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CPSL vs CPSO

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Calamos S&P 500 Structured Alt Protection ETF – October

CPSOBNYSE Arca

Overlap

Expense ratio

CPSL −0.59pt a year

CPSL0.10%CPSO0.69%

Avg volume · 30D

CPSL 9.3×the volume

CPSL37.4KCPSO4.01K

CPSL vs CPSO Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+5.7%CPSO

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. CPSO +5.7%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
CPSO 0.69%
Fund size
CPSL $163M
CPSO $34M
1Y total return
CPSL +5.3%
CPSO +5.7%, better
Holdings
CPSL 13
CPSO 3
Avg volume (30D)
CPSL 37.4K sh, better
CPSO 4.01K sh
NAV per share
CPSL $28.38
CPSO $28.52
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. CPSO: Cost 62, Risk 51, Mission 86, Tradability 52, Holdings not scored, Durability 55.
Pillar letters and Scores for CPSL, CPSO, with each pillar’s weight
PillarCPSLCPSO
Cost30% weightA99HigherB62
Mission25% weightNot scoredA86
Risk15% weightC52HigherC51
Tradability15% weightA75HigherC52
Holdings10% weightA93Not scored
Durability5% weightB69HigherB55

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 CPSO 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 CPSO 5th 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 5BCPNQCalamos Nasdaq-100 Structured Alt Protection ETF - DecemberScore 56
  4. Rank 5BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberScore 56
  5. Rank 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

CPSOBCalamos S&P 500 Structured Alt Protection ETF – October

In short

CPSL No data

CPSO One of twelve monthly doors into the same idea: S&P 500 price exposure with 100% downside protection over a one-year stretch, reset every October 1. The floor is the product, and a capped upside is the price of it.

Stated mandate

CPSL No data

CPSO The fund seeks to match the positive price return of the S&P 500 reference asset up to a predetermined cap while protecting against 100% of losses over the one-year outcome period, before fees and expenses.

Why people hold it

CPSL No data

  • CPSO Over each one-year outcome period the fund aims to shield 100% of S&P 500 price losses, before fees and expenses, for shareholders who hold start to finish.calamos.com
  • Runs on a calendar, not a forecast: a new 12-month period starts each October 1 with a fresh cap and reset protection, so the terms are set before you step in.calamos.com
  • 0.69% a year, right at the median for its 100%-protection S&P 500 peer group and the same fee Calamos charges on sibling months like CPSM and CPSJ.
  • A 1940 Act ETF built on options tied to SPY rather than a bank-issued structured note, and it trades any day the market is open.

Worth knowing

CPSL No data

  • CPSO Upside is capped and tied to SPY's price return, so the index's dividends sit outside the deal.calamos.com
  • The headline terms belong to the full period. Buy mid-period and your remaining cap and remaining protection are whatever the market prices that day.calamos.com
  • It has stayed one of the smaller, lighter-traded months in the lineup, so spreads can be wider than on mainstream index funds. Limit orders help.

Full CPSL profile⁠

Full CPSO profile⁠

CPSL vs CPSO 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 CPSO Cost

Overpaying CPSO vs CPSL

$11,323

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

  • CPSL 0.10%

    $2,106

  • CPSO 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • CPSO 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSO $13,429CPSL $2,106

Year by year

YearCPSLCPSOOverpaying
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%CPSO
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

CPSO 8th cheapest of 27 funds

CPSL vs CPSO Dividends

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

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

CPSOAll CPSO payments⁠

No distribution history available.

CPSL vs CPSO 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 2024CPSO 2.4%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024CPSO 0.84since Nov 2024
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024CPSO −3.3%since Oct 2024
Market sensitivityBeta, 5 years
CPSL 0.17CPSO 0.17Same figure. Both funds show the same value, so neither comes out ahead.

CPSL and CPSO in the news

All news⁠

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.

  • CPSOBvsMMAXA

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

    Expense ratio
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    Category
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  • CPSLAvsMAXJA

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

    Expense ratio
    0.10% · 0.53%
    Category
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  • CPSOBvsMAXJA

    Calamos S&P 500 Structured Alt Protection ETF – October · 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

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    Expense ratio
    0.10% · 0.69%
    Category
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  • CPSOBvsCPSNB

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