Data as of Nov 4, 2026.
CPSR vs MRCP: Cap, Buffer & Days Left
As of Nov 4, 2026 MRCP can fall 8.6% before its buffer engages and CPSR 3.7%, and CPSR resets 2 days sooner.
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Net assets on Nov 4, 2026: $34m for Calamos S&P 500 Structured Alt Protection ETF - March and $35m for PGIM S&P 500 Buffer 12 ETF - March.
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.MRCP: reference +11.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.
MRCP: reference +11.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
MRCP costs 0.19 points a year less; their one-year returns differ by 7.6 points.
Points (pts) are percentage points.
| Measure | CPSR | MRCP |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.7% | +13.3% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.50% |
| Net assets | $34m | $35m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSR | MRCP | CPSR | MRCP |
| 3 months | +1.1% | +1.6% | +1.4 pts | +2.0 pts |
| 6 months | +2.2% | +4.8% | −2.3 pts | +0.3 pts |
| 1 year | +5.7% | +13.3% | −7.9 pts | −0.2 pts |
| Since launchNot the same days: CPSR Mar 2025 · MRCP Mar 2024 | +10.9% | +41.1% | −20.5 pts | −8.4 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. MRCP 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; MRCP runs to Feb 28, 2027, 116 days. A fall from here reaches CPSR’s buffer after 3.7% and MRCP’s after 8.6%. 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.
MRCP
From its price on Nov 4, 2026, the fund can gain about 4.7% more before it reaches its cap. The fund's price can fall 8.6% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is 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 MRCP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsr-vs-mrcp
ETFIQ. (Nov 4, 2026). CPSR against MRCP. Retrieved from https://etfiq.com/compare/buffer/cpsr-vs-mrcp
[CPSR against MRCP (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsr-vs-mrcp)
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