CPSY vs DDSQ: Cap, Buffer & Days Left
As of Oct 21, 2026 CPSY can fall 4.8% before its buffer engages and DDSQ 0.8%. Net assets on Oct 21, 2026: $29m for Calamos S&P 500 Structured Alt Protection ETF - January and $104m for Innovator Equity Dual Directional 5 Buffer ETF - Quarterly.
CPSY costs 0.10 points a year less; DDSQ is 3.6 times larger.
Points (pts) are percentage points.
| CPSY | DDSQ | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $29m | $104m |
| Total return, 1 year | +6.0% | not published |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 11.6% | 1.4% |
CPSY: reference +13.2% since period start, fund +4.5%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 21, 2026.
Figures to Oct 21, 2026.
DDSQ: reference +1.4% since period start, fund +0.7%; buffer 0 to −5; cap +3.5%; Between buffer and cap. Figures to Oct 21, 2026.
DDSQ: reference +1.4% since period start, fund +0.7%; buffer 0 to −5; cap +3.5%; Between buffer and cap. Figures to Oct 21, 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, 71 days from now; DDSQ runs to Dec 31, 2026, 71 days. A fall from here reaches CPSY’s buffer after 4.8% 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
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSY | DDSQ | CPSY | DDSQ |
| 3 months | +1.7% | +2.2% | −1.7 pts | −1.2 pts |
| 6 months | +3.1% | +4.6% | −5.6 pts | −4.1 pts |
| 1 year | +6.0% | – | −9.2 pts | – |
| Since launch Not the same days: CPSY Jan 2025 · DDSQ Jan 2026 | +11.7% | +13.0% | −20.6 pts | −0.2 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →
On the same fields
As of Oct 21, 2026. Source: ETFIQ.
About CPSY
SPY had already risen past this fund's cap of +6.4% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.6% 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. 71 days remained on Oct 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
About DDSQ
From its price on Oct 21, 2026, the fund can gain about 2.7% 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 1.4% 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
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.
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ETFIQ, CPSY against DDSQ, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsy-vs-ddsq
ETFIQ. (Oct 21, 2026). CPSY against DDSQ. Retrieved from https://etfiq.com/compare/buffer/cpsy-vs-ddsq
[CPSY against DDSQ (ETFIQ, Oct 21, 2026)](https://etfiq.com/compare/buffer/cpsy-vs-ddsq)
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