Which resets first, BNOV or CPSO?

BNOV ends its outcome period on Oct 31, 2026 and CPSO on Sep 30, 2027. A new cap is set the day after each.

Which is cheaper, BNOV or CPSO?

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

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BNOV vs CPSO: Cap, Buffer & Days Left

As of Oct 21, 2026 BNOV can fall 12.0% before its buffer engages and CPSO 0.6%, and BNOV resets 334 days sooner. Net assets on Oct 21, 2026: $197m for Innovator U.S. Equity Buffer ETF - Nov and $32m for Calamos S&P 500 Structured Alt Protection ETF - October.

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Answers cite the figures on this page.

CPSO costs 0.10 points a year less; their one-year returns differ by 6.9 points; BNOV is 6.3 times larger.

Points (pts) are percentage points.

BNOV vs CPSO: Cap, Buffer & Days Left
	BNOV	CPSO
Expense ratio	0.79%	0.69%
Net assets	$197m	$32m
Total return, 1 year	+12.9%	+6.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.8%	1.2%

BNOVBetween buffer and cap

BNOV: reference +13.3% since period start, fund +12.6%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Figures to Oct 21, 2026.

CPSOFull floor

CPSO: reference +1.2% since period start, fund +0.6%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

These are two different products. CPSO 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.

They do not reset together. BNOV has 10 days of its period left and CPSO has 344, so the two are not the same bet on the same months.

Where each one stands today

BNOV resets first, on Oct 31, 2026, 10 days from now; CPSO runs to Sep 30, 2027, 344 days. A fall from here reaches BNOV’s buffer after 12.0% and CPSO’s after 0.6%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BNOV vs CPSO: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BNOV	CPSO	BNOV	CPSO
3 months	+3.3%	+1.9%	−0.2 pts	−1.5 pts
6 months	+7.7%	+3.7%	−1.0 pts	−5.0 pts
1 year	+12.9%	+6.0%	−2.3 pts	−9.1 pts
3 years	+53.7%	–	−29.9 pts	–
Since launch Not the same days: BNOV Nov 2019 · CPSO Oct 2024	+92.9%	+12.8%	−59.7 pts	−23.2 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

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

CPSO

Calamos S&P 500 Structured Alt Protection ETF - October · Absorbs the whole loss on SPY and caps the gain at 8.8%, over a period ending Sep 30, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 100%

Outcome period Oct 31, 2025 to Oct 31, 2026 Oct 1, 2026 to Sep 30, 2027

Days left 10 344

Starting cap +17.6% +8.8%

Can still gain 3.7% not published

Fall before buffer 12.0% 0.6%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +13.3% +1.2%

Fund return this period +12.6% +0.6%

State today Open Open

Expense ratio 0.79% 0.69%

Net assets $197m $32m

As of Oct 21, 2026. Source: ETFIQ.

About BNOV

From its price on Oct 21, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.8% 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. 10 days remained on Oct 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.

About CPSO

The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.2% 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. 344 days remained on Oct 21, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BNOV or CPSO?: BNOV ends its outcome period on Oct 31, 2026 and CPSO on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, BNOV or CPSO?: BNOV charges 0.79% a year and CPSO charges 0.69%, so CPSO is cheaper. Fees come from each fund's prospectus.

Other comparisons

BNOV vs DHDG BNOV vs CPSN BNOV vs DDTN BNOV vs DDFN CPSO vs CPSN CPSO vs DHDG CPSO vs DDFN CPSO vs DDTN

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BNOV on its own →CPSO on its own →How every figure is computed →Standards and sources →

Where these figures came from

BNOV filings on SEC EDGAR ↗Innovator page for BNOV ↗CPSO filings on SEC EDGAR ↗Calamos website ↗

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, BNOV against CPSO, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/bnov-vs-cpso

Open data

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