CPSR vs ZMAR: Cap, Buffer & Days Left
As of Oct 9, 2026 ZMAR can fall 4.1% 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 $112m for Innovator Equity Defined Protection ETF - 1 Yr March.
CPSR costs 0.10 points a year less; their one-year returns differ by 0.2 points; ZMAR is 3.3 times larger.
| CPSR | ZMAR | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $34m | $112m |
| Total return, 1 year | +5.8% | +6.0% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 11.8% | 11.9% |
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.
ZMAR: reference +13.5% since period start, fund +3.7%; buffer Floor; cap +6.7%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
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; ZMAR runs to Feb 28, 2027, 142 days. A fall from here reaches CPSR’s buffer after 3.5% and ZMAR’s after 4.1%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPSR | ZMAR | CPSR | ZMAR |
| 3 months | +1.4% | +1.5% | −1.7 pts | −1.6 pts |
| 6 months | +3.3% | +3.6% | −11.3 pts | −11.0 pts |
| 1 year | +5.8% | +6.0% | −10.2 pts | −10.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CPSR in plain words
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.
ZMAR in plain words
SPY had already risen past this fund's cap of +6.7% 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 2.4% as the period runs out. The fund's price can fall 4.1% 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. 142 days remained on Oct 9, 2026. On Feb 28, 2027 the period ends and a new cap is set.
Questions people ask
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.
ETFIQ, CPSR against ZMAR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpsr-vs-zmar
ETFIQ. (Oct 9, 2026). CPSR against ZMAR. Retrieved from https://etfiq.com/compare/buffer/cpsr-vs-zmar
[CPSR against ZMAR (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpsr-vs-zmar)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.