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CPSN

GradeBNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF – November

Floor Protected · Calamos · Inception 2024-11-01

$28.20−0.01 (−0.04%)

As of Sep 23, 2026, 3:09 PM EDT

History starts Nov 1, 2024.
Intraday session: down, 31 prints from 28.21 to 28.20. Range 28.20 to 28.23. Use the arrow keys to read each point.$28.20$28.21$28.22$28.2310 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$34M
1Y return
+6.2%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$28.21
52W range
low $26.53high $28.25

The ETF.net CPSN Grade

B

56/ 100

Rank 7 of 39 in S&P 500 Full Protection⁠

Confidence Medium

Six-pillar profile for CPSN. Scores out of 100: Cost 62, Risk 54, Mission not scored, Tradability 50, Holdings not scored, Durability 54. Strongest: Cost (62). Weakest: Tradability (50). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 56 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 62
    Category rank16/39 · top 41%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 54
    Category rank15/37 · top 41%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 50
    Category rank18/39 · top 46%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 54
    Category rank23/39 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on CPSN

ETF.net Research

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.

Stated mandate

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

  1. 01Aims 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
  2. 020.69% 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.
  3. 03Calamos 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.
  4. 04Every 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

  1. 01The 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
  2. 02The 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
  3. 03A 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

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
106%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option105.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPDR S&P 500 ETF Trust (SPY) Long Call Option105.25%470$36M11
002—US DOLLAR0.29%97,762$98K231
003—SPDR S&P 500 ETF Trust (SPY) Long Put Option0.25%470$85K11

Showing 1–3 of 3 holdings

CPSN Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

CPSN$10,617
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CPSN $10,617. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for CPSN. Periods over one year show the average yearly return.
PeriodCPSN
Year to date+4.8%
1 month+0.7%
3 months+2.1%
1 year+6.2%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPSN
YearReturn barCPSN
2026 YTD+4.8%
2025+6.4%
2024+0.8%

Since listing, Nov 1, 2024

CPSN in the news

ETF.net Research hasn’t filed on CPSN yet — coverage lands here as it’s written.

CPSN Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CPSN Risk

How much the fund’s monthly returns vary, scaled to a year.
2.5%
Annualised · 21 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.76
vs 3-month T-bills · 21 months to Aug 2026
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.

The largest fall from a peak to the low that followed.
−3.2%
22 months · trough Apr 2025
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.

How strongly the fund’s returns move with its asset-class index.
0.18
vs its asset-class index
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

Expense ratio0.69%
  • The middle half of S&P 500 Full Protection funds
  • Median 0.69%

6 of the 26 S&P 500 Full Protection funds charge less.

CPSN costs $69.00 a year on $10,000. The median S&P 500 Full Protection fund costs $69.00.