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CPSA vs CPSL

Calamos S&P 500 Structured Alt Protection ETF – August

CPSACNYSE Arca

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Overlap

Expense ratio

CPSL −0.59pt a year

CPSA0.69%CPSL0.10%

Avg volume · 30D

CPSL 5.4×the volume

CPSA6.98KCPSL37.4K

CPSA vs CPSL Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSA+5.3%CPSL

Oct 31, 2025 to Oct 30, 2026. CPSA +5.3%. CPSL +5.3%. Use the arrow keys to read each point.0%1%2%3%6%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSA 0.69%
CPSL 0.10%, better
Fund size
CPSA $50M
CPSL $163M
1Y total return
CPSA +5.3%
CPSL +5.3%
Holdings
CPSA 2
CPSL 13
Avg volume (30D)
CPSA 6.98K sh
CPSL 37.4K sh, better
NAV per share
CPSA $28.26
CPSL $28.38
52W range

ETF.net Grade

CPSA: Cost 62, Risk 56, Mission 87, Tradability 40, Holdings not scored, Durability 62. CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69.
Pillar letters and Scores for CPSA, CPSL, with each pillar’s weight
PillarCPSACPSL
Cost30% weightB62A99Higher
Mission25% weightA87Not scored
Risk15% weightB56HigherC52
Tradability15% weightC40A75Higher
Holdings10% weightNot scoredA93
Durability5% weightB62B69Higher

Rank among S&P 500 Full Protection funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CPSA and CPSL are both graded against the same 27 S&P 500 Full Protection funds, so their Grades compare head to head.

S&P 500 Full Protection⁠

Category · 27 funds
See all 27 ›

CPSL ranks 1st and CPSA 8th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 80
  2. Rank 2AMMAXiShares Large Cap Max Buffer Mar ETFScore 76
  3. Rank 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56
  4. Rank 8CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustScore 55
  5. Rank 9CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberScore 54

Our read on each fund

ETF.net Research

CPSACCalamos S&P 500 Structured Alt Protection ETF – August

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

In short

CPSA The August start line in Calamos's laddered protection series: hold the full one-year outcome period and the structure aims to return 100% of capital before fees even if the S&P 500 ETF it references falls. The trade is a hard cap on the upside.

CPSL No data

Stated mandate

CPSA The fund seeks point-to-point participation in the positive price return of the SPDR S&P 500 ETF Trust up to a predetermined cap, while providing 100% capital protection over the one-year outcome period before fees and expenses.

CPSL No data

Why people hold it

  • CPSA A full floor, not a partial buffer: the structure targets 100% of capital back before fees if the SPDR S&P 500 ETF Trust is down over the one-year outcome period.calamos.com
  • 0.69% a year, right at the median for its protection cohort and below the 0.79% charged by older defined-outcome names like TJUL and TAPR.
  • Part of a monthly ladder (CPSJ for July, CPST for September), so a fresh one-year period opens somewhere in the lineup every month rather than once a year.calamos.com
  • Sits in the upper half of a 16-fund protection cohort, and has stuck closely to the outcome its own documents describe.

CPSL No data

Worth knowing

  • CPSA The floor buys a ceiling. Upside stops at a cap reset each August, and the payoff follows price return only, so the index fund's dividends sit outside the deal.
  • Protection is point-to-point. Step in mid-period and your personal floor and cap land at different levels than the ones struck on August 1.
  • Small and thinly traded, so the spread can matter as much as the fee, and the 100% figure is stated before that 0.69% expense ratio.

CPSL No data

Full CPSA profile⁠

Full CPSL profile⁠

CPSA vs CPSL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CPSA vs CPSL Cost

Overpaying CPSA vs CPSL

$11,323

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

  • CPSA 0.69%

    $13,429

  • CPSL 0.10%

    $2,106

$10,000
30 years

Cost over time

  • CPSA 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$15K051015202530CPSA $13,429CPSL $2,106

Year by year

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

Expense ratio

  • 0.69%CPSA
  • 0.10%CPSL, cheaper
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

CPSA 8th cheapest of 27 funds

CPSA vs CPSL Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPSA None
CPSL None

Distribution history

CPSAAll CPSA payments⁠

No distribution history available.

CPSLAll CPSL payments⁠

No distribution history available.

CPSA vs CPSL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSA 2.8%since Sep 2024CPSL 2.3%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
CPSA 0.79since Sep 2024CPSL 0.65since Oct 2024
Worst fallMax drawdown, 5 years
CPSA −4.7%since Aug 2024CPSL −3.7%since Sep 2024
Market sensitivityBeta, 5 years
CPSA 0.21CPSL 0.17

CPSA and CPSL in the news

All news⁠

Popular comparisons

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    Calamos S&P 500 Structured Alt Protection ETF – August · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
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