Which resets first, CPSN or NVBT?

CPSN ends its outcome period on Oct 30, 2026 and NVBT on Oct 31, 2026. A new cap is set the day after each.

Which is cheaper, CPSN or NVBT?

CPSN charges 0.69% a year and NVBT charges 0.74%, so CPSN is cheaper. Fees come from each fund's prospectus.

CPSN vs NVBT: which one stands where?

As of Oct 2, 2026 NVBT can fall 11.4% before its buffer engages and CPSN 5.9%. Calamos S&P 500 ® Structured Alt Protection ETF - November and AllianzIM U.S. Equity Buffer10 ETF - Nov.

CPSN costs 0.05 points a year less; their one-year returns differ by 7.0 points; CPSN is 1.1 times larger.

	CPSN	NVBT
Expense ratio	0.69%	0.74%
Net assets	$34m	$31m
Total return, 1 year	+6.2%	+13.2%
What it tracks	SPY	SPY
Holdings in common	not published

CPSNAt its cap

CPSN: reference +12.6% since period start, fund +5.7%; buffer −1 to floor; cap +6.2%; At its cap.

NVBTBetween buffer and cap

NVBT: reference +12.8% since period start, fund +11.9%; buffer 0 to −10; cap +16.8%; Between buffer and cap.

These are two different products. CPSN is a floor fund, which caps how far a holder can fall. NVBT 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, 28 days from now; NVBT runs to Oct 31, 2026, 28 days. A fall from here reaches CPSN’s buffer after 5.9% and NVBT’s after 11.4%. 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

	Total return		Gap to the reference
Window	CPSN	NVBT	CPSN	NVBT
3 months	+2.1%	+3.6%	−1.5 pts	0.0 pts
6 months	+5.2%	+13.8%	−12.7 pts	−4.2 pts
1 year	+6.2%	+13.2%	−10.1 pts	−3.0 pts
3 years	not published	+51.0%	not published	−38.3 pts

CPSN and NVBT over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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

NVBT

AllianzIM U.S. Equity Buffer10 ETF - Nov · Absorbs the first 10% of loss on SPY and caps the gain at 16.8%, over a period ending Oct 31, 2026

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 1% to 100% 10%

Outcome period Nov 3, 2025 to Oct 30, 2026 Nov 1, 2025 to Oct 31, 2026

Days left 28 28

Starting cap +6.2% +16.8%

Can still gain not published 3.7%

Fall before buffer 5.9% 11.4%

Protection left, index points 99.4% of 99.4% 10.0% of 10.0%

Index return this period +12.6% +12.8%

Fund return this period +5.7% +11.9%

State today At cap Open

Expense ratio 0.69% 0.74%

Net assets $34m $31m

CPSN and NVBT on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSN in plain words

SPY had already risen past this fund's cap of +6.2% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. 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 11.7% 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. 28 days remained on Oct 2, 2026. On Oct 30, 2026 the period ends and a new cap is set.

NVBT in plain words

From its price on Oct 2, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 11.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. On Oct 31, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSN or NVBT?: CPSN ends its outcome period on Oct 30, 2026 and NVBT on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSN or NVBT?: CPSN charges 0.69% a year and NVBT charges 0.74%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSN vs DDTD CPSN vs DDTN CPSN vs DECP CPSN vs DECT NVBT vs CPSO NVBT vs NVBU NVBT vs NVBW NVBT vs OCTM

S&P 500 (SPY) →CPSN on its own →NVBT on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSN filings on SEC EDGAR ↗Calamos website ↗NVBT filings on SEC EDGAR ↗AllianzIM page for NVBT ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPSN against NVBT, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsn-vs-nvbt

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.