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Launched

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNNYSE ArcaCalamosB

$28.36−0.02 (−0.09%)

As of Nov 2, 2026, 3:58 PM ET

B59/ 100

Rank 4 of 39 in S&P 500 Full Protection

B59/100Rank 4 of 39inS&P 500 Full Protection
Intraday session: down, 79 prints from 28.38 to 28.36. Range 28.36 to 28.46. Use the arrow keys to read each point.28.4028.4228.4428.4610 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$34M
1Y total return
+6.1%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
2.03K sh
52W range
low $26.59high $28.43
Launched

The ETF.net CPSN Grade

Based on 5 of 6 pillars

B

Score 59 out of 100

Category
S&P 500 Full Protection⁠
Rank
4 of 39
Six-pillar profile for CPSN. Scores out of 100: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. Strongest: Mission (88). Weakest: Durability (54). Based on 5 of 6 pillars.

Score 59 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 100
    Rank 9 of 39

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A88 out of 100
    Rank 2 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B58 out of 100
    Rank 8 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B59 out of 100
    Rank 16 of 39

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C54 out of 100
    Rank 23 of 39

Our read on CPSN

ETF.net Research

In short

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

  • 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

Asset class
Stocks
Holdings
3
Top-10 weight
106%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option105.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSPDR S&P 500 ETF Trust (SPY) Long Call Option105.60%470$35.9M11
2No dataUs Dollar0.28%95,920$95.9K228
3No dataSPDR S&P 500 ETF Trust (SPY) Long Put Option0.00%470$0.2411

Showing 1–3 of 3 holdings

CPSN Performance

Launched Oct 31, 2024

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$10,607
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPSN $10,607. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+5.4%
1 month+0.5%
3 months+2.0%
1 year+6.1%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+5.4%
2025+6.4%
2024+0.8%

History from Nov 1, 2024

CPSN in the news

CPSN Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPSN Risk

Risk pillarB58 out of 100Rank 8 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
2.4%
Annualised · 23 months to Oct 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.
0.82
vs 3-month T-bills · 23 months to Oct 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%
23 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.

FMP measures it over up to five years of monthly returns.

CPSN Cost

Compare CPSN and CPSL

Overpaying vs CPSL, cheapest in S&P 500 Full Protection

$11,323

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPSN 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSN 0.69%
  • CPSL 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSN $13,429CPSL $2,106

Year by year

YearCPSNCPSLOverpaying
10$1,232$183$1,049
20$4,697$717$3,980
30$13,429$2,106$11,323

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