Data as of Nov 4, 2026.
CPSN vs PNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 PNOV can fall 0.9% before its buffer engages and CPSN 0.3%, and CPSN resets 2 days sooner.
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Net assets on Nov 4, 2026: $36m for Calamos S&P 500 Structured Alt Protection ETF - November and $857m for Innovator U.S. Equity Power Buffer ETF - Nov.
CPSN: reference +2.0% since period start, fund +0.3%; buffer Floor; cap +8.2%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.PNOV: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.
PNOV: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSN costs 0.10 points a year less; their one-year returns differ by 5.1 points; PNOV is far larger, $857m against $36m.
Points (pts) are percentage points.
| Measure | CPSN | PNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.4% | +11.5% |
| Drawdown | ||
| Index fall to the buffer | 1.9% | 1.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $36m | $857m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSN | PNOV | CPSN | PNOV |
| 3 months | +1.8% | +1.9% | +2.2 pts | +2.3 pts |
| 6 months | +3.5% | +5.3% | −1.0 pts | +0.8 pts |
| 1 year | +6.4% | +11.5% | −7.1 pts | −2.0 pts |
| 3 years | – | +39.4% | – | −37.0 pts |
| Since launchNot the same days: CPSN Nov 2024 · PNOV Nov 2019 | +13.4% | +79.5% | −20.8 pts | −71.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSN is a floor fund, which caps how far a holder can fall. PNOV 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 29, 2027, 359 days from now; PNOV runs to Oct 31, 2027, 361 days. A fall from here reaches CPSN’s buffer after 0.3% and PNOV’s after 0.9%. Both track SPY, so what separates them is where each is in its own period.
CPSN
The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.9% 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. 359 days remained on Nov 4, 2026. On Oct 29, 2027 the period ends and a new cap is set.
PNOV
From its price on Nov 4, 2026, the fund can gain about 14.3% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, CPSN against PNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsn-vs-pnov
ETFIQ. (Nov 4, 2026). CPSN against PNOV. Retrieved from https://etfiq.com/compare/buffer/cpsn-vs-pnov
[CPSN against PNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsn-vs-pnov)
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