Which resets first, CPSD or FNOV?

CPSD ends its outcome period on Nov 30, 2026 and FNOV on Nov 20, 2026. A new cap is set the day after each.

Which is cheaper, CPSD or FNOV?

CPSD charges 0.69% a year and FNOV charges 0.85%, so CPSD is cheaper. Fees come from each fund's prospectus.

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CPSD vs FNOV: Cap, Buffer & Days Left

As of Oct 13, 2026 FNOV can fall 13.2% before its buffer engages and CPSD 5.5%, and FNOV resets 10 days sooner. Net assets on Oct 12, 2026: $46m for Calamos S&P 500 ® Structured Alt Protection ETF - December and $1.3bn for FT Vest U.S. Equity Buffer ETF - November.

CPSD costs 0.16 points a year less; their one-year returns differ by 8.9 points; FNOV is far larger, $1.3bn against $46m.

Points (pts) are percentage points.

CPSD vs FNOV: Cap, Buffer & Days Left
	CPSD	FNOV
Expense ratio	0.69%	0.85%
Net assets, as of Oct 12, 2026	$46m	$1.3bn
Total return, 1 year	+7.2%	+16.1%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.6%	15.2%

CPSDAt its cap

CPSD: reference +14.4% since period start, fund +5.2%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

FNOVAt its cap

FNOV: reference +17.9% since period start, fund +14.2%; buffer 0 to −10; cap +16.6%; At its cap. Figures to Oct 13, 2026.

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

FNOV resets first, on Nov 20, 2026, 38 days from now; CPSD runs to Nov 30, 2026, 48 days. A fall from here reaches CPSD’s buffer after 5.5% and FNOV’s after 13.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSD vs FNOV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSD	FNOV	CPSD	FNOV
3 months	+1.8%	+3.6%	−2.1 pts	−0.3 pts
6 months	+4.0%	+9.7%	−9.4 pts	−3.8 pts
1 year	+7.2%	+16.1%	−12.0 pts	−3.1 pts
3 years	not published	+55.0%	not published	−25.3 pts
Since launch Not the same days: CPSD Dec 2024 · FNOV Nov 2019	+12.8%	+98.4%	−16.1 pts	−51.0 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

CPSD

Calamos S&P 500 ® Structured Alt Protection ETF - December · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Nov 30, 2026

FNOV

FT Vest U.S. Equity Buffer ETF - November · Absorbs the first 10% of loss on SPY and caps the gain at 16.6%, over a period ending Nov 20, 2026

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 10%

Outcome period Dec 1, 2025 to Nov 30, 2026 Nov 24, 2025 to Nov 20, 2026

Days left 48 38

Starting cap +6.7% +16.6%

Can still gain not published 1.4%

Fall before buffer 5.5% 13.2%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +14.4% +17.9%

Fund return this period +5.2% +14.2%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets, as of Oct 12, 2026 $46m $1.3bn

As of Oct 13, 2026. Source: ETFIQ.

About CPSD

SPY had already risen past this fund's cap of +6.7% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.6% 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. 48 days remained on Oct 13, 2026. On Nov 30, 2026 the period ends and a new cap is set.

About FNOV

SPY had already risen past this fund's cap of +16.6% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.4% as the period runs out. The fund's price can fall 13.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.2% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 38 days remained on Oct 13, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSD or FNOV?: CPSD ends its outcome period on Nov 30, 2026 and FNOV on Nov 20, 2026. A new cap is set the day after each.
Which is cheaper, CPSD or FNOV?: CPSD charges 0.69% a year and FNOV charges 0.85%, so CPSD is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSD vs FDEC CPSD vs PJAN CPSD vs PDEC CPSD vs ZALT FNOV vs PBDE FNOV vs CPSN FNOV vs DECP FNOV vs NOVM

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

Where these figures came from

CPSD filings on SEC EDGAR ↗CPSD prospectus with the expense ratio (SEC) ↗Calamos website ↗FNOV filings on SEC EDGAR ↗First Trust page for FNOV ↗

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, CPSD against FNOV, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsd-vs-fnov

Open data

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