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.

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CPSD vs NOVM: Cap, Buffer & Days Left

As of Oct 9, 2026 NOVM can fall 6.2% before its buffer engages and CPSD 5.4%, and NOVM resets 10 days sooner. Net assets on Oct 9, 2026: $46m for Calamos S&P 500 ® Structured Alt Protection ETF - December and $27m for FT Vest U.S. Equity Max Buffer ETF - November.

CPSD costs 0.16 points a year less; their one-year returns differ by 0.1 points; CPSD is 1.7 times larger.

Points (pts) are percentage points.

CPSD vs NOVM: Cap, Buffer & Days Left
	CPSD	NOVM
Expense ratio	0.69%	0.85%
Net assets	$46m	$27m
Total return, 1 year	+6.5%	+6.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.6%	15.4%

CPSDAt its cap

CPSD: reference +14.4% since period start, fund +5.1%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

NOVMAt its cap

NOVM: reference +18.1% since period start, fund +5.7%; buffer 0 to −58; cap +7.0%; At its cap. Figures to Oct 9, 2026.

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.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

NOVM resets first, on Nov 20, 2026, 42 days from now; CPSD runs to Nov 30, 2026, 52 days. A fall from here reaches CPSD’s buffer after 5.4% and NOVM’s after 6.2%. 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 NOVM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSD	NOVM	CPSD	NOVM
3 months	+1.7%	+1.6%	−1.4 pts	−1.6 pts
6 months	+4.1%	+3.9%	−10.5 pts	−10.7 pts
1 year	+6.5%	+6.6%	−9.6 pts	−9.4 pts
Since launch Not the same days: CPSD Dec 2024 · NOVM Nov 2024	+12.7%	+12.7%	−16.3 pts	−19.6 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

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 100% 58%

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

Days left 52 42

Starting cap +6.7% +7.0%

Can still gain not published 0.5%

Fall before buffer 5.4% 6.2%

Protection left, index points 100.0% of 100.0% 58.0% of 58.0%

Index return this period +14.4% +18.1%

Fund return this period +5.1% +5.7%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets $46m $27m

As of Oct 9, 2026. Source: ETFIQ.

About CPSD

SPY had already risen past this fund's cap of +6.7% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.4% 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. 52 days remained on Oct 9, 2026. On Nov 30, 2026 the period ends and a new cap is set.

About NOVM

SPY had already risen past this fund's cap of +7.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.5% as the period runs out. The fund's price can fall 6.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.4% 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. 42 days remained on Oct 9, 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

CPSD vs DECP CPSD vs DLNV CPSD vs DECM CPSD vs PBDE NOVM vs PBDE NOVM vs CPSN NOVM vs XNOV NOVM vs PMDE

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

Where these figures came from

CPSD filings on SEC EDGAR ↗Calamos website ↗NOVM filings on SEC EDGAR ↗First Trust page for NOVM ↗

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 NOVM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsd-vs-novm

Open data

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