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.

Data as of Nov 4, 2026.

Buffer ETFs

CPSP vs DDTA: Cap, Buffer & Days Left

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As of Nov 4, 2026 DDTA can fall 10.6% before its buffer engages and CPSP 4.0%.

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Net assets on Nov 4, 2026: $24m for Calamos S&P 500 Structured Alt Protection ETF - April and $15m for Innovator Equity Dual Directional 10 Buffer ETF - Apr.

CPSP on its own →DDTA 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.

DDTA At its cap

DDTA: reference +17.9% since period start, fund +11.3%; buffer 0 to −10; cap +16.5%; At its cap. Data to Nov 4, 2026.

Pair scorecard

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

Points (pts) are percentage points.

CPSP vs DDTA: Cap, Buffer & Days Left
Measure	CPSP	DDTA
Return
Measure	CPSP	DDTA
Total return, 1 year	+6.2%	not published
Drawdown
Measure	CPSP	DDTA
Index fall to the buffer	14.5%	15.2%
Benchmark
Measure	CPSP	DDTA
What it tracks	SPY	SPY
Cost and size
Measure	CPSP	DDTA
Expense ratio	0.69%	0.79%
Net assets	$24m	$15m
Holdings
Measure	CPSP	DDTA
Holdings in common	not published

Method

Window by window

Window by window: CPSP vs DDTA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSP	DDTA	CPSP	DDTA
3 months	+1.1%	+1.8%	+1.5 pts	+2.2 pts
6 months	+2.2%	+4.6%	−2.3 pts	+0.1 pts
1 year	+6.2%	–	−7.4 pts	–
Since launchNot the same days: CPSP Apr 2025 · DDTA Apr 2026	+10.8%	+10.3%	−25.9 pts	−6.7 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 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 100% 10%

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

Days left 147 147

Starting cap +6.7% +16.5%

Can still gain not published 4.2%

Fall before buffer 4.0% 10.6%

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

Index return this period +17.0% +17.9%

Fund return this period +3.8% +11.3%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $24m $15m

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. 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, 147 days from now; DDTA runs to Mar 31, 2027, 147 days. A fall from here reaches CPSP’s buffer after 4.0% and DDTA’s after 10.6%. 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.

DDTA

SPY had already risen past this fund's cap of +16.5% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.2% as the period runs out. The fund's price can fall 10.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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 FLAO CPSP vs DDTY CPSP vs MAYP CPSP vs PMMY DDTA vs PBAP DDTA vs TAPR DDTA vs FLAO DDTA vs APOC

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 →DDTA on its own →Method →Standards and sources →

Sources and dates

CPSP filings on SEC EDGAR ↗

Calamos website ↗

DDTA filings on SEC EDGAR ↗

Innovator page for DDTA ↗

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.

Cite this pageCitation, APA and Markdown

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

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