Calamos S&P 500 Structured Alt Protection ETF – November
$28.31+0.02 (+0.07%)
- 0.69%
- $34M
- +6.4%
- 0M sh
- $28.30
- low $26.59high $28.32
The ETF.net CPSN Grade
B
Score 55 out of 100
- 7 of 39
Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B62 out of 100Rank 9 of 39Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 19 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C50 out of 100Rank 16 of 39Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C54 out of 100Rank 23 of 39
Our read on CPSN
BA one-year airbag strapped to the S&P 500: CPSN aims to shield 100% of index price losses over its outcome period, before fees, in exchange for a hard cap on the upside that resets every November.
The fund seeks positive S&P 500 price-return exposure up to a defined cap while protecting against 100% of losses over its one-year outcome period, before fees and expenses.
Why people hold it
- Aims to protect against 100% of S&P 500 price losses over its one-year outcome period, before fees and expenses. Not a partial buffer that can be used up.calamos.com
- 0.69% expense ratio, level with the median for S&P 500 full-protection funds, and it sits in the upper half of that peer group overall.
- Calamos runs the same structure across the calendar (CPSJ, CPSM, CPSP, CPSA), so a November start is one entry point among many rather than a single make-or-break date.
- Every November a fresh one-year period opens with a newly set cap, so the terms re-price to current market conditions instead of locking in indefinitely.
Worth knowing
- The upside is capped, and the cap is reset each period from options pricing. Exposure is to S&P 500 price return, so index dividends are not part of the deal.calamos.com
- The protection is stated before fees and expenses and applies to a full period held start to finish. Buy mid-period and your own cap and protection look different.calamos.com
- A small, thinly traded fund inside a crowded family of monthly siblings. Spreads can be wider than at the household-name outcome ETFs, so limit orders matter.
CPSN Holdings
- Stocks
- 3
- 107%
- SPDR S&P 500 ETF Trust (SPY) Long Call Option
CPSN Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
CPSN$10,635
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CPSN |
|---|---|
| Year to date | +5.1% |
| 1 month | +0.6% |
| 3 months | +1.8% |
| 1 year | +6.4% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CPSN |
|---|---|---|
| 2026 YTD | +5.1% | |
| 2025 | +6.4% | |
| 2024 | +0.8% |
CPSN in the news
CPSN Dividends
No distributions in the last 12 months.
CPSN Risk
- 2.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.79
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −3.2%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.18
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CPSN Cost
0.69%
CPSN0.69%
- The middle half of S&P 500 Full Protection funds
- Median 0.69%
7 of the 27 S&P 500 Full Protection funds charge less.
Other funds in S&P 500 Full Protection
- BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberExpense ratio 0.69%1 year return +6.5%
- BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilExpense ratio 0.69%1 year return +6.3%
- CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustExpense ratio 0.69%1 year return +6.3%
- CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberExpense ratio 0.69%1 year return +5.8%
- CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayExpense ratio 0.69%1 year return +5.1%