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CPSL vs CPST

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Calamos S&P 500 Structured Alt Protection ETF - September

CPSTCNYSE Arca

Overlap

Expense ratio

CPSL −0.59pt a year

CPSL0.10%CPST0.69%

Avg volume · 30D

CPSL 5.9×the volume

CPSL37.4KCPST6.38K

CPSL vs CPST Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+4.8%CPST

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. CPST +4.8%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
CPST 0.69%
Fund size
CPSL $163M
CPST $41M
1Y total return
CPSL +5.3%, better
CPST +4.8%
Holdings
CPSL 13
CPST 3
Avg volume (30D)
CPSL 37.4K sh, better
CPST 6.38K sh
NAV per share
CPSL $28.38
CPST $28.24
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. CPST: Cost 62, Risk 47, Mission 91, Tradability 44, Holdings not scored, Durability 61.
Pillar letters and Scores for CPSL, CPST, with each pillar’s weight
PillarCPSLCPST
Cost30% weightA99HigherB62
Mission25% weightNot scoredA91
Risk15% weightC52HigherC47
Tradability15% weightA75HigherC44
Holdings10% weightA93Not scored
Durability5% weightB69HigherB61

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 CPST 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 CPST 9th 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 8CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustScore 55
  4. Rank 9CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberScore 54
  5. Rank 10CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyScore 53

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

CPSTCCalamos S&P 500 Structured Alt Protection ETF - September

In short

CPSL No data

CPST The September rung of Calamos's 100%-protection ladder: one year of S&P 500 price upside to a preset cap, with the full downside hedged by options before fees. Skip the drawdown, cap the rally.

Stated mandate

CPSL No data

CPST The fund seeks point-to-point exposure to the positive price return of the S&P 500 through SPY, with 100% downside protection over a one-year outcome period and gains limited by a predetermined cap.

Why people hold it

CPSL No data

  • CPST The floor is built from exchange-traded FLEX options inside a 1940 Act ETF, not a bank's IOU, and the terms reset with a fresh cap each September.sec.govcalamos.com
  • At 0.69% a year, it costs exactly the median of its 100%-protection peer group. Middle of the road, no premium for the Calamos name.
  • One of the stronger builds in its protection cohort, and part of a monthly ladder (CPSM, CPSA, CPSJ and siblings) all priced at 0.69%, so the start month is yours to pick.calamos.com

Worth knowing

CPSL No data

  • CPST Protection is point-to-point, start of the outcome period to the end. Buy mid-period and your own cap and remaining cushion differ from the headline terms.calamos.com
  • Upside stops at a cap set each September, and both cap and protection are quoted before the 0.69% fee comes out.calamos.com
  • Exposure follows SPY's price return, so index dividends sit outside the deal and the fund isn't built to pay income.

Full CPSL profile⁠

Full CPST profile⁠

CPSL vs CPST 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 CPST Cost

Overpaying CPST vs CPSL

$11,323

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

  • CPSL 0.10%

    $2,106

  • CPST 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • CPST 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPST $13,429CPSL $2,106

Year by year

YearCPSLCPSTOverpaying
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%CPST
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

CPST 8th cheapest of 27 funds

CPSL vs CPST Dividends

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

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

CPSTAll CPST payments⁠

No distribution history available.

CPSL vs CPST 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 2024CPST 2.5%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024CPST 0.62since Oct 2024
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024CPST −3.8%since Sep 2024
Market sensitivityBeta, 5 years
CPSL 0.17CPST 0.18

CPSL and CPST 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.

  • CPSTCvsMMAXA

    Calamos S&P 500 Structured Alt Protection ETF - September · 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.

  • CPSTCvsMAXJA

    Calamos S&P 500 Structured Alt Protection ETF - September · 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.

  • CPSTCvsCPSNB

    Calamos S&P 500 Structured Alt Protection ETF - September · 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.