Which resets first, CPSN or NVBW?

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

Which is cheaper, CPSN or NVBW?

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

CPSN vs NVBW: which one stands where?

As of Oct 2, 2026 NVBW can fall 9.4% before its buffer engages and CPSN 5.9%. Calamos S&P 500 ® Structured Alt Protection ETF - November and AllianzIM U.S. Equity Buffer20 ETF - Nov.

CPSN costs 0.05 points a year less; their one-year returns differ by 3.9 points; NVBW is 2.9 times larger.

	CPSN	NVBW
Expense ratio	0.69%	0.74%
Net assets	$34m	$97m
Total return, 1 year	+6.2%	+10.1%
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.

NVBWAt its cap

NVBW: reference +12.8% since period start, fund +9.4%; buffer 0 to −20; cap +11.4%; At its cap.

These are two different products. CPSN is a floor fund, which caps how far a holder can fall. NVBW 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, 28 days from now; NVBW runs to Oct 31, 2026, 28 days. A fall from here reaches CPSN’s buffer after 5.9% and NVBW’s after 9.4%. 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	NVBW	CPSN	NVBW
3 months	+2.1%	+3.1%	−1.5 pts	−0.5 pts
6 months	+5.2%	+9.7%	−12.7 pts	−8.3 pts
1 year	+6.2%	+10.1%	−10.1 pts	−6.1 pts
3 years	not published	+35.2%	not published	−54.1 pts

CPSN and NVBW 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

NVBW

AllianzIM U.S. Equity Buffer20 ETF - Nov · Absorbs the first 20% of loss on SPY and caps the gain at 11.4%, over a period ending Oct 31, 2026

Issuer Calamos AllianzIM

Reference index SPY SPY

Buffer 1% to 100% 20%

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

Days left 28 28

Starting cap +6.2% +11.4%

Can still gain not published 1.1%

Fall before buffer 5.9% 9.4%

Protection left, index points 99.4% of 99.4% 20.0% of 20.0%

Index return this period +12.6% +12.8%

Fund return this period +5.7% +9.4%

State today At cap At cap

Expense ratio 0.69% 0.74%

Net assets $34m $97m

CPSN and NVBW 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.

NVBW in plain words

SPY had already risen past this fund's cap of +11.4% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.1% as the period runs out. The fund's price can fall 9.4% 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: 20.0% of the 20.0% 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 NVBW?: CPSN ends its outcome period on Oct 30, 2026 and NVBW on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSN or NVBW?: CPSN charges 0.69% a year and NVBW charges 0.74%, so CPSN is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSN vs NOVP CPSN vs NVBT CPSN vs NVBU CPSN vs OCTM NVBW vs CPSO NVBW vs OCTM NVBW vs PBNV NVBW vs PMNV

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

Where these figures came from

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

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 NVBW, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsn-vs-nvbw

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.