Which resets first, CPSR or UMAR?

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

Which is cheaper, CPSR or UMAR?

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

CPSR vs UMAR: which one stands where?

As of Oct 2, 2026 UMAR can fall 11.6% before its buffer engages and CPSR 3.2%, and CPSR resets 2 days sooner. Calamos S&P 500 ® Structured Alt Protection ETF - March and Innovator U.S. Equity Ultra Buffer ETF - Mar.

CPSR costs 0.10 points a year less; their one-year returns differ by 5.5 points; UMAR is 4.2 times larger.

	CPSR	UMAR
Expense ratio	0.69%	0.79%
Net assets	$34m	$143m
Total return, 1 year	+5.5%	+11.0%
What it tracks	SPY	SPY
Holdings in common	not published

CPSRAt its cap

CPSR: reference +12.1% since period start, fund +3.0%; buffer −0 to floor; cap +5.8%; At its cap.

UMARAt its cap

UMAR: reference +12.2% since period start, fund +6.9%; buffer −5 to −35; cap +12.1%; At its cap.

These are two different products. CPSR is a floor fund, which caps how far a holder can fall. UMAR 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, 147 days from now; UMAR runs to Feb 28, 2027, 149 days. A fall from here reaches CPSR’s buffer after 3.2% and UMAR’s after 11.6%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	CPSR	UMAR	CPSR	UMAR
3 months	+1.3%	+2.7%	−2.3 pts	−0.9 pts
6 months	+3.4%	+8.6%	−14.5 pts	−9.4 pts
1 year	+5.5%	+11.0%	−10.7 pts	−5.2 pts
3 years	not published	+46.6%	not published	−42.7 pts

CPSR and UMAR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPSR

Calamos S&P 500 ® Structured Alt Protection ETF - March · Absorbs losses from 0.3% to 100.0% on SPY and caps the gain at 5.8%, over a period ending Feb 26, 2027

UMAR

Innovator U.S. Equity Ultra Buffer ETF - Mar · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.1%, over a period ending Feb 28, 2027

Issuer Calamos Innovator

Reference index SPY SPY

Buffer 0% to 100% 5% to 35%

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

Days left 147 149

Starting cap +5.8% +12.1%

Can still gain not published 4.3%

Fall before buffer 3.2% 11.6%

Protection left, index points 99.7% of 99.7% 30.0% of 30.0%

Index return this period +12.1% +12.2%

Fund return this period +3.0% +6.9%

State today At cap At cap

Expense ratio 0.69% 0.79%

Net assets $34m $143m

CPSR and UMAR on the same fields, as of Oct 2, 2026. Source: ETFIQ.

CPSR in plain words

SPY had already risen past this fund's cap of +5.8% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.1% from today's level to the point where the buffer begins. Protection left, in index points: 99.7% of the 99.7% buffer still sits below today's SPY level. 147 days remained on Oct 2, 2026. On Feb 26, 2027 the period ends and a new cap is set.

UMAR in plain words

SPY had already risen past this fund's cap of +12.1% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.3% as the period runs out. The fund's price can fall 11.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.3% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 149 days remained on Oct 2, 2026. On Feb 28, 2027 the period ends and a new cap is set.

Questions people ask

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

Other comparisons

CPSR vs PMMR CPSR vs SIXP CPSR vs XFEB CPSR vs ZMAR UMAR vs ZMAR UMAR vs DDFM UMAR vs DDTM UMAR vs DFEB

S&P 500 (SPY) →CPSR on its own →UMAR on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPSR against UMAR, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/cpsr-vs-umar

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.