CPSR vs MARU: Cap, Buffer & Days Left
As of Oct 9, 2026 MARU can fall 9.7% before its buffer engages and CPSR 3.5%, and CPSR resets 2 days sooner. Net assets on Oct 9, 2026: $34m for Calamos S&P 500 ® Structured Alt Protection ETF - March and $36m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Mar.
CPSR costs 0.05 points a year less; their one-year returns differ by 5.2 points.
Points (pts) are percentage points.
| CPSR | MARU | |
|---|---|---|
| Expense ratio | 0.69% | 0.74% |
| Net assets | $34m | $36m |
| Total return, 1 year | +5.8% | +11.0% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 11.8% | 11.9% |
CPSR: reference +13.4% since period start, fund +3.3%; buffer Floor; cap +6.2%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
MARU: reference +13.5% since period start, fund +9.9%; buffer 0 to −15; no cap; No cap. Figures to Oct 9, 2026.
MARU: reference +13.5% since period start, fund +9.9%; buffer 0 to −15; no cap; No cap. Figures to Oct 9, 2026.
These are two different products. CPSR is a floor fund, which caps how far a holder can fall. MARU 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, 140 days from now; MARU runs to Feb 28, 2027, 142 days. A fall from here reaches CPSR’s buffer after 3.5% and MARU’s after 9.7%. 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 | CPSR | MARU | CPSR | MARU |
| 3 months | +1.4% | +2.0% | −1.7 pts | −1.1 pts |
| 6 months | +3.3% | +10.4% | −11.3 pts | −4.2 pts |
| 1 year | +5.8% | +11.0% | −10.2 pts | −5.0 pts |
| Since launch CPSR Mar 2025 · MARU Mar 2025 | +10.7% | +23.7% | −22.6 pts | −9.7 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 9, 2026. Source: ETFIQ.
About CPSR
SPY had already risen past this fund's cap of +6.2% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.5% 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. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 140 days remained on Oct 9, 2026. On Feb 26, 2027 the period ends and a new cap is set.
About MARU
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 9.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% 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. 142 days remained on Oct 9, 2026. On Feb 28, 2027 the period ends and new terms are 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, CPSR against MARU, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsr-vs-maru
ETFIQ. (Oct 9, 2026). CPSR against MARU. Retrieved from https://etfiq.com/compare/buffer/cpsr-vs-maru
[CPSR against MARU (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsr-vs-maru)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.