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CPSD vs DNOV: which one stands where?

As of Oct 2, 2026 DNOV can fall 14.9% before its buffer engages and CPSD 5.2%, and DNOV resets 10 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - December and FT Vest U.S. Equity Deep Buffer ETF - November.

CPSD costs 0.16 points a year less; their one-year returns differ by 6.3 points; DNOV is 8.8 times larger.

CPSDDNOV
Expense ratio0.69%0.85%
Net assets$46m$405m
Total return, 1 year+6.3%+12.6%
What it tracksSPYSPY
Holdings in commonnot published
CPSDAt its cap
At its capCPSD: reference +13.1% since period start, fund +4.9%; buffer −1 to floor; cap +6.1%; At its cap.full floor beneathfull floor−0.5% buffer start0% period start+6.1% capTODAY · SPY +13.1%At its capCPSD: reference +13.1% since period start, fund +4.9%; buffer −1 to floor; cap +6.1%; At its cap.full floor beneathfull floor−0.5% buffer start0% start+6.1% capTODAY · SPY +13.1%

CPSD: reference +13.1% since period start, fund +4.9%; buffer −1 to floor; cap +6.1%; At its cap.

DNOVAt its cap
At its capDNOV: reference +16.8% since period start, fund +10.7%; buffer −5 to −30; cap +12.9%; At its cap.25 pts of buffer+12.9%−30.0% floor−5.0% buffer start0% period start+12.9% capTODAY · SPY +16.8%At its capDNOV: reference +16.8% since period start, fund +10.7%; buffer −5 to −30; cap +12.9%; At its cap.25 pts−30.0% floor−5.0% buffer start0% start+12.9% capTODAY · SPY +16.8%

DNOV: reference +16.8% since period start, fund +10.7%; buffer −5 to −30; cap +12.9%; At its cap.

These are two different products. CPSD is a floor fund, which caps how far a holder can fall. DNOV 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.

Where each one stands today

DNOV resets first, on Nov 20, 2026, 49 days from now; CPSD runs to Nov 30, 2026, 59 days. A fall from here reaches CPSD’s buffer after 5.2% and DNOV’s after 14.9%. 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

Total returnGap to the reference
WindowCPSDDNOVCPSDDNOV
3 months+1.8%+2.9%−1.8 pts−0.7 pts
6 months+4.6%+9.7%−13.3 pts−8.3 pts
1 year+6.3%+12.6%−9.9 pts−3.6 pts
3 yearsnot published+50.8%not published−38.5 pts

CPSD and DNOV over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSD
Calamos S&P 500 ® Structured Alt Protection ETF - December · Absorbs losses from 0.5% to 100.0% on SPY and caps the gain at 6.1%, over a period ending Nov 30, 2026
DNOV
FT Vest U.S. Equity Deep Buffer ETF - November · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 12.9%, over a period ending Nov 20, 2026
Issuer Calamos First Trust
Reference index SPY SPY
Buffer 1% to 100% 5% to 30%
Outcome period Dec 1, 2025 to Nov 30, 2026 Nov 24, 2025 to Nov 20, 2026
Days left 59 49
Starting cap +6.1% +12.9%
Can still gain not published 1.2%
Fall before buffer 5.2% 14.9%
Protection left, index points 99.5% of 99.5% 25.0% of 25.0%
Index return this period +13.1% +16.8%
Fund return this period +4.9% +10.7%
State today At cap At cap
Expense ratio 0.69% 0.85%
Net assets $46m $405m

CPSD and DNOV on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSD in plain words

SPY had already risen past this fund's cap of +6.1% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.1% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's SPY level. 59 days remained on Oct 2, 2026. On Nov 30, 2026 the period ends and a new cap is set.

DNOV in plain words

SPY had already risen past this fund's cap of +12.9% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.2% as the period runs out. The fund's price can fall 14.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 18.7% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 49 days remained on Oct 2, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSD or DNOV?
CPSD ends its outcome period on Nov 30, 2026 and DNOV on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, CPSD or DNOV?
CPSD charges 0.69% a year and DNOV charges 0.85%, so CPSD is cheaper. Fees come from each fund's prospectus.
Other comparisons
CPSD vs PMDECPSD vs PMJACPSD vs PQVCPSD vs PQXDNOV vs SIXDDNOV vs SQBADNOV vs UDECDNOV vs XNOV
S&P 500 (SPY) →CPSD on its own →DNOV on its own →How every figure is computed →Standards and sources →
Where these figures came from
CPSD filings on SEC EDGAR ↗Calamos website ↗DNOV filings on SEC EDGAR ↗First Trust page for DNOV ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPSD against DNOV, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsd-vs-dnov

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.