Data as of Nov 4, 2026.
CPSO vs NVBW: Cap, Buffer & Days Left
As of Nov 4, 2026 NVBW can fall 1.4% before its buffer engages and CPSO 0.6%, and CPSO resets 31 days sooner.
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Net assets: $34m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - October, and $101m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Nov.
CPSO: reference +0.4% since period start, fund +0.6%; buffer Floor; cap +8.8%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.NVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.
NVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
CPSO costs 0.05 points a year less; their one-year returns differ by 5.1 points; NVBW is 3.0 times larger.
Points (pts) are percentage points.
| Measure | CPSO | NVBW |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.1% | +11.2% |
| Drawdown | ||
| Index fall to the buffer | 0.4% | 1.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.74% |
| Net assets, as of Nov 3, 2026 | $34m | $101m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSO | NVBW | CPSO | NVBW |
| 3 months | +1.4% | +2.7% | +1.8 pts | +3.1 pts |
| 6 months | +3.1% | +5.8% | −1.3 pts | +1.3 pts |
| 1 year | +6.1% | +11.2% | −7.5 pts | −2.4 pts |
| 3 years | – | +35.7% | – | −40.7 pts |
| Since launchNot the same days: CPSO Oct 2024 · NVBW Nov 2022 | +12.7% | +48.2% | −22.1 pts | −51.2 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. CPSO 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.
They do not reset together. CPSO has 330 days of its period left and NVBW has 361, so the two are not the same bet on the same months.
Where each one stands today
CPSO resets first, on Sep 30, 2027, 330 days from now; NVBW runs to Oct 31, 2027, 361 days. A fall from here reaches CPSO’s buffer after 0.6% and NVBW’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.
CPSO
The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.4% 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. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.
NVBW
From its price on Nov 4, 2026, the fund can gain about 11.2% more before it reaches its cap. The fund's price can fall 1.4% 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: 20.0% of the 20.0% 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, CPSO against NVBW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpso-vs-nvbw
ETFIQ. (Nov 4, 2026). CPSO against NVBW. Retrieved from https://etfiq.com/compare/buffer/cpso-vs-nvbw
[CPSO against NVBW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpso-vs-nvbw)
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