Which resets first, BMAR or CPSR?

BMAR ends its outcome period on Feb 28, 2027 and CPSR on Feb 26, 2027. A new cap is set the day after each.

Which is cheaper, BMAR or CPSR?

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

Data as of Nov 4, 2026.

Buffer ETFs

BMAR vs CPSR: Cap, Buffer & Days Left

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As of Nov 4, 2026 BMAR can fall 9.4% before its buffer engages and CPSR 3.7%, and CPSR resets 2 days sooner.

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Net assets on Nov 4, 2026: $203m for Innovator U.S. Equity Buffer ETF - Mar and $34m for Calamos S&P 500 Structured Alt Protection ETF - March.

BMAR on its own →CPSR on its own →

At a glance

BMAR Between buffer and cap

BMAR: reference +11.7% since period start, fund +9.8%; buffer 0 to −9; cap +17.0%; Between buffer and cap. Data to Nov 4, 2026.

CPSR At its cap

CPSR: reference +11.7% since period start, fund +3.4%; buffer Floor; cap +6.2%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

CPSR costs 0.10 points a year less; their one-year returns differ by 8.9 points; BMAR is 6.0 times larger.

Points (pts) are percentage points.

BMAR vs CPSR: Cap, Buffer & Days Left
Measure	BMAR	CPSR
Return
Measure	BMAR	CPSR
Total return, 1 year	+14.6%	+5.7%
Drawdown
Measure	BMAR	CPSR
Index fall to the buffer	10.5%
Benchmark
Measure	BMAR	CPSR
What it tracks	SPY	SPY
Cost and size
Measure	BMAR	CPSR
Expense ratio	0.79%	0.69%
Net assets	$203m	$34m
Holdings
Measure	BMAR	CPSR
Holdings in common	not published

Method

Window by window

Window by window: BMAR vs CPSR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BMAR	CPSR	BMAR	CPSR
3 months	+1.2%	+1.1%	+1.6 pts	+1.4 pts
6 months	+4.9%	+2.2%	+0.4 pts	−2.3 pts
1 year	+14.6%	+5.7%	+1.1 pts	−7.9 pts
3 years	+61.5%	–	−14.9 pts	–
Since launchNot the same days: BMAR Mar 2020 · CPSR Mar 2025	+122.7%	+10.9%	−25.4 pts	−20.5 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

BMAR Innovator U.S. Equity Buffer ETF - Mar · Absorbs the first 9% of loss on SPY and caps the gain at 17.0%, over a period ending Feb 28, 2027 CPSR Calamos S&P 500 Structured Alt Protection ETF - March · Absorbs the whole loss on SPY and caps the gain at 6.2%, over a period ending Feb 26, 2027

Issuer Innovator Calamos

Reference index SPY SPY

Buffer 9% 100%

Outcome period Feb 28, 2026 to Feb 28, 2027 Mar 2, 2026 to Feb 26, 2027

Days left 116 114

Starting cap +17.0% +6.2%

Can still gain 6.0% not published

Fall before buffer 9.4% 3.7%

Protection left, index points 9.0% of 9.0% 100.0% of 100.0%

Index return this period +11.7% +11.7%

Fund return this period +9.8% +3.4%

State today Open At cap

Expense ratio 0.79% 0.69%

Net assets $203m $34m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Where each one stands today

CPSR resets first, on Feb 26, 2027, 114 days from now; BMAR runs to Feb 28, 2027, 116 days. A fall from here reaches BMAR’s buffer after 9.4% and CPSR’s after 3.7%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

BMAR

From its price on Nov 4, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 9.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

CPSR

SPY had already risen past this fund's cap of +6.2% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 114 days remained on Nov 4, 2026. On Feb 26, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, BMAR or CPSR?: BMAR ends its outcome period on Feb 28, 2027 and CPSR on Feb 26, 2027. A new cap is set the day after each.
Which is cheaper, BMAR or CPSR?: BMAR charges 0.79% a year and CPSR charges 0.69%, so CPSR is cheaper. Fees come from each fund's prospectus.

Other comparisons

BMAR vs MARU BMAR vs MRCP BMAR vs PBMR BMAR vs MART CPSR vs SIXP CPSR vs UMAR CPSR vs GFEB CPSR vs ZMAR

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BMAR on its own →CPSR on its own →Method →Standards and sources →

Sources and dates

BMAR filings on SEC EDGAR ↗

Innovator page for BMAR ↗

CPSR filings on SEC EDGAR ↗

Calamos website ↗

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, BMAR against CPSR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bmar-vs-cpsr

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