Which resets first, CPSP or DDTA?

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

Which is cheaper, CPSP or DDTA?

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

CPSP vs DDTA: which one stands where?

As of Oct 2, 2026 DDTA can fall 10.1% before its buffer engages and CPSP 3.6%. Calamos S&P 500 ® Structured Alt Protection ETF - April and Innovator Equity Dual Directional 10 Buffer ETF - Apr.

CPSP costs 0.10 points a year less; CPSP is 1.6 times larger.

	CPSP	DDTA
Expense ratio	0.69%	0.79%
Net assets	$24m	$15m
Total return, 1 year	+5.9%	not published
What it tracks	SPY	SPY
Holdings in common	not published

CPSPAt its cap

CPSP: reference +17.5% since period start, fund +3.4%; buffer −0 to floor; cap +6.4%; At its cap.

DDTAAt its cap

DDTA: reference +18.3% since period start, fund +10.7%; buffer 0 to −10; cap +16.5%; At its cap.

These are two different products. CPSP is a floor fund, which caps how far a holder can fall. DDTA 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

CPSP resets first, on Mar 31, 2027, 180 days from now; DDTA runs to Mar 31, 2027, 180 days. A fall from here reaches CPSP’s buffer after 3.6% and DDTA’s after 10.1%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	CPSP	DDTA	CPSP	DDTA
3 months	+1.3%	+2.8%	−2.3 pts	−0.8 pts
6 months	+3.1%	+9.6%	−14.8 pts	−8.3 pts
1 year	+5.9%	not published	−10.3 pts	not published

CPSP and DDTA over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSP

Calamos S&P 500 ® Structured Alt Protection ETF - April · Absorbs losses from 0.3% to 100.0% on SPY and caps the gain at 6.4%, over a period ending Mar 31, 2027

DDTA

Innovator Equity Dual Directional 10 Buffer ETF - Apr · Absorbs the first 10% of loss on SPY and caps the gain at 16.5%, over a period ending Mar 31, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 10%

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

Days left 180 180

Starting cap +6.4% +16.5%

Can still gain not published 4.8%

Fall before buffer 3.6% 10.1%

Protection left, index points 99.7% of 99.7% 10.0% of 10.0%

Index return this period +17.5% +18.3%

Fund return this period +3.4% +10.7%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $24m $15m

CPSP and DDTA on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSP in plain words

SPY had already risen past this fund's cap of +6.4% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.1% from today's level to the point where the buffer begins. Protection left, in index points: 99.7% of the 99.7% buffer still sits below today's SPY level. 180 days remained on Oct 2, 2026. On Mar 31, 2027 the period ends and a new cap is set.

DDTA in plain words

SPY had already risen past this fund's cap of +16.5% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.8% as the period runs out. The fund's price can fall 10.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.5% 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

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

Other comparisons

CPSP vs MAYT CPSP vs PAPR CPSP vs PMAY CPSP vs SIXO DDTA vs PAPR DDTA vs PBAP DDTA vs PMAP DDTA vs SIXO

S&P 500 (SPY) →CPSP on its own →DDTA on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSP filings on SEC EDGAR ↗Calamos website ↗DDTA filings on SEC EDGAR ↗Innovator page for DDTA ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPSP against DDTA, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsp-vs-ddta

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.