Data as of .
CPST vs DDFO: which one stands where?
As of Sep 19, 2026 DDFO can fall 8.3% before its buffer engages and CPST 0.0%, and DDFO resets 335 days sooner.
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. DDFO has 12 days of its period left and CPST has 347, so the two are not the same bet on the same months.
Where each one stands today
DDFO resets first, on Sep 30, 2026, 12 days from now; CPST runs to Sep 1, 2027, 347 days. A fall from here reaches CPST’s buffer after 0.0% and DDFO’s after 8.3%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPST | DDFO | CPST | DDFO | |
| 3 months | +1.1% | +1.9% | −1.2 pts | −0.3 pts |
| 6 months | +4.1% | +7.2% | −14.0 pts | −10.9 pts |
| 1 year | +5.0% | not published | −11.6 pts | not published |
| CPST Calamos S&P 500 ® Structured Alt Protection ETF - September Absorbs the whole loss on SPY and caps the gain at 8.0%, over a period ending Sep 1, 2027 | DDFO Innovator Equity Dual Directional 15 Buffer ETF - Oct Absorbs the first 15% of loss on SPY and caps the gain at 9.0%, over a period ending Sep 30, 2026 | |
|---|---|---|
| Issuer | Calamos | Innovator |
| Reference index | SPY | SPY |
| Buffer | 100% | 15% |
| Outcome period | Sep 1, 2026 to Sep 1, 2027 | Sep 30, 2025 to Sep 30, 2026 |
| Days left | 347 | 12 |
| Starting cap | +8.0% | +9.0% |
| Can still gain | not published | 0.1% |
| Fall before buffer | 0.0% | 8.3% |
| Protection left, index points | 100.0% of 100.0% | 15.0% of 15.0% |
| Index return this period | 0.0% | +14.3% |
| Fund return this period | −0.1% | +8.1% |
| State today | Buffer working | At cap |
| Expense ratio | 0.69% | 0.79% |
| Net assets | $37m | $99m |
CPST in plain words
Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 347 days remained on Sep 19, 2026. On Sep 1, 2027 the period ends and a new cap is set.
DDFO in plain words
SPY had already risen past this fund's cap of +9.0% for the period on Sep 19, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.1% as the period runs out. The fund's price can fall 8.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.5% 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. 12 days remained on Sep 19, 2026. On Sep 30, 2026 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPST or DDFO?
- CPST ends its outcome period on Sep 1, 2027 and DDFO on Sep 30, 2026. 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CPST against DDFO, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/cpst-vs-ddfo Free to use with attribution; the underlying files are at Open data.