Which resets first, CPSO or PNOV?

CPSO ends its outcome period on Sep 30, 2027 and PNOV on Oct 31, 2026. A new cap is set the day after each.

Which is cheaper, CPSO or PNOV?

CPSO charges 0.69% a year and PNOV charges 0.79%, so CPSO is cheaper. Fees come from each fund's prospectus.

Open in the app Compare their flows Ask IQ about these two funds

CPSO vs PNOV: Cap, Buffer & Days Left

As of Oct 22, 2026 PNOV can fall 10.4% before its buffer engages and CPSO 0.5%, and PNOV resets 334 days sooner. Net assets: $31m on Oct 22, 2026 for Calamos S&P 500 Structured Alt Protection ETF - October, and $836m on Oct 21, 2026 for Innovator U.S. Equity Power Buffer ETF - Nov.

Ask IQ about this page

Ask IQ about CPSO and PNOV

Answers cite the figures on this page.

CPSO costs 0.10 points a year less; their one-year returns differ by 4.9 points; PNOV is far larger, $836m against $32m.

Points (pts) are percentage points.

CPSO vs PNOV: Cap, Buffer & Days Left
	CPSO	PNOV
Expense ratio	0.69%	0.79%
Net assets, as of Oct 21, 2026	$32m	$836m
Total return, 1 year	+6.0%	+10.9%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	0.0%	10.7%

CPSOBuffer working

CPSO: reference 0.0% since period start, fund +0.5%; buffer Floor; cap +8.8%; Buffer working. Figures to Oct 22, 2026.

Figures to Oct 22, 2026.

PNOVBetween buffer and cap

PNOV: reference +12.0% since period start, fund +10.7%; buffer 0 to −15; cap +13.3%; Between buffer and cap. Figures to Oct 22, 2026.

These are two different products. CPSO 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.

They do not reset together. PNOV has 9 days of its period left and CPSO has 343, so the two are not the same bet on the same months.

Where each one stands today

PNOV resets first, on Oct 31, 2026, 9 days from now; CPSO runs to Sep 30, 2027, 343 days. A fall from here reaches CPSO’s buffer after 0.5% and PNOV’s after 10.4%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSO vs PNOV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSO	PNOV	CPSO	PNOV
3 months	+2.0%	+3.5%	−1.5 pts	0.0 pts
6 months	+3.6%	+6.5%	−4.2 pts	−1.3 pts
1 year	+6.0%	+10.9%	−8.4 pts	−3.5 pts
3 years	–	+41.3%	–	−40.4 pts
Since launch Not the same days: CPSO Oct 2024 · PNOV Nov 2019	+12.6%	+78.7%	−21.8 pts	−70.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →

On the same fields

CPSO

Calamos S&P 500 Structured Alt Protection ETF - October · Absorbs the whole loss on SPY and caps the gain at 8.8%, over a period ending Sep 30, 2027

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 100% 15%

Outcome period Oct 1, 2026 to Sep 30, 2027 Oct 31, 2025 to Oct 31, 2026

Days left 343 9

Starting cap +8.8% +13.3%

Can still gain not published 1.6%

Fall before buffer 0.5% 10.4%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period 0.0% +12.0%

Fund return this period +0.5% +10.7%

State today Buffer working Open

Expense ratio 0.69% 0.79%

Net assets, CPSO as of Oct 22, 2026 and PNOV as of Oct 21, 2026 $31m $836m

As of Oct 22, 2026. Source: ETFIQ.

About CPSO

The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% 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. 343 days remained on Oct 22, 2026. On Sep 30, 2027 the period ends and a new cap is set.

About PNOV

From its price on Oct 22, 2026, the fund can gain about 1.6% more before it reaches its cap. The fund's price can fall 10.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.7% 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. 9 days remained on Oct 22, 2026. On Oct 31, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSO or PNOV?: CPSO ends its outcome period on Sep 30, 2027 and PNOV on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSO or PNOV?: CPSO charges 0.69% a year and PNOV charges 0.79%, so CPSO is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSO vs POCT CPSO vs FOCT CPSO vs FSEP CPSO vs DSEP PNOV vs NVBT PNOV vs DDTN PNOV vs OCTM PNOV vs NVBU

S&P 500 (SPY) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPSO on its own →PNOV on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPSO filings on SEC EDGAR ↗Calamos website ↗PNOV filings on SEC EDGAR ↗Innovator page for PNOV ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPSO against PNOV, data as of Oct 22, 2026. https://etfiq.com/compare/buffer/cpso-vs-pnov

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.