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CPSD vs CPSN

Calamos S&P 500 Structured Alt Protection ETF - December

CPSDCNYSE Arca

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

CPSD0.69%CPSN0.69%

Avg volume · 30D

CPSN 2.3×the volume

CPSD1.4KCPSN3.17K

CPSD vs CPSN Performance

Nov 7, 2025 – Nov 9, 2026

+6.2%CPSD+6.2%CPSN

Nov 7, 2025 to Nov 9, 2026. CPSD +6.2%. CPSN +6.2%. Use the arrow keys to read each point.0%1%2%3%4%Nov 2025May 2026Nov 2026
Expense ratio
CPSD 0.69%
CPSN 0.69%
Fund size
CPSD $46M
CPSN $37M
1Y total return
CPSD +6.2%
CPSN +6.2%
Holdings
CPSD 3
CPSN 3
Avg volume (30D)
CPSD 1.4K sh
CPSN 3.17K sh, better
NAV per share
CPSD $27.12
CPSN $28.37
52W range

ETF.net Grade

CPSD: Cost 62, Risk 59, Mission not scored, Tradability 30, Holdings not scored, Durability 47. CPSN: Cost 62, Risk 59, Mission 88, Tradability 62, Holdings not scored, Durability 54.
Pillar letters and Scores for CPSD, CPSN, with each pillar’s weight
PillarCPSDCPSN
Cost30% weightB62B62
Mission25% weightNot scoredA88
Risk15% weightB59B59
Tradability15% weightD30B62Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC47C54Higher

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. CPSD and CPSN 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 ›

CPSN ranks 4th and CPSD 10th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 79
  2. Rank 2AMMAXiShares Large Cap Max Buffer Mar ETFScore 76
  3. Rank 3AMAXJiShares Large Cap Max Buffer Jun ETFScore 75
  4. Rank 4BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberScore 60
  5. Rank 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56
  6. Rank 10CCPNQCalamos Nasdaq-100 Structured Alt Protection ETF - DecemberScore 52
  7. Rank 10CCPSDCalamos S&P 500 Structured Alt Protection ETF - DecemberScore 52
  8. Rank 12CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 51

Our read on each fund

ETF.net Research

CPSDCCalamos S&P 500 Structured Alt Protection ETF - December

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

In short

CPSD No data

CPSN A 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

CPSD No data

CPSN 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

CPSD No data

  • CPSN 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

CPSD No data

  • CPSN 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.

Full CPSD profile⁠

Full CPSN profile⁠

CPSD vs CPSN 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.

CPSD vs CPSN Cost

Same expense ratio

$13,429

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

  • CPSD 0.69%

    $13,429

  • CPSN 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSD 0.69%
  • CPSN 0.69%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSD $13,429CPSN $13,429

Year by year

YearCPSDCPSN
10$1,232$1,232
20$4,697$4,697
30$13,429$13,429

Expense ratio

  • 0.69%CPSD
  • 0.69%CPSN
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSD 8th cheapest of 27 funds

CPSN 8th cheapest of 27 funds

CPSD vs CPSN Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
CPSD None
CPSN None

Distribution history

CPSDAll CPSD payments⁠

No distribution history available.

CPSNAll CPSN payments⁠

No distribution history available.

CPSD vs CPSN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSD 2.7%since Jan 2025CPSN 2.4%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
CPSD 0.95since Jan 2025CPSN 0.82since Dec 2024
Worst fallMax drawdown, 5 years
CPSD −3.5%since Dec 2024CPSN −3.2%since Nov 2024
Market sensitivityBeta, 5 years
CPSD 0.19CPSN 0.18

CPSD and CPSN in the news

All news⁠

Popular comparisons

  • CPSDCvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF - December · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF – November · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSDCvsMMAXA

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

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsMMAXA

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

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSDCvsMAXJA

    Calamos S&P 500 Structured Alt Protection ETF - December · iShares Large Cap Max Buffer Jun ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsMAXJA

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

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.