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CPSL vs CPSR

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Calamos S&P 500 Structured Alt Protection ETF – March

CPSRCNYSE Arca

Overlap

Expense ratio

CPSL −0.59pt a year

CPSL0.10%CPSR0.69%

Avg volume · 30D

CPSL 29.3×the volume

CPSL36.8KCPSR1.26K

CPSL vs CPSR Performance

Nov 7, 2025 – Nov 9, 2026

+5.4%CPSL+5.7%CPSR

Nov 7, 2025 to Nov 9, 2026. CPSL +5.4%. CPSR +5.7%. Use the arrow keys to read each point.0%1%2%3%4%Nov 2025May 2026Nov 2026
Expense ratio
CPSL 0.10%, better
CPSR 0.69%
Fund size
CPSL $165M
CPSR $34M
1Y total return
CPSL +5.4%
CPSR +5.7%, better
Holdings
CPSL 13
CPSR 3
Avg volume (30D)
CPSL 36.8K sh, better
CPSR 1.26K sh
NAV per share
CPSL $28.26
CPSR $26.21
52W range

ETF.net Grade

CPSL: Cost 99, Risk 46, Mission not scored, Tradability 78, Holdings 75, Durability 72. CPSR: Cost 62, Risk 55, Mission not scored, Tradability 18, Holdings not scored, Durability 48.
Pillar letters and Scores for CPSL, CPSR, with each pillar’s weight
PillarCPSLCPSR
Cost30% weightA99HigherB62
Mission25% weightNot scoredNot scored
Risk15% weightC46B55Higher
Tradability15% weightA78HigherF18
Holdings10% weightA75Not scored
Durability5% weightA72HigherC48

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 CPSR 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 CPSR 13th 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 12CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 51
  4. Rank 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  5. Rank 14CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

CPSRCCalamos S&P 500 Structured Alt Protection ETF – March

In short

CPSL No data

CPSR Calamos's March gate into fully protected S&P 500 exposure: a one-year outcome period built to absorb every index loss, before fees, in exchange for a firm ceiling on the upside.

Stated mandate

CPSL No data

CPSR The fund seeks to provide the positive price return of the S&P 500 up to a defined cap while protecting against all losses during a one-year outcome period, before fees and expenses.

Why people hold it

CPSL No data

  • CPSR Protection is the whole point. Each one-year outcome period targets none of the S&P 500's losses, before fees and expenses, rather than a 10% or 15% buffer.calamos.com
  • Part of a series with entry points every month, so a fresh outcome period opens regularly instead of once a year.calamos.com
  • The 0.69% fee sits at the median of its fully protected peer group and matches siblings like CPSM and CPSJ, so month of entry, not cost, is the differentiator.

Worth knowing

CPSL No data

  • CPSR The upside cap is set at each period's start and resets. Buy mid-period and your personal cap and protection level differ from the headline terms.calamos.com
  • Protection is stated before fees and expenses, so the 0.69% expense ratio comes out of whatever the structure delivers.
  • Thinly traded with a small asset base, which can mean wider bid/ask spreads than the giants of the S&P 500 world.

Full CPSL profile⁠

Full CPSR profile⁠

CPSL vs CPSR 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 CPSR Cost

Overpaying CPSR vs CPSL

$11,323

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

  • CPSL 0.10%

    $2,106

  • CPSR 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • CPSR 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSR $13,429CPSL $2,106

Year by year

YearCPSLCPSROverpaying
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%CPSR
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

CPSR 8th cheapest of 27 funds

CPSL vs CPSR Dividends

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

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

CPSRAll CPSR payments⁠

No distribution history available.

CPSL vs CPSR 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 2024CPSR 1.6%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024CPSR 1.77since Apr 2025
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024CPSR −3.4%since Mar 2025
Market sensitivityBeta, 5 years
CPSL 0.17CPSR 0.11

CPSL and CPSR in the news

All news⁠

Popular comparisons

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    Expense ratio
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    Expense ratio
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