Data as of Nov 4, 2026.
CPSR vs ZMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 ZMAR can fall 4.2% 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 $109m for Innovator Equity Defined Protection ETF - 1 Yr 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.ZMAR: reference +11.7% since period start, fund +3.8%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
CPSR costs 0.10 points a year less; their one-year returns differ by 0.4 points; ZMAR is 3.2 times larger.
Points (pts) are percentage points.
| Measure | CPSR | ZMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.7% | +6.1% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $34m | $109m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSR | ZMAR | CPSR | ZMAR |
| 3 months | +1.1% | +1.2% | +1.4 pts | +1.6 pts |
| 6 months | +2.2% | +2.6% | −2.3 pts | −1.9 pts |
| 1 year | +5.7% | +6.1% | −7.9 pts | −7.5 pts |
| Since launchCPSR Mar 2025 · ZMAR Mar 2025 | +10.9% | +11.0% | −20.5 pts | −20.3 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.
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, 114 days from now; ZMAR runs to Feb 28, 2027, 116 days. A fall from here reaches CPSR’s buffer after 3.7% and ZMAR’s after 4.2%. 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.
ZMAR
SPY had already risen past this fund's cap of +6.7% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.3% as the period runs out. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's number. 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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPSR against ZMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpsr-vs-zmar
ETFIQ. (Nov 4, 2026). CPSR against ZMAR. Retrieved from https://etfiq.com/compare/buffer/cpsr-vs-zmar
[CPSR against ZMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpsr-vs-zmar)
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