CPSF vs CPSN

CPSFCCalamos S&P 500 Structured Alt Protection ETF – February

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

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.

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

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.

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

• 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

• 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

• 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.

• 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 CPSF profile⁠

Full CPSN profile⁠