Which resets first, CPSN or NOVM?

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

Which is cheaper, CPSN or NOVM?

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

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CPSN vs NOVM: Cap, Buffer & Days Left

As of Oct 21, 2026 NOVM can fall 6.3% before its buffer engages and CPSN 6.3%, and CPSN resets 21 days sooner. Net assets on Oct 21, 2026: $34m for Calamos S&P 500 Structured Alt Protection ETF - November and $27m for FT Vest U.S. Equity Max Buffer ETF - November.

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Answers cite the figures on this page.

CPSN costs 0.16 points a year less; their one-year returns differ by 0.3 points; CPSN is 1.3 times larger.

Points (pts) are percentage points.

CPSN vs NOVM: Cap, Buffer & Days Left
	CPSN	NOVM
Expense ratio	0.69%	0.85%
Net assets	$34m	$27m
Total return, 1 year	+6.2%	+6.5%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.6%	14.8%

CPSNAt its cap

CPSN: reference +13.1% since period start, fund +6.0%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

NOVMAt its cap

NOVM: reference +17.3% since period start, fund +5.8%; buffer 0 to −58; cap +7.0%; At its cap. Figures to Oct 21, 2026.

These are two different products. CPSN 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

CPSN resets first, on Oct 30, 2026, 9 days from now; NOVM runs to Nov 20, 2026, 30 days. A fall from here reaches CPSN’s buffer after 6.3% and NOVM’s after 6.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSN vs NOVM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSN	NOVM	CPSN	NOVM
3 months	+2.0%	+1.6%	−1.4 pts	−1.9 pts
6 months	+3.8%	+3.2%	−4.9 pts	−5.5 pts
1 year	+6.2%	+6.5%	−9.0 pts	−8.7 pts
Since launch Not the same days: CPSN Nov 2024 · NOVM Nov 2024	+13.0%	+12.8%	−22.4 pts	−18.6 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

CPSN

Calamos S&P 500 Structured Alt Protection ETF - November · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Oct 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 Nov 3, 2025 to Oct 30, 2026 Nov 24, 2025 to Nov 20, 2026

Days left 9 30

Starting cap +6.8% +7.0%

Can still gain not published 0.3%

Fall before buffer 6.3% 6.3%

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

Index return this period +13.1% +17.3%

Fund return this period +6.0% +5.8%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets $34m $27m

As of Oct 21, 2026. Source: ETFIQ.

About CPSN

SPY had already risen past this fund's cap of +6.8% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.6% 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. 9 days remained on Oct 21, 2026. On Oct 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 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.3% as the period runs out. 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. 30 days remained on Oct 21, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSN vs DDTD CPSN vs PMDE CPSN vs PMNV CPSN vs SQBA NOVM vs DECP NOVM vs PBDE NOVM vs DECU NOVM vs DLNV

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

Where these figures came from

CPSN 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, CPSN against NOVM, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-novm

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