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CPSL vs CPSM

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Calamos S&P 500 Structured Alt Protection ETF – May

CPSMCNYSE Arca

Overlap

0.1%by weight

Expense ratio

CPSL −0.59pt a year

CPSL0.10%CPSM0.69%

Avg volume · 30D

CPSL 16.1×the volume

CPSL37.4KCPSM2.32K

CPSL vs CPSM Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+4.5%CPSM

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. CPSM +4.5%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
CPSM 0.69%
Fund size
CPSL $163M
CPSM $59M
1Y total return
CPSL +5.3%, better
CPSM +4.5%
Holdings
CPSL 13
CPSM 3
Avg volume (30D)
CPSL 37.4K sh, better
CPSM 2.32K sh
NAV per share
CPSL $28.38
CPSM $29.74
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. CPSM: Cost 62, Risk 62, Mission not scored, Tradability 25, Holdings not scored, Durability 64.
Pillar letters and Scores for CPSL, CPSM, with each pillar’s weight
PillarCPSLCPSM
Cost30% weightA99HigherB62
Mission25% weightNot scoredNot scored
Risk15% weightC52B62Higher
Tradability15% weightA75HigherD25
Holdings10% weightA93Not scored
Durability5% weightB69HigherB64

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. CPSL and CPSM 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 CPSM 10th 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 10CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyScore 53
  4. Rank 10CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 53
  5. Rank 12CCPSDCalamos S&P 500 Structured Alt Protection ETF - DecemberScore 50

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

CPSMCCalamos S&P 500 Structured Alt Protection ETF – May

In short

CPSL No data

CPSM Calamos' May-dated entry in a full-protection series: hold the complete one-year outcome period and the fund aims to absorb 100% of the S&P 500's price decline, before fees, in exchange for a cap on the upside that resets each May 1.

Stated mandate

CPSL No data

CPSM The fund seeks capped participation in the positive price return of the S&P 500 while protecting against 100% of losses over a one-year outcome period, before fees and expenses.

Why people hold it

CPSL No data

  • CPSM Full protection, not a cushion. Held across a complete outcome period, the design targets zero loss from the index's price decline, before fees and expenses.calamos.com
  • At 0.69%, the fee sits right at the median for full-protection funds, so the floor does not cost extra against the peer group.
  • One of a monthly Calamos series (CPSP in April, CPSJ in July, CPSA in August, CPST in September), so you can pick a reset month or ladder several start dates.
  • Launched in 2024 and rates in the upper tier of the 100%-protection group we track on cost, resilience and staying power.

Worth knowing

CPSL No data

  • CPSM The cap is what pays for the floor. It is reset for each new one-year period and is not known in advance, so gains above it stay with the option counterparty.
  • The terms belong to the full outcome period. Buy mid-period and the upside and protection you actually get differ from the headline terms.calamos.com
  • Protection is stated before fees, and the payoff follows S&P 500 price return, so the 0.69% expense and the index's dividends both sit outside it.

Full CPSL profile⁠

Full CPSM profile⁠

CPSL vs CPSM Holdings

How CPSL and CPSM differ

Overlap by weight

0.1%

Shared holdings make up 0.6% of CPSM and 0.1% of CPSL.

Level by level

  • Holdings0 in both0.1%
  • Asset classEquity100%

Sector

No Sector split for CPSL and CPSM.

Country, concentration and asset class

Country by domicile

No country split for CPSM.

Concentration

Weight in the 10 largest Holdings

  • CPSL83.3%
  • CPSM106.1%

Securities held

  • CPSL12
  • CPSM0

Asset class

CPSL
Equity
CPSM
Equity

Holdings

  • Only in CPSL12
  • In both0
  • Only in CPSM0

Only in CPSL

12 securities, 99.9% of CPSL by weight

  • Calamos S&P 500 Structured Alt Protection ETF - October8.38%
  • Calamos S&P 500 Structured Alt Protection ETF - November8.36%
  • Calamos S&P 500 Structured Alt Protection ETF - December8.36%

Only in CPSM

0 securities, 0.0% of CPSM by weight

Weight gaps

CPSL and CPSM share no securities.

All CPSL holdings⁠All 5 CPSM 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.

CPSL vs CPSM Cost

Overpaying CPSM vs CPSL

$11,323

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

  • CPSL 0.10%

    $2,106

  • CPSM 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • CPSM 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSM $13,429CPSL $2,106

Year by year

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

Expense ratio

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

CPSL cheapest of 27 funds

CPSM 8th cheapest of 27 funds

CPSL vs CPSM Dividends

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

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

CPSMAll CPSM payments⁠

No distribution history available.

CPSL vs CPSM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSL 2.3%since Oct 2024CPSM 1.6%since Jun 2024
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024CPSM 1.38since Jun 2024
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024CPSM −5.2%since May 2024
Market sensitivityBeta, 5 years
CPSL 0.17CPSM 0.08

Popular comparisons

  • CPSLAvsMMAXA

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

    Expense ratio
    0.10% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSMCvsMMAXA

    Calamos S&P 500 Structured Alt Protection ETF – May · 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.

  • CPSLAvsMAXJA

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

    Expense ratio
    0.10% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSMCvsMAXJA

    Calamos S&P 500 Structured Alt Protection ETF – May · 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.

  • CPSLAvsCPSNB

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

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

  • CPSMCvsCPSNB

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

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