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CPSL vs CPSU

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Calamos S&P 500 Structured Alt Protection ETF – June

CPSUCNYSE Arca

Overlap

Expense ratio

CPSL −0.59pt a year

CPSL0.10%CPSU0.69%

Avg volume · 30D

CPSL 21.0×the volume

CPSL37.4KCPSU1.78K

CPSL vs CPSU Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+4.2%CPSU

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. CPSU +4.2%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
CPSU 0.69%
Fund size
CPSL $163M
CPSU $29M
1Y total return
CPSL +5.3%, better
CPSU +4.2%
Holdings
CPSL 13
CPSU 3
Avg volume (30D)
CPSL 37.4K sh, better
CPSU 1.78K sh
NAV per share
CPSL $28.38
CPSU $28.01
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. CPSU: Cost 62, Risk 41, Mission not scored, Tradability 24, Holdings not scored, Durability 44.
Pillar letters and Scores for CPSL, CPSU, with each pillar’s weight
PillarCPSLCPSU
Cost30% weightA99HigherB62
Mission25% weightNot scoredNot scored
Risk15% weightC52HigherC41
Tradability15% weightA75HigherF24
Holdings10% weightA93Not scored
Durability5% weightB69HigherC44

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 CPSU 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 CPSU 17th 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 15CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryScore 48
  4. Rank 17CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneScore 46
  5. Rank 17CZJULInnovator Equity Defined Protection ETF - 1 Yr JulyScore 46

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

CPSUCCalamos S&P 500 Structured Alt Protection ETF – June

In short

CPSL No data

CPSU The June rung on Calamos's monthly ladder of fully protected S&P 500 ETFs. FLEX options are structured to absorb 100% of the index's one-year decline, before fees, and the price for that floor is a cap on the upside.

Stated mandate

CPSL No data

CPSU The fund seeks to track the positive price return of the S&P 500 up to a predetermined cap while providing 100% protection against losses over the one-year outcome period, before fees and expenses.

Why people hold it

CPSL No data

  • CPSU Not a buffer. The options target the entire one-year drop in SPY rather than just the first 10% or 15%, which is the whole point of the full-protection shelf.calamos.com
  • Resets every June with a fresh cap and renewed protection, so holders roll into the next 12-month period without having to sell and re-enter.calamos.com
  • The 0.69% fee lands right at the median for 100% protection funds and undercuts older entrants like TJUL and TAPR at 0.79%.
  • One of the stronger builds in its 16-fund protection cohort, and part of a lineup with a start date in every month of the year rather than a one-off launch.calamos.com

Worth knowing

CPSL No data

  • CPSU The 100% protection is stated before fees and expenses, and it applies to investors who hold from the first day of an outcome period to the last.
  • Buy mid-period and your actual downside cushion and remaining upside depend on where SPY has moved since the reset, not on the headline terms.calamos.com
  • Gains stop at the cap, index dividends do not pass through as income, and the fund trades lightly, so spreads can run wider than on large index ETFs.

Full CPSL profile⁠

Full CPSU profile⁠

CPSL vs CPSU 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 CPSU Cost

Overpaying CPSU vs CPSL

$11,323

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

  • CPSL 0.10%

    $2,106

  • CPSU 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • CPSU 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSU $13,429CPSL $2,106

Year by year

YearCPSLCPSUOverpaying
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%CPSU
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

CPSU 8th cheapest of 27 funds

CPSL vs CPSU Dividends

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

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

CPSUAll CPSU payments⁠

No distribution history available.

CPSL vs CPSU 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 2024CPSU 1.4%since Jul 2025
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024CPSU 0.54since Jul 2025
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024CPSU −1.1%since Jun 2025
Market sensitivityBeta, 5 years
CPSL 0.17CPSU 0.10

CPSL and CPSU in the news

All news⁠

Popular comparisons

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

    Expense ratio
    0.10% · 0.53%
    Category
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  • CPSUCvsMMAXA

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    Expense ratio
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    Category
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  • CPSUCvsMAXJA

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

    Expense ratio
    0.69% · 0.53%
    Category
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  • CPSUCvsCPSNB

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    Expense ratio
    0.69% · 0.69%
    Category
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