Data as of Nov 4, 2026.
CPSR vs MARU: Cap, Buffer & Days Left
As of Nov 4, 2026 MARU can fall 8.2% before its buffer engages and CPSR 3.7%, and CPSR resets 2 days sooner.
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Net assets: $34m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - March, and $35m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Mar.
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.MARU: reference +11.8% since period start, fund +8.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.
MARU: reference +11.8% since period start, fund +8.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.Pair scorecard
CPSR costs 0.05 points a year less; their one-year returns differ by 3.0 points.
Points (pts) are percentage points.
| Measure | CPSR | MARU |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.7% | +8.7% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.74% |
| Net assets, as of Nov 3, 2026 | $34m | $35m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSR | MARU | CPSR | MARU |
| 3 months | +1.1% | −1.2% | +1.4 pts | −0.8 pts |
| 6 months | +2.2% | +2.5% | −2.3 pts | −2.0 pts |
| 1 year | +5.7% | +8.7% | −7.9 pts | −4.9 pts |
| Since launchCPSR Mar 2025 · MARU Mar 2025 | +10.9% | +21.7% | −20.5 pts | −9.7 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
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. 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, 114 days from now; MARU runs to Feb 28, 2027, 116 days. A fall from here reaches CPSR’s buffer after 3.7% and MARU’s after 8.2%. Both track SPY, so what separates them is where each is in its own period.
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. In index terms, SPY can fall 10.5% 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. 114 days remained on Nov 4, 2026. On Feb 26, 2027 the period ends and a new cap is set.
MARU
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and new terms are set.
Questions people ask
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, CPSR against MARU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsr-vs-maru
ETFIQ. (Nov 4, 2026). CPSR against MARU. Retrieved from https://etfiq.com/compare/buffer/cpsr-vs-maru
[CPSR against MARU (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsr-vs-maru)
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