return, 1 year	+6.0%	+13.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	1.2%	3.7%

CPSOFull floor

CPSO: reference +1.2% since period start, fund +0.6%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

DHDGBetween buffer and cap

DHDG: reference +1.3% since period start, fund +0.5%; buffer −2 to −15; cap +4.5%; Between buffer and cap. Figures to Oct 21, 2026.

These are two different products. CPSO 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 86 days of its period left and CPSO has 344, so the two are not the same bet on the same months.

Where each one stands today

DHDG resets first, on Jan 15, 2027, 86 days from now; CPSO runs to Sep 30, 2027, 344 days. A fall from here reaches CPSO’s buffer after 0.6% and DHDG’s after 3.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSO vs DHDG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSO	DHDG	CPSO	DHDG
3 months	+1.9%	+2.9%	−1.5 pts	−0.5 pts
6 months	+3.7%	+7.3%	−5.0 pts	−1.4 pts
1 year	+6.0%	+13.8%	−9.1 pts	−1.4 pts
Since launch Not the same days: CPSO Oct 2024 · DHDG Oct 2024	+12.8%	+25.2%	−23.2 pts	−7.2 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

CPSO

Calamos S&P 500 Structured Alt Protection ETF - October · Absorbs the whole loss on SPY and caps the gain at 8.8%, over a period ending Sep 30, 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 Oct 1, 2026 to Sep 30, 2027 Oct 19, 2026 to Jan 15, 2027

Days left 344 86

Starting cap +8.8% +4.5%

Can still gain not published 3.7%

Fall before buffer 0.6% 3.2%

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

Index return this period +1.2% +1.3%

Fund return this period +0.6% +0.5%

State today Open Open

Expense ratio 0.69% 0.85%

Net assets $32m $79m

As of Oct 21, 2026. Source: ETFIQ.

About CPSO

The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.2% 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. 344 days remained on Oct 21, 2026. On Sep 30, 2027 the period ends and a new cap is set.

About DHDG

From its price on Oct 21, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 3.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.7% 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. 86 days remained on Oct 21, 2026. On Jan 15, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSO or DHDG?: CPSO ends its outcome period on Sep 30, 2027 and DHDG on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, CPSO or DHDG?: CPSO charges 0.69% a year and DHDG charges 0.85%, so CPSO is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSO vs XSEP CPSO vs DDFN CPSO vs DDFO CPSO vs DDTN DHDG vs BFEB DHDG vs FEBP DHDG vs DDTF DHDG vs DDFF

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

Where these figures came from

CPSO filings on SEC EDGAR ↗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, CPSO against DHDG, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpso-vs-dhdg

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