Which resets first, CPST or DDFO?

CPST ends its outcome period on Aug 31, 2027 and DDFO on Sep 30, 2027. A new cap is set the day after each.

Which is cheaper, CPST or DDFO?

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

Data as of Nov 4, 2026.

Buffer ETFs

CPST vs DDFO: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 DDFO can fall 0.7% before its buffer engages and CPST 0.6%, and CPST resets 30 days sooner.

askIQ about this page

askIQ about CPST and DDFO

Net assets on Nov 4, 2026: $41m for Calamos S&P 500 Structured Alt Protection ETF - September and $176m for Innovator Equity Dual Directional 15 Buffer ETF - Oct.

CPST on its own →DDFO on its own →

At a glance

CPST Full floor

CPST: reference +0.7% since period start, fund +0.5%; buffer Floor; cap +8.1%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

DDFO Between buffer and cap

DDFO: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +10.7%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

CPST costs 0.10 points a year less; their one-year returns differ by 3.0 points; DDFO is 4.3 times larger.

Points (pts) are percentage points.

CPST vs DDFO: Cap, Buffer & Days Left
Measure	CPST	DDFO
Return
Measure	CPST	DDFO
Total return, 1 year	+5.2%	+8.2%
Drawdown
Measure	CPST	DDFO
Index fall to the buffer	0.7%	0.5%
Benchmark
Measure	CPST	DDFO
What it tracks	SPY	SPY
Cost and size
Measure	CPST	DDFO
Expense ratio	0.69%	0.79%
Net assets	$41m	$176m
Holdings
Measure	CPST	DDFO
Holdings in common	not published

Method

Window by window

Window by window: CPST vs DDFO: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPST	DDFO	CPST	DDFO
3 months	+0.8%	+1.5%	+1.2 pts	+1.9 pts
6 months	+2.3%	+3.5%	−2.1 pts	−1.0 pts
1 year	+5.2%	+8.2%	−8.4 pts	−5.4 pts
Since launchNot the same days: CPST Sep 2024 · DDFO Oct 2025	+14.1%	+8.5%	−24.8 pts	−6.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

CPST Calamos S&P 500 Structured Alt Protection ETF - September · Absorbs the whole loss on SPY and caps the gain at 8.1%, over a period ending Aug 31, 2027 DDFO Innovator Equity Dual Directional 15 Buffer ETF - Oct · Absorbs the first 15% of loss on SPY and caps the gain at 10.7%, over a period ending Sep 30, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 15%

Outcome period Sep 1, 2026 to Aug 31, 2027 Sep 30, 2026 to Sep 30, 2027

Days left 300 330

Starting cap +8.1% +10.7%

Can still gain not published 9.9%

Fall before buffer 0.6% 0.7%

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

Index return this period +0.7% +0.5%

Fund return this period +0.5% +0.6%

State today Open Open

Expense ratio 0.69% 0.79%

Net assets $41m $176m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. CPST is a floor fund, which caps how far a holder can fall. DDFO 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. CPST has 300 days of its period left and DDFO has 330, so the two are not the same bet on the same months.

Where each one stands today

CPST resets first, on Aug 31, 2027, 300 days from now; DDFO runs to Sep 30, 2027, 330 days. A fall from here reaches CPST’s buffer after 0.6% and DDFO’s after 0.7%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

CPST

The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% 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. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.

DDFO

From its price on Nov 4, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% 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. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPST vs OCTU CPST vs OCTP CPST vs DDTO CPST vs FSEP DDFO vs DDTO DDFO vs FLAO DDFO vs DSEP DDFO vs FSEP

Where to next

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

Sources and dates

CPST filings on SEC EDGAR ↗

Calamos website ↗

DDFO filings on SEC EDGAR ↗

Innovator page for DDFO ↗

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, CPST against DDFO, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpst-vs-ddfo

Open data →

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