Data as of .
CPSD vs NOVM: which one stands where?
As of Sep 21, 2026 NOVM can fall 5.9% before its buffer engages and CPSD 5.0%, and NOVM resets 10 days sooner.
These are two different products. CPSD is a floor fund, which caps how far a holder can fall. NOVM 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
NOVM resets first, on Nov 20, 2026, 60 days from now; CPSD runs to Nov 30, 2026, 70 days. A fall from here reaches CPSD’s buffer after 5.0% and NOVM’s after 5.9%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| CPSD | NOVM | CPSD | NOVM | |
| 3 months | +1.5% | +1.5% | −0.7 pts | −0.8 pts |
| 6 months | +4.8% | +4.7% | −13.3 pts | −13.3 pts |
| 1 year | +6.4% | +6.6% | −10.2 pts | −10.0 pts |
| 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 | NOVM FT Vest U.S. Equity Max Buffer ETF - November Absorbs the first 58% of loss on SPY and caps the gain at 7.0%, over a period ending Nov 20, 2026 | |
|---|---|---|
| Issuer | Calamos | First Trust |
| Reference index | SPY | SPY |
| Buffer | 1% to 100% | 58% |
| Outcome period | Dec 1, 2025 to Nov 30, 2026 | Nov 24, 2025 to Nov 20, 2026 |
| Days left | 70 | 60 |
| Starting cap | +6.1% | +7.0% |
| Can still gain | not published | 0.7% |
| Fall before buffer | 5.0% | 5.9% |
| Protection left, index points | 99.5% of 99.5% | 58.0% of 58.0% |
| Index return this period | +12.0% | +17.4% |
| Fund return this period | +4.7% | +5.4% |
| State today | At cap | At cap |
| Expense ratio | 0.69% | 0.85% |
| Net assets | $46m | $28m |
CPSD in plain words
SPY had already risen past this fund's cap of +6.1% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.2% 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. 70 days remained on Sep 21, 2026. On Nov 30, 2026 the period ends and a new cap is set.
NOVM in plain words
SPY had already risen past this fund's cap of +7.0% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.7% as the period runs out. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.8% from today's level to the point where the buffer begins. Protection left, in index points: 58.0% of the 58.0% buffer still sits below today's SPY level. 60 days remained on Sep 21, 2026. On Nov 20, 2026 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSD or NOVM?
- CPSD ends its outcome period on Nov 30, 2026 and NOVM on Nov 20, 2026. A new cap is set the day after each.
- Which is cheaper, CPSD or NOVM?
- CPSD charges 0.69% a year and NOVM charges 0.85%, so CPSD 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, CPSD against NOVM, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsd-vs-novm Free to use with attribution; the underlying files are at Open data.