CPST vs DDFS: which one stands where?
As of Oct 2, 2026 DDFS can fall 0.5% before its buffer engages and CPST 0.3%. Calamos S&P 500 ® Structured Alt Protection ETF - September and Innovator Equity Dual Directional 15 Buffer ETF - Sep.
CPST costs 0.10 points a year less; their one-year returns differ by 2.0 points; DDFS is 3.0 times larger.
| CPST | DDFS | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $39m | $117m |
| Total return, 1 year | +5.2% | +7.2% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
CPST: reference +1.0% since period start, fund +0.3%; buffer −0 to floor; cap +8.0%; Full floor.
DDFS: reference +0.3% since period start, fund +0.5%; buffer 0 to −15; cap +10.5%; Between buffer and cap.
These are two different products. CPST is a floor fund, which caps how far a holder can fall. DDFS is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
CPST resets first, on Aug 31, 2027, 333 days from now; DDFS runs to Aug 31, 2027, 333 days. A fall from here reaches CPST’s buffer after 0.3% and DDFS’s after 0.5%. 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 | CPST | DDFS | CPST | DDFS |
| 3 months | +1.2% | +1.6% | −2.4 pts | −2.0 pts |
| 6 months | +4.1% | +5.6% | −13.8 pts | −12.4 pts |
| 1 year | +5.2% | +7.2% | −11.1 pts | −9.1 pts |
CPST and DDFS over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CPST and DDFS on the same fields, as of Oct 2, 2026. Source: ETFIQ.
CPST in plain words
The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.1% 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. 333 days remained on Oct 2, 2026. On Aug 31, 2027 the period ends and a new cap is set.
DDFS in plain words
From its price on Oct 2, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.3% 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.
Questions people ask
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.
ETFIQ, CPST against DDFS, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpst-vs-ddfs
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.
Cite this page. ETFIQ, CPST against DDFS, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpst-vs-ddfs Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPST against DDFS, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpst-vs-ddfs
- APA
- ETFIQ. (Oct 2, 2026). CPST against DDFS. Retrieved from https://etfiq.com/compare/buffer/cpst-vs-ddfs
- Markdown
- [CPST against DDFS (ETFIQ, Oct 2, 2026)](https://etfiq.com/compare/buffer/cpst-vs-ddfs)