Which resets first, CPNM or NMAR?

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

Which is cheaper, CPNM or NMAR?

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

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CPNM vs NMAR: Cap, Buffer & Days Left

As of Oct 13, 2026 NMAR can fall 10.4% before its buffer engages and CPNM 4.0%, and CPNM resets 2 days sooner. Net assets on Oct 12, 2026: $15m for Calamos Nasdaq-100 ® Structured Alt Protection ETF - March and $57m for Innovator Growth-100 Power Buffer ETF - Mar.

CPNM costs 0.10 points a year less; their one-year returns differ by 10.2 points; NMAR is 3.8 times larger.

Points (pts) are percentage points.

CPNM vs NMAR: Cap, Buffer & Days Left
	CPNM	NMAR
Expense ratio	0.69%	0.79%
Net assets, as of Oct 12, 2026	$15m	$57m
Total return, 1 year	+6.5%	+16.7%
What it tracks	QQQ	QQQ
Holdings in common	not published
Index fall to the buffer	18.5%	18.2%

CPNMAt its cap

CPNM: reference +22.7% since period start, fund +3.8%; buffer Floor; cap +6.6%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

NMARAt its cap

NMAR: reference +22.2% since period start, fund +11.0%; buffer 0 to −15; cap +15.9%; At its cap. Figures to Oct 13, 2026.

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

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

CPNM resets first, on Feb 26, 2027, 136 days from now; NMAR runs to Feb 28, 2027, 138 days. A fall from here reaches CPNM’s buffer after 4.0% and NMAR’s after 10.4%. Both track QQQ, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPNM vs NMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPNM	NMAR	CPNM	NMAR
3 months	+1.7%	+3.9%	−3.1 pts	−0.9 pts
6 months	+3.5%	+9.4%	−17.4 pts	−11.5 pts
1 year	+6.5%	+16.7%	−20.0 pts	−9.8 pts
Since launch CPNM Mar 2025 · NMAR Mar 2025	+11.7%	+28.3%	−38.4 pts	−21.8 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

CPNM

Calamos Nasdaq-100 ® Structured Alt Protection ETF - March · Absorbs the whole loss on QQQ and caps the gain at 6.6%, over a period ending Feb 26, 2027

NMAR

Innovator Growth-100 Power Buffer ETF - Mar · Absorbs the first 15% of loss on QQQ and caps the gain at 15.9%, over a period ending Feb 28, 2027

Issuer Calamos Innovator

Reference index QQQ QQQ

Buffer 100% 15%

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

Days left 136 138

Starting cap +6.6% +15.9%

Can still gain not published 3.9%

Fall before buffer 4.0% 10.4%

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

Index return this period +22.7% +22.2%

Fund return this period +3.8% +11.0%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets, as of Oct 12, 2026 $15m $57m

As of Oct 13, 2026. Source: ETFIQ.

About CPNM

QQQ had already risen past this fund's cap of +6.6% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 18.5% 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 QQQ level. 136 days remained on Oct 13, 2026. On Feb 26, 2027 the period ends and a new cap is set.

About NMAR

QQQ had already risen past this fund's cap of +15.9% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.9% as the period runs out. The fund's price can fall 10.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 18.2% 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 QQQ level. 138 days remained on Oct 13, 2026. On Feb 28, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPNM vs QMFE NMAR vs QMFE

Nasdaq-100 (QQQ) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPNM on its own →NMAR on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPNM filings on SEC EDGAR ↗CPNM prospectus with the expense ratio (SEC) ↗Calamos website ↗NMAR filings on SEC EDGAR ↗Innovator page for NMAR ↗

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, CPNM against NMAR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpnm-vs-nmar

Open data

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