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CPSF vs CPSL

Calamos S&P 500 Structured Alt Protection ETF – February

CPSFCNYSE Arca

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Overlap

Expense ratio

CPSL −0.59pt a year

CPSF0.69%CPSL0.10%

Avg volume · 30D

CPSL 25.1×the volume

CPSF1.47KCPSL36.8K

CPSF vs CPSL Performance

Nov 7, 2025 – Nov 9, 2026

+5.7%CPSF+5.4%CPSL

Nov 7, 2025 to Nov 9, 2026. CPSF +5.7%. CPSL +5.4%. Use the arrow keys to read each point.0%1%2%3%4%Nov 2025May 2026Nov 2026
Expense ratio
CPSF 0.69%
CPSL 0.10%, better
Fund size
CPSF $37M
CPSL $165M
1Y total return
CPSF +5.7%, better
CPSL +5.4%
Holdings
CPSF 3
CPSL 13
Avg volume (30D)
CPSF 1.47K sh
CPSL 36.8K sh, better
NAV per share
CPSF $26.58
CPSL $28.26
52W range

ETF.net Grade

CPSF: Cost 62, Risk 51, Mission not scored, Tradability 20, Holdings not scored, Durability 50. CPSL: Cost 99, Risk 46, Mission not scored, Tradability 78, Holdings 75, Durability 72.
Pillar letters and Scores for CPSF, CPSL, with each pillar’s weight
PillarCPSFCPSL
Cost30% weightB62A99Higher
Mission25% weightNot scoredNot scored
Risk15% weightC51HigherC46
Tradability15% weightF20A78Higher
Holdings10% weightNot scoredA75
Durability5% weightC50A72Higher

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. CPSF 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 CPSF 14th 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 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  4. Rank 14CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48
  5. Rank 14CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryScore 48

Our read on each fund

ETF.net Research

CPSFCCalamos S&P 500 Structured Alt Protection ETF – February

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

In short

CPSF A full floor, not a buffer: it aims to match the S&P 500's price return up to a set cap while absorbing 100% of losses over its one-year outcome period, before fees. February is one rung of Calamos's monthly protection ladder.

CPSL No data

Stated mandate

CPSF The fund is designed to match the positive price return of the S&P 500 up to a defined cap while protecting against 100% of losses over the one-year outcome period, before fees and expenses.

CPSL No data

Why people hold it

  • CPSF The floor is the product: 100% of S&P 500 price losses absorbed across the one-year outcome period, before fees and expenses. The whole drawdown, not a 10% or 20% slice of it.calamos.com
  • Charges 0.69% a year, right at the median for S&P 500 full-protection funds. No surcharge for the structure.
  • One rung of a monthly series (CPSP in April, CPSM in May, CPSJ in July, CPST in September, all at 0.69%), so entry dates can be staggered instead of staked on a single reset.
  • A plain 1940 Act ETF that references SPY, so the protection sits in an options package inside a fund rather than in a bank's promise on a structured note.calamos.com

CPSL No data

Worth knowing

  • CPSF The price of a full floor is a ceiling. Upside stops at a cap reset each period by options pricing, and the fund follows price return, so index dividends stay behind.
  • The math assumes buying at the reset and holding to the end. Step in mid-period and both the effective cap and the protection left differ from the headline terms.
  • Launched in 2025, no distributions (the return lives in the share price), and not among the category's heavily traded names, so the spread can matter at the ticket.

CPSL No data

Full CPSF profile⁠

Full CPSL profile⁠

CPSF 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.

CPSF vs CPSL Cost

Overpaying CPSF vs CPSL

$11,323

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

  • CPSF 0.69%

    $13,429

  • CPSL 0.10%

    $2,106

$10,000
30 years

Cost over time

  • CPSF 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$15K051015202530CPSF $13,429CPSL $2,106

Year by year

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

Expense ratio

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

CPSL cheapest of 27 funds

CPSF 8th cheapest of 27 funds

CPSF vs CPSL Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
CPSF None
CPSL None

Distribution history

CPSFAll CPSF payments⁠

No distribution history available.

CPSLAll CPSL payments⁠

No distribution history available.

CPSF vs CPSL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSF 2.2%since Mar 2025CPSL 2.3%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
CPSF 0.98since Mar 2025CPSL 0.65since Oct 2024
Worst fallMax drawdown, 5 years
CPSF −2.9%since Feb 2025CPSL −3.7%since Sep 2024
Market sensitivityBeta, 5 years
CPSF 0.15CPSL 0.17

CPSF and CPSL in the news

All news⁠

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