CPSN vs NOVP: Cap, Buffer & Days Left
As of Oct 9, 2026 NOVP can fall 11.9% before its buffer engages and CPSN 6.1%, and CPSN resets 1 day sooner. Net assets on Oct 9, 2026: $34m for Calamos S&P 500 ® Structured Alt Protection ETF - November and $36m for PGIM S&P 500 Buffer 12 ETF - November.
NOVP costs 0.19 points a year less; their one-year returns differ by 7.3 points.
| CPSN | NOVP | |
|---|---|---|
| Expense ratio | 0.69% | 0.50% |
| Net assets | $34m | $36m |
| Total return, 1 year | +6.3% | +13.6% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 12.2% | 12.4% |
CPSN: reference +13.9% since period start, fund +5.8%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
NOVP: reference +14.2% since period start, fund +12.9%; buffer 0 to −12; cap +15.3%; Between buffer and cap. Figures to Oct 9, 2026.
NOVP: reference +14.2% since period start, fund +12.9%; buffer 0 to −12; cap +15.3%; Between buffer and cap. Figures to Oct 9, 2026.
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.
CPSN is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
CPSN resets first, on Oct 30, 2026, 21 days from now; NOVP runs to Oct 31, 2026, 22 days. A fall from here reaches CPSN’s buffer after 6.1% and NOVP’s after 11.9%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSN | NOVP | CPSN | NOVP |
| 3 months | +1.8% | +3.8% | −1.3 pts | +0.7 pts |
| 6 months | +4.6% | +11.5% | −9.9 pts | −3.1 pts |
| 1 year | +6.3% | +13.6% | −9.8 pts | −2.4 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CPSN in plain words
SPY had already risen past this fund's cap of +6.8% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 6.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.2% 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. 21 days remained on Oct 9, 2026. On Oct 30, 2026 the period ends and a new cap is set.
NOVP in plain words
From its price on Oct 9, 2026, the fund can gain about 1.7% more before it reaches its cap. The fund's price can fall 11.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% 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. 22 days remained on Oct 9, 2026. On Oct 31, 2026 the period ends and a new cap is set.
Questions people ask
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.
ETFIQ, CPSN against NOVP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsn-vs-novp
ETFIQ. (Oct 9, 2026). CPSN against NOVP. Retrieved from https://etfiq.com/compare/buffer/cpsn-vs-novp
[CPSN against NOVP (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsn-vs-novp)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.