Data as of Nov 4, 2026.
CPSY vs DDFF: Cap, Buffer & Days Left
As of Nov 4, 2026 DDFF can fall 6.6% before its buffer engages and CPSY 5.0%, and CPSY resets 31 days sooner.
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Net assets on Nov 4, 2026: $30m for Calamos S&P 500 Structured Alt Protection ETF - January and $57m for Innovator Equity Dual Directional 15 Buffer ETF - Feb.
CPSY: reference +12.2% since period start, fund +4.6%; buffer Floor; cap +6.4%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.DDFF: reference +10.8% since period start, fund +6.4%; buffer 0 to −15; cap +9.3%; At its cap. Data to Nov 4, 2026.
DDFF: reference +10.8% since period start, fund +6.4%; buffer 0 to −15; cap +9.3%; At its cap. Data to Nov 4, 2026.Pair scorecard
CPSY costs 0.10 points a year less; DDFF is 1.9 times larger.
Points (pts) are percentage points.
| Measure | CPSY | DDFF |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.9% | not published |
| Drawdown | ||
| Index fall to the buffer | 10.9% | 9.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $30m | $57m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Feb 13, 2026 to Oct 30, 2026 · 37 weekly returnsFrom Feb 2026 to Oct 2026, DDFF returned more: +6.4% to +4.0%. CPSY fell less at its worst: −1.2% to −3.1%.
Full scorecard
3 measures, with how each is measured Open ↓
| Measure | CPSY | DDFF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +4.0% | +6.4% | DDFF | Price change plus distributions, reinvested. |
| Price return | +4.0% | +6.4% | DDFF | Price change alone, distributions left out. |
| Risk | ||||
| Max drawdown | −1.2% | −3.1% | CPSY | Deepest fall from a high to the low after it. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 37 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSY | DDFF | CPSY | DDFF |
| 3 months | +1.3% | +1.3% | +1.6 pts | +1.7 pts |
| 6 months | +2.7% | +3.6% | −1.8 pts | −0.9 pts |
| 1 year | +5.9% | – | −7.6 pts | – |
| Since launchNot the same days: CPSY Jan 2025 · DDFF Feb 2026 | +11.8% | +6.0% | −19.4 pts | −4.3 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSY is a floor fund, which caps how far a holder can fall. DDFF 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.
They do not reset together. CPSY has 57 days of its period left and DDFF has 88, so the two are not the same bet on the same months.
Where each one stands today
CPSY resets first, on Dec 31, 2026, 57 days from now; DDFF runs to Jan 31, 2027, 88 days. A fall from here reaches CPSY’s buffer after 5.0% and DDFF’s after 6.6%. Both track SPY, so what separates them is where each is in its own period.
No client brief for this pair: ETFIQ prints no one-year total return for DDFF.
CPSY
SPY had already risen past this fund's cap of +6.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
DDFF
SPY had already risen past this fund's cap of +9.3% 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 2.2% as the period runs out. The fund's price can fall 6.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.7% 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. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and a new cap is set.
Questions people ask
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, CPSY against DDFF, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsy-vs-ddff
ETFIQ. (Nov 4, 2026). CPSY against DDFF. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-ddff
[CPSY against DDFF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-ddff)
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