Which resets first, CPSY or DDSQ?

CPSY ends its outcome period on Dec 31, 2026 and DDSQ on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, CPSY or DDSQ?

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

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CPSY vs DDSQ: Cap, Buffer & Days Left

As of Oct 13, 2026 CPSY can fall 4.7% before its buffer engages and DDSQ 0.8%. Net assets on Oct 13, 2026: $29m for Calamos S&P 500 ® Structured Alt Protection ETF - January and $99m for Innovator Equity Dual Directional 5 Buffer ETF - Quarterly.

CPSY costs 0.10 points a year less; DDSQ is 3.4 times larger.

Points (pts) are percentage points.

CPSY vs DDSQ: Cap, Buffer & Days Left
	CPSY	DDSQ
Expense ratio	0.69%	0.79%
Net assets	$29m	$99m
Total return, 1 year	+6.1%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.2%	2.0%

CPSYAt its cap

CPSY: reference +13.9% since period start, fund +4.4%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

DDSQBetween buffer and cap

DDSQ: reference +2.0% since period start, fund +0.8%; buffer 0 to −5; cap +3.5%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. CPSY is a floor fund, which caps how far a holder can fall. DDSQ is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

CPSY is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

CPSY resets first, on Dec 31, 2026, 79 days from now; DDSQ runs to Dec 31, 2026, 79 days. A fall from here reaches CPSY’s buffer after 4.7% and DDSQ’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSY vs DDSQ: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSY	DDSQ	CPSY	DDSQ
3 months	+1.6%	+2.4%	−1.9 pts	−1.1 pts
6 months	+3.4%	+5.3%	−8.6 pts	−6.8 pts
1 year	+6.1%	not published	−11.3 pts	not published
Since launch Not the same days: CPSY Jan 2025 · DDSQ Jan 2026	+11.6%	+13.1%	−21.5 pts	−0.8 pts

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

On the same fields

CPSY

Calamos S&P 500 ® Structured Alt Protection ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Dec 31, 2026

DDSQ

Innovator Equity Dual Directional 5 Buffer ETF - Quarterly · Absorbs the first 5% of loss on SPY and caps the gain at 3.5%, over a period ending Dec 31, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 5%

Outcome period Jan 2, 2026 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026

Days left 79 79

Starting cap +6.4% +3.5%

Can still gain not published 2.6%

Fall before buffer 4.7% 0.8%

Protection left, index points 100.0% of 100.0% 5.0% of 5.0%

Index return this period +13.9% +2.0%

Fund return this period +4.4% +0.8%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets $29m $99m

As of Oct 13, 2026. Source: ETFIQ.

About CPSY

SPY had already risen past this fund's cap of +6.4% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.2% 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. 79 days remained on Oct 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About DDSQ

From its price on Oct 13, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% from today's level to the point where the buffer begins. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level.

Questions people ask

Which resets first, CPSY or DDSQ?: CPSY ends its outcome period on Dec 31, 2026 and DDSQ on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSY or DDSQ?: CPSY charges 0.69% a year and DDSQ charges 0.79%, so CPSY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSY vs FLJJ CPSY vs PMJA CPSY vs PQXV CPSY vs PQXX DDSQ vs QBSV DDSQ vs DDTO DDSQ vs OCTP DDSQ vs DDTJ

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSY on its own →DDSQ on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSY filings on SEC EDGAR ↗CPSY prospectus with the expense ratio (SEC) ↗Calamos website ↗DDSQ filings on SEC EDGAR ↗Innovator page for DDSQ ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSY against DDSQ, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsy-vs-ddsq

Open data

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