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CPSL vs CPSP

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Calamos S&P 500 Structured Alt Protection ETF – April

CPSPBNYSE Arca

Overlap

Expense ratio

CPSL −0.59pt a year

CPSL0.10%CPSP0.69%

Avg volume · 30D

CPSL 20.5×the volume

CPSL37.4KCPSP1.82K

CPSL vs CPSP Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+6.0%CPSP

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. CPSP +6.0%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
CPSP 0.69%
Fund size
CPSL $163M
CPSP $24M
1Y total return
CPSL +5.3%
CPSP +6.0%, better
Holdings
CPSL 13
CPSP 3
Avg volume (30D)
CPSL 37.4K sh, better
CPSP 1.82K sh
NAV per share
CPSL $28.38
CPSP $27.39
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. CPSP: Cost 62, Risk 81, Mission not scored, Tradability 26, Holdings not scored, Durability 42.
Pillar letters and Scores for CPSL, CPSP, with each pillar’s weight
PillarCPSLCPSP
Cost30% weightA99HigherB62
Mission25% weightNot scoredNot scored
Risk15% weightC52A81Higher
Tradability15% weightA75HigherD26
Holdings10% weightA93Not scored
Durability5% weightB69HigherC42

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 CPSP 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 CPSP 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 5BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberScore 56
  4. Rank 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56
  5. Rank 8CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustScore 55

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

CPSPBCalamos S&P 500 Structured Alt Protection ETF – April

In short

CPSL No data

CPSP A one-year S&P 500 bet with a floor bolted underneath: CPSP aims to deliver the index's price return up to a cap while absorbing 100% of losses across its outcome period, before fees. The full floor is the point. The cap is what it costs.

Stated mandate

CPSL No data

CPSP The fund seeks to provide the positive price return of the S&P 500 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

CPSL No data

  • CPSP Full protection, not a partial buffer: the structure is built to absorb 100% of S&P 500 losses over its twelve-month outcome period, before fees and expenses.calamos.com
  • One rung on a monthly ladder. Calamos runs a sibling series (CPSM, CPSJ, CPSA and others), so a fresh outcome period opens in most months of the year.
  • The 0.69% fee sits right at the middle of the full-protection group, so the strongest protection level on offer carries no price premium.
  • Plumbing stays simple: one reference exposure, the SPDR S&P 500 ETF Trust, wrapped in a 1940 Act fund rather than a note with bank credit risk behind it.calamos.com

Worth knowing

CPSL No data

  • CPSP Protection is paid for in upside. A cap is set each April for the year ahead, and covering the whole downside leaves a lower ceiling than partial-buffer funds carry.
  • The math works for holders across a complete outcome period. Step in or out mid-period and you get whatever the options are worth that day, floor not yet locked.calamos.com
  • The floor is quoted before fees and expenses, and the fund has not been paying distributions, so anything you get back shows up in the share price.

Full CPSL profile⁠

Full CPSP profile⁠

CPSL vs CPSP 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 CPSP Cost

Overpaying CPSP vs CPSL

$11,323

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

  • CPSL 0.10%

    $2,106

  • CPSP 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • CPSP 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSP $13,429CPSL $2,106

Year by year

YearCPSLCPSPOverpaying
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%CPSP
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

CPSP 8th cheapest of 27 funds

CPSL vs CPSP Dividends

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

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

CPSPAll CPSP payments⁠

No distribution history available.

CPSL vs CPSP 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 2024CPSP 1.1%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024CPSP 2.39since May 2025
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024CPSP −1.7%since Apr 2025
Market sensitivityBeta, 5 years
CPSL 0.17CPSP 0.07

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.

  • CPSPBvsMMAXA

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

  • CPSPBvsMAXJA

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

  • CPSPBvsCPSNB

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