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.

Data as of Nov 4, 2026.

Buffer ETFs

CPSR vs UMAR: Cap, Buffer & Days Left

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As of Nov 4, 2026 UMAR can fall 12.0% 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 $143m for Innovator U.S. Equity Ultra Buffer ETF - Mar.

CPSR on its own →UMAR on its own →

At a glance

CPSR At its cap

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.

UMAR Between buffer and cap

UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

CPSR costs 0.10 points a year less; their one-year returns differ by 5.3 points; UMAR is 4.2 times larger.

Points (pts) are percentage points.

CPSR vs UMAR: Cap, Buffer & Days Left
Measure	CPSR	UMAR
Return
Measure	CPSR	UMAR
Total return, 1 year	+5.7%	+11.0%
Drawdown
Measure	CPSR	UMAR
Index fall to the buffer	10.5%	15.0%
Benchmark
Measure	CPSR	UMAR
What it tracks	SPY	SPY
Cost and size
Measure	CPSR	UMAR
Expense ratio	0.69%	0.79%
Net assets	$34m	$143m
Holdings
Measure	CPSR	UMAR
Holdings in common	not published

Method

Window by window

Window by window: CPSR vs UMAR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPSR	UMAR	CPSR	UMAR
3 months	+1.1%	+1.5%	+1.4 pts	+1.9 pts
6 months	+2.2%	+4.3%	−2.3 pts	−0.1 pts
1 year	+5.7%	+11.0%	−7.9 pts	−2.5 pts
3 years	–	+44.0%	–	−32.4 pts
Since launchNot the same days: CPSR Mar 2025 · UMAR Mar 2020	+10.9%	+64.9%	−20.5 pts	−83.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 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 100% 5% to 35%

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

Days left 114 116

Starting cap +6.2% +12.1%

Can still gain not published 3.9%

Fall before buffer 3.7% 12.0%

Protection left, index points 100.0% of 100.0% 30.0% of 30.0%

Index return this period +11.7% +11.7%

Fund return this period +3.4% +7.3%

State today At cap Open

Expense ratio 0.69% 0.79%

Net assets $34m $143m

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. UMAR 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; UMAR runs to Feb 28, 2027, 116 days. A fall from here reaches CPSR’s buffer after 3.7% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

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.

UMAR

From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.0% 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. 116 days remained on Nov 4, 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 SIXP CPSR vs MARW CPSR vs DLFE CPSR vs XFEB UMAR vs MART UMAR vs DDFM UMAR vs FEBM UMAR vs DDTM

Where to next

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

Sources and dates

CPSR filings on SEC EDGAR ↗

Calamos website ↗

UMAR filings on SEC EDGAR ↗

Innovator page for UMAR ↗

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 UMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsr-vs-umar

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