Data as of .
CPSN vs PNOV: which one stands where?
As of Sep 21, 2026 PNOV can fall 10.2% 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. 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 30, 2026, 39 days from now; PNOV runs to Oct 31, 2026, 40 days. A fall from here reaches CPSN’s buffer after 5.7% and PNOV’s after 10.2%. 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 | PNOV | CPSN | PNOV | |
| 3 months | +1.8% | +2.7% | −0.4 pts | +0.5 pts |
| 6 months | +5.2% | +11.7% | −12.9 pts | −6.3 pts |
| 1 year | +6.1% | +11.1% | −10.5 pts | −5.5 pts |
| 3 years | +5533.2% | +33.1% | +5412.4 pts | −45.3 pts |
| 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 | PNOV Innovator U.S. Equity Power Buffer ETF - Nov Absorbs the first 15% of loss on SPY and caps the gain at 13.3%, over a period ending Oct 31, 2026 | |
|---|---|---|
| Issuer | Calamos | Innovator |
| Reference index | SPY | SPY |
| Buffer | 1% to 100% | 15% |
| Outcome period | Nov 3, 2025 to Oct 30, 2026 | Oct 31, 2025 to Oct 31, 2026 |
| Days left | 39 | 40 |
| Starting cap | +6.2% | +13.3% |
| Can still gain | not published | 1.8% |
| Fall before buffer | 5.7% | 10.2% |
| Protection left, index points | 99.4% of 99.4% | 15.0% of 15.0% |
| Index return this period | +11.5% | +13.5% |
| Fund return this period | +5.5% | +10.5% |
| State today | At cap | At cap |
| Expense ratio | 0.69% | 0.79% |
| Net assets | $34m | $886m |
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.
PNOV in plain words
SPY had already risen past this fund's cap of +13.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.8% as the period runs out. The fund's price can fall 10.2% 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: 15.0% of the 15.0% 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 PNOV?
- CPSN ends its outcome period on Oct 30, 2026 and PNOV on Oct 31, 2026. A new cap is set the day after each.
- Which is cheaper, CPSN or PNOV?
- CPSN charges 0.69% a year and PNOV charges 0.79%, so CPSN 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 PNOV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/cpsn-vs-pnov Free to use with attribution; the underlying files are at Open data.