Which resets first, CPSR or PMAR?

CPSR ends its outcome period on Feb 26, 2027 and PMAR on Feb 28, 2027. A new cap is set the day after each.

Which is cheaper, CPSR or PMAR?

CPSR charges 0.69% a year and PMAR charges 0.79%, so CPSR is cheaper. Fees come from each fund's prospectus.

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CPSR vs PMAR: Cap, Buffer & Days Left

As of Oct 9, 2026 PMAR can fall 7.8% 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 $753m for Innovator U.S. Equity Power Buffer ETF - Mar.

CPSR costs 0.10 points a year less; their one-year returns differ by 6.2 points; PMAR is far larger, $753m against $34m.

Points (pts) are percentage points.

CPSR vs PMAR: Cap, Buffer & Days Left
	CPSR	PMAR
Expense ratio	0.69%	0.79%
Net assets	$34m	$753m
Total return, 1 year	+5.8%	+12.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.8%	11.9%

CPSRAt its cap

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.

PMARAt its cap

PMAR: reference +13.5% since period start, fund +8.0%; buffer 0 to −15; cap +12.8%; At its cap. Figures to Oct 9, 2026.

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

CPSR resets first, on Feb 26, 2027, 140 days from now; PMAR runs to Feb 28, 2027, 142 days. A fall from here reaches CPSR’s buffer after 3.5% and PMAR’s after 7.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPSR vs PMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSR	PMAR	CPSR	PMAR
3 months	+1.4%	+2.6%	−1.7 pts	−0.5 pts
6 months	+3.3%	+7.9%	−11.3 pts	−6.7 pts
1 year	+5.8%	+12.0%	−10.2 pts	−4.0 pts
3 years	not published	+45.8%	not published	−33.4 pts
Since launch Not the same days: CPSR Mar 2025 · PMAR Mar 2020	+10.7%	+85.0%	−22.6 pts	−66.9 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

CPSR

Calamos S&P 500 ® Structured Alt Protection ETF - March · Absorbs the whole loss on SPY and caps the gain at 6.2%, over a period ending Feb 26, 2027

PMAR

Innovator U.S. Equity Power Buffer ETF - Mar · Absorbs the first 15% of loss on SPY and caps the gain at 12.8%, over a period ending Feb 28, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 100% 15%

Outcome period Mar 2, 2026 to Feb 26, 2027 Feb 28, 2026 to Feb 28, 2027

Days left 140 142

Starting cap +6.2% +12.8%

Can still gain not published 4.0%

Fall before buffer 3.5% 7.8%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +13.4% +13.5%

Fund return this period +3.3% +8.0%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $34m $753m

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 PMAR

SPY had already risen past this fund's cap of +12.8% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.0% as the period runs out. The fund's price can fall 7.8% 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 a new cap is set.

Questions people ask

Which resets first, CPSR or PMAR?: CPSR ends its outcome period on Feb 26, 2027 and PMAR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, CPSR or PMAR?: CPSR charges 0.69% a year and PMAR charges 0.79%, so CPSR is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPSR vs FFEB CPSR vs DFEB CPSR vs GFEB CPSR vs UMAR PMAR vs DDTM PMAR vs PMMR PMAR vs MARU PMAR vs PBMR

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

Where these figures came from

CPSR filings on SEC EDGAR ↗Calamos website ↗PMAR filings on SEC EDGAR ↗Innovator page for PMAR ↗

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 PMAR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsr-vs-pmar

Open data

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