Which resets first, CPSO or UNOV?

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

Which is cheaper, CPSO or UNOV?

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

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CPSO vs UNOV: Cap, Buffer & Days Left

As of Oct 22, 2026 UNOV can fall 14.6% before its buffer engages and CPSO 0.5%, and UNOV resets 334 days sooner. Net assets on Oct 22, 2026: $31m for Calamos S&P 500 Structured Alt Protection ETF - October and $107m for Innovator U.S. Equity Ultra Buffer ETF - Nov.

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Answers cite the figures on this page.

CPSO costs 0.10 points a year less; their one-year returns differ by 4.3 points; UNOV is 3.4 times larger.

Points (pts) are percentage points.

CPSO vs UNOV: Cap, Buffer & Days Left
	CPSO	UNOV
Expense ratio	0.69%	0.79%
Net assets	$31m	$107m
Total return, 1 year	+6.0%	+10.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	0.0%	15.2%

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.

UNOVAt its cap

UNOV: reference +12.0% since period start, fund +10.2%; buffer −5 to −35; cap +12.0%; At its cap. Figures to Oct 22, 2026.

These are two different products. CPSO is a floor fund, which caps how far a holder can fall. UNOV is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

UNOV is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. UNOV 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

UNOV 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 UNOV’s after 14.6%. 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 UNOV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSO	UNOV	CPSO	UNOV
3 months	+2.0%	+3.7%	−1.5 pts	+0.2 pts
6 months	+3.6%	+6.7%	−4.2 pts	−1.1 pts
1 year	+6.0%	+10.3%	−8.4 pts	−4.1 pts
3 years	–	+39.3%	–	−42.4 pts
Since launch Not the same days: CPSO Oct 2024 · UNOV Nov 2019	+12.6%	+62.1%	−21.8 pts	−87.4 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

UNOV

Innovator U.S. Equity Ultra Buffer ETF - Nov · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.0%, over a period ending Oct 31, 2026

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 5% to 35%

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

Days left 343 9

Starting cap +8.8% +12.0%

Can still gain not published 0.9%

Fall before buffer 0.5% 14.6%

Protection left, index points 100.0% of 100.0% 30.0% of 30.0%

Index return this period 0.0% +12.0%

Fund return this period +0.5% +10.2%

State today Buffer working At cap

Expense ratio 0.69% 0.79%

Net assets $31m $107m

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 UNOV

SPY had already risen past this fund's cap of +12.0% for the period on Oct 22, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.9% as the period runs out. The fund's price can fall 14.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.2% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% 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 UNOV?: CPSO ends its outcome period on Sep 30, 2027 and UNOV on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, CPSO or UNOV?: CPSO charges 0.69% a year and UNOV charges 0.79%, so CPSO is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSO vs SIXZ CPSO vs ZOCT CPSO vs UOCT CPSO vs OCTW UNOV vs ZNOV UNOV vs PMNV UNOV vs DOCT UNOV vs FOCT

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

Where these figures came from

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

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.

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

Open data

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