Which resets first, CPSP or FMAR?

CPSP ends its outcome period on Mar 31, 2027 and FMAR on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, CPSP or FMAR?

CPSP charges 0.69% a year and FMAR charges 0.85%, so CPSP is cheaper. Fees come from each fund's prospectus.

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

CPSP vs FMAR: Cap, Buffer & Days Left

As of Oct 13, 2026 FMAR can fall 11.3% before its buffer engages and CPSP 3.8%, and FMAR resets 12 days sooner. Net assets on Oct 12, 2026: $24m for Calamos S&P 500 ® Structured Alt Protection ETF - April and $1.2bn for FT Vest U.S. Equity Buffer ETF - March.

CPSP costs 0.16 points a year less; their one-year returns differ by 11.0 points; FMAR is far larger, $1.2bn against $24m.

Points (pts) are percentage points.

CPSP vs FMAR: Cap, Buffer & Days Left
	CPSP	FMAR
Expense ratio	0.69%	0.85%
Net assets, as of Oct 12, 2026	$24m	$1.2bn
Total return, 1 year	+6.3%	+17.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	15.8%	16.5%

CPSPAt its cap

CPSP: reference +18.8% since period start, fund +3.6%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

FMARAt its cap

FMAR: reference +19.8% since period start, fund +11.8%; buffer 0 to −10; cap +17.2%; At its cap. Figures to Oct 13, 2026.

These are two different products. CPSP is a floor fund, which caps how far a holder can fall. FMAR 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

FMAR resets first, on Mar 19, 2027, 157 days from now; CPSP runs to Mar 31, 2027, 169 days. A fall from here reaches CPSP’s buffer after 3.8% and FMAR’s after 11.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSP vs FMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSP	FMAR	CPSP	FMAR
3 months	+1.4%	+3.0%	−2.5 pts	−0.8 pts
6 months	+2.8%	+7.7%	−10.7 pts	−5.7 pts
1 year	+6.3%	+17.3%	−12.8 pts	−1.9 pts
3 years	not published	+52.4%	not published	−27.9 pts
Since launch Not the same days: CPSP Apr 2025 · FMAR Mar 2021	+10.6%	+81.3%	−28.1 pts	−16.9 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

CPSP

Calamos S&P 500 ® Structured Alt Protection ETF - April · Absorbs the whole loss on SPY and caps the gain at 6.7%, over a period ending Mar 31, 2027

FMAR

FT Vest U.S. Equity Buffer ETF - March · Absorbs the first 10% of loss on SPY and caps the gain at 17.2%, over a period ending Mar 19, 2027

Issuer Calamos First Trust

Reference index SPY SPY

Buffer 100% 10%

Outcome period Apr 1, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 169 157

Starting cap +6.7% +17.2%

Can still gain not published 4.1%

Fall before buffer 3.8% 11.3%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +18.8% +19.8%

Fund return this period +3.6% +11.8%

State today At cap At cap

Expense ratio 0.69% 0.85%

Net assets, as of Oct 12, 2026 $24m $1.2bn

As of Oct 13, 2026. Source: ETFIQ.

About CPSP

SPY had already risen past this fund's cap of +6.7% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.8% 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. 169 days remained on Oct 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.

About FMAR

SPY had already risen past this fund's cap of +17.2% 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 4.1% as the period runs out. The fund's price can fall 11.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 157 days remained on Oct 13, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPSP or FMAR?: CPSP ends its outcome period on Mar 31, 2027 and FMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, CPSP or FMAR?: CPSP charges 0.69% a year and FMAR charges 0.85%, so CPSP is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSP vs FAPR CPSP vs PAPR CPSP vs DMAR CPSP vs MAYT FMAR vs DDTA FMAR vs FLAO FMAR vs APOC FMAR vs PMAP

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

Where these figures came from

CPSP filings on SEC EDGAR ↗CPSP prospectus with the expense ratio (SEC) ↗Calamos website ↗FMAR filings on SEC EDGAR ↗First Trust page for FMAR ↗

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, CPSP against FMAR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpsp-vs-fmar

Open data

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