Data as of Nov 4, 2026.
CPSP vs GMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 GMAR can fall 9.6% before its buffer engages and CPSP 4.0%, and GMAR resets 12 days sooner.
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Net assets: $24m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - April, and $425m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - March.
CPSP: reference +17.0% since period start, fund +3.8%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.GMAR: reference +18.2% since period start, fund +9.7%; buffer 0 to −15; cap +14.1%; At its cap. Data to Nov 4, 2026.
GMAR: reference +18.2% since period start, fund +9.7%; buffer 0 to −15; cap +14.1%; At its cap. Data to Nov 4, 2026.Pair scorecard
CPSP costs 0.16 points a year less; their one-year returns differ by 6.8 points; GMAR is 17.7 times larger.
Points (pts) are percentage points.
| Measure | CPSP | GMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.2% | +13.0% |
| Drawdown | ||
| Index fall to the buffer | 14.5% | 15.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.85% |
| Net assets, as of Nov 3, 2026 | $24m | $425m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSP | GMAR | CPSP | GMAR |
| 3 months | +1.1% | +1.5% | +1.5 pts | +1.9 pts |
| 6 months | +2.2% | +4.0% | −2.3 pts | −0.5 pts |
| 1 year | +6.2% | +13.0% | −7.4 pts | −0.5 pts |
| 3 years | – | +41.6% | – | −34.8 pts |
| Since launchNot the same days: CPSP Apr 2025 · GMAR Mar 2023 | +10.8% | +52.6% | −25.9 pts | −42.1 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPSP is a floor fund, which caps how far a holder can fall. GMAR 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
GMAR resets first, on Mar 19, 2027, 135 days from now; CPSP runs to Mar 31, 2027, 147 days. A fall from here reaches CPSP’s buffer after 4.0% and GMAR’s after 9.6%. Both track SPY, so what separates them is where each is in its own period.
CPSP
SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 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 number. In index terms, SPY can fall 14.5% 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 SPY level. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
GMAR
SPY had already risen past this fund's cap of +14.1% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.3% as the period runs out. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.4% 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 SPY level. 135 days remained on Nov 4, 2026. On Mar 19, 2027 the period ends and a new cap is set.
Questions people ask
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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, CPSP against GMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsp-vs-gmar
ETFIQ. (Nov 4, 2026). CPSP against GMAR. Retrieved from https://etfiq.com/compare/buffer/cpsp-vs-gmar
[CPSP against GMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsp-vs-gmar)
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