Which resets first, CPSP or DDFY?

CPSP ends its outcome period on Mar 31, 2027 and DDFY on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, CPSP or DDFY?

CPSP charges 0.69% a year and DDFY charges 0.79%, so CPSP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

CPSP vs DDFY: Cap, Buffer & Days Left

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As of Nov 4, 2026 DDFY can fall 4.8% before its buffer engages and CPSP 4.0%, and CPSP resets 30 days sooner.

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Net assets on Nov 4, 2026: $24m for Calamos S&P 500 Structured Alt Protection ETF - April and $77m for Innovator Equity Dual Directional 15 Buffer ETF - May.

CPSP on its own →DDFY on its own →

At a glance

CPSP At its cap

CPSP: reference +17.0% since period start, fund +3.8%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

DDFY Between buffer and cap

DDFY: reference +6.7% since period start, fund +4.7%; buffer 0 to −15; cap +10.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

CPSP costs 0.10 points a year less; DDFY is 3.2 times larger.

Points (pts) are percentage points.

CPSP vs DDFY: Cap, Buffer & Days Left
Measure	CPSP	DDFY
Return
Measure	CPSP	DDFY
Total return, 1 year	+6.2%	not published
Drawdown
Measure	CPSP	DDFY
Index fall to the buffer	14.5%	6.2%
Benchmark
Measure	CPSP	DDFY
What it tracks	SPY	SPY
Cost and size
Measure	CPSP	DDFY
Expense ratio	0.69%	0.79%
Net assets	$24m	$77m
Holdings
Measure	CPSP	DDFY
Holdings in common	not published

Method

Window by window

Window by window: CPSP vs DDFY: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSP	DDFY	CPSP	DDFY
3 months	+1.1%	+1.5%	+1.5 pts	+1.9 pts
6 months	+2.2%	+3.7%	−2.3 pts	−0.8 pts
1 year	+6.2%	–	−7.4 pts	–
Since launchNot the same days: CPSP Apr 2025 · DDFY May 2026	+10.8%	+4.2%	−25.9 pts	−2.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

CPSP Calamos S&P 500 Structured Alt Protection ETF - April · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Mar 31, 2027 DDFY Innovator Equity Dual Directional 15 Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 10.5%, over a period ending Apr 30, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 15%

Outcome period Apr 1, 2026 to Mar 31, 2027 Apr 30, 2026 to Apr 30, 2027

Days left 147 177

Starting cap +6.7% +10.5%

Can still gain not published 5.2%

Fall before buffer 4.0% 4.8%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +17.0% +6.7%

Fund return this period +3.8% +4.7%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets $24m $77m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. CPSP is a floor fund, which caps how far a holder can fall. DDFY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

CPSP is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. CPSP has 147 days of its period left and DDFY has 177, so the two are not the same bet on the same months.

Where each one stands today

CPSP resets first, on Mar 31, 2027, 147 days from now; DDFY runs to Apr 30, 2027, 177 days. A fall from here reaches CPSP’s buffer after 4.0% and DDFY’s after 4.8%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPSP

SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.5% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.

DDFY

From its price on Nov 4, 2026, the fund can gain about 5.2% more before it reaches its cap. The fund's price can fall 4.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.2% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 177 days remained on Nov 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSP or DDFY?: CPSP ends its outcome period on Mar 31, 2027 and DDFY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, CPSP or DDFY?: CPSP charges 0.69% a year and DDFY charges 0.79%, so CPSP is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSP vs ARLU CPSP vs APRT CPSP vs APRP CPSP vs DDTY DDFY vs APXM DDFY vs DDTY DDFY vs BMAY DDFY vs CMAY

Where to next

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSP on its own →DDFY on its own →Method →Standards and sources →

Sources and dates

CPSP filings on SEC EDGAR ↗

Calamos website ↗

DDFY filings on SEC EDGAR ↗

Innovator page for DDFY ↗

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.

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ETFIQ, CPSP against DDFY, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsp-vs-ddfy

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