CPSO vs ZNOV: Cap, Buffer & Days Left
As of Oct 21, 2026 ZNOV can fall 6.3% before its buffer engages and CPSO 0.6%, and ZNOV resets 334 days sooner. Net assets on Oct 21, 2026: $32m for Calamos S&P 500 Structured Alt Protection ETF - October and $212m for Innovator Equity Defined Protection ETF - 1 Yr November.
CPSO costs 0.10 points a year less; their one-year returns differ by 0.1 points; ZNOV is 6.7 times larger.
Points (pts) are percentage points.
| CPSO | ZNOV | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $32m | $212m |
| Total return, 1 year | +6.0% | +6.1% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 1.2% | 11.8% |
CPSO: reference +1.2% since period start, fund +0.6%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 21, 2026.
Figures to Oct 21, 2026.
ZNOV: reference +13.3% since period start, fund +5.9%; buffer Floor; cap +6.8%; At its cap. Figures to Oct 21, 2026.
Figures to Oct 21, 2026.
ZNOV is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. ZNOV has 10 days of its period left and CPSO has 344, so the two are not the same bet on the same months.
Where each one stands today
ZNOV resets first, on Oct 31, 2026, 10 days from now; CPSO runs to Sep 30, 2027, 344 days. A fall from here reaches CPSO’s buffer after 0.6% and ZNOV’s after 6.3%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSO | ZNOV | CPSO | ZNOV |
| 3 months | +1.9% | +1.9% | −1.5 pts | −1.5 pts |
| 6 months | +3.7% | +3.7% | −5.0 pts | −5.0 pts |
| 1 year | +6.0% | +6.1% | −9.1 pts | −9.1 pts |
| Since launch Not the same days: CPSO Oct 2024 · ZNOV Nov 2024 | +12.8% | +12.8% | −23.2 pts | −22.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →
On the same fields
As of Oct 21, 2026. Source: ETFIQ.
About CPSO
The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.2% 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. 344 days remained on Oct 21, 2026. On Sep 30, 2027 the period ends and a new cap is set.
About ZNOV
SPY had already risen past this fund's cap of +6.8% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.1% as the period runs out. The fund's price can fall 6.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.8% from today's level to the point where the buffer begins. 10 days remained on Oct 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.
Questions people ask
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 ZNOV, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpso-vs-znov
ETFIQ. (Oct 21, 2026). CPSO against ZNOV. Retrieved from https://etfiq.com/compare/buffer/cpso-vs-znov
[CPSO against ZNOV (ETFIQ, Oct 21, 2026)](https://etfiq.com/compare/buffer/cpso-vs-znov)
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