Data as of .
CPSN vs NOVP: which one stands where?
As of Sep 21, 2026 NOVP can fall 11.1% before its buffer engages and CPSN 5.7%, and CPSN resets 1 days sooner.
These are two different products. CPSN is a floor fund, which caps how far a holder can fall. NOVP 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
CPSN resets first, on Oct 30, 2026, 39 days from now; NOVP runs to Oct 31, 2026, 40 days. A fall from here reaches CPSN’s buffer after 5.7% and NOVP’s after 11.1%. 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 | ||
|---|---|---|---|---|
| CPSN | NOVP | CPSN | NOVP | |
| 3 months | +1.8% | +2.7% | −0.4 pts | +0.4 pts |
| 6 months | +5.2% | +13.1% | −12.9 pts | −5.0 pts |
| 1 year | +6.1% | +12.5% | −10.5 pts | −4.1 pts |
| 3 years | +5533.2% | not published | +5412.4 pts | not published |
| CPSN Calamos S&P 500 ® Structured Alt Protection ETF - November Absorbs losses from 0.6% to 100.0% on SPY and caps the gain at 6.2%, over a period ending Oct 30, 2026 | NOVP PGIM S&P 500 Buffer 12 ETF - November Absorbs the first 12% of loss on SPY and caps the gain at 15.3%, over a period ending Oct 31, 2026 | |
|---|---|---|
| Issuer | Calamos | PGIM |
| Reference index | SPY | SPY |
| Buffer | 1% to 100% | 12% |
| Outcome period | Nov 3, 2025 to Oct 30, 2026 | Nov 1, 2025 to Oct 31, 2026 |
| Days left | 39 | 40 |
| Starting cap | +6.2% | +15.3% |
| Can still gain | not published | 2.6% |
| Fall before buffer | 5.7% | 11.1% |
| Protection left, index points | 99.4% of 99.4% | 12.0% of 12.0% |
| Index return this period | +11.5% | +13.4% |
| Fund return this period | +5.5% | +11.9% |
| State today | At cap | Open |
| Expense ratio | 0.69% | 0.50% |
| Net assets | $34m | $34m |
CPSN in plain words
SPY had already risen past this fund's cap of +6.2% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.8% from today's level to the point where the buffer begins. Protection left, in index points: 99.4% of the 99.4% buffer still sits below today's SPY level. 39 days remained on Sep 21, 2026. On Oct 30, 2026 the period ends and a new cap is set.
NOVP in plain words
From its price on Sep 21, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 11.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 40 days remained on Sep 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.
Questions people ask
- Which resets first, CPSN or NOVP?
- CPSN ends its outcome period on Oct 30, 2026 and NOVP on Oct 31, 2026. A new cap is set the day after each.
- Which is cheaper, CPSN or NOVP?
- CPSN charges 0.69% a year and NOVP charges 0.50%, so NOVP 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, CPSN against NOVP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-novp Free to use with attribution; the underlying files are at Open data.