Data as of .
BNOV vs CPSN: which one stands where?
As of Sep 21, 2026 BNOV can fall 11.6% before its buffer engages and CPSN 5.7%, and CPSN resets 1 days sooner.
These are two different products. CPSN is a floor fund, which caps how far a holder can fall. BNOV 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
CPSN resets first, on Oct 30, 2026, 39 days from now; BNOV runs to Oct 31, 2026, 40 days. A fall from here reaches BNOV’s buffer after 11.6% and CPSN’s after 5.7%. 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 | ||
|---|---|---|---|---|
| BNOV | CPSN | BNOV | CPSN | |
| 3 months | +2.4% | +1.8% | +0.1 pts | −0.4 pts |
| 6 months | +14.2% | +5.2% | −3.9 pts | −12.9 pts |
| 1 year | +13.0% | +6.1% | −3.5 pts | −10.5 pts |
| 3 years | +44.4% | +5533.2% | −34.0 pts | +5412.4 pts |
| BNOV Innovator U.S. Equity Buffer ETF - Nov Absorbs the first 9% of loss on SPY and caps the gain at 17.6%, over a period ending Oct 31, 2026 | CPSN Calamos S&P 500 ® Structured Alt Protection ETF - November Absorbs losses from 0.6% to 100.0% on SPY and caps the gain at 6.2%, over a period ending Oct 30, 2026 | |
|---|---|---|
| Issuer | Innovator | Calamos |
| Reference index | SPY | SPY |
| Buffer | 9% | 1% to 100% |
| Outcome period | Oct 31, 2025 to Oct 31, 2026 | Nov 3, 2025 to Oct 30, 2026 |
| Days left | 40 | 39 |
| Starting cap | +17.6% | +6.2% |
| Can still gain | 4.0% | not published |
| Fall before buffer | 11.6% | 5.7% |
| Protection left, index points | 9.0% of 9.0% | 99.4% of 99.4% |
| Index return this period | +13.5% | +11.5% |
| Fund return this period | +12.3% | +5.5% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.69% |
| Net assets | $199m | $34m |
BNOV in plain words
From its price on Sep 21, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 11.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 40 days remained on Sep 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.
CPSN in plain words
SPY had already risen past this fund's cap of +6.2% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.8% from today's level to the point where the buffer begins. Protection left, in index points: 99.4% of the 99.4% buffer still sits below today's SPY level. 39 days remained on Sep 21, 2026. On Oct 30, 2026 the period ends and a new cap is set.
Questions people ask
- Which resets first, BNOV or CPSN?
- BNOV ends its outcome period on Oct 31, 2026 and CPSN on Oct 30, 2026. A new cap is set the day after each.
- Which is cheaper, BNOV or CPSN?
- BNOV charges 0.79% a year and CPSN charges 0.69%, so CPSN 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, BNOV against CPSN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bnov-vs-cpsn Free to use with attribution; the underlying files are at Open data.