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CPSL vs CPSY

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Calamos S&P 500 Structured Alt Protection ETF – January

CPSYCNYSE Arca

Overlap

0.1%by weight

Expense ratio

CPSL −0.59pt a year

CPSL0.10%CPSY0.69%

Avg volume · 30D

CPSL 34.1×the volume

CPSL37.4KCPSY1.1K

CPSL vs CPSY Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+5.5%CPSY

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. CPSY +5.5%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
CPSY 0.69%
Fund size
CPSL $163M
CPSY $30M
1Y total return
CPSL +5.3%
CPSY +5.5%, better
Holdings
CPSL 13
CPSY 3
Avg volume (30D)
CPSL 37.4K sh, better
CPSY 1.1K sh
NAV per share
CPSL $28.38
CPSY $26.18
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. CPSY: Cost 62, Risk 52, Mission not scored, Tradability 21, Holdings not scored, Durability 39.
Pillar letters and Scores for CPSL, CPSY, with each pillar’s weight
PillarCPSLCPSY
Cost30% weightA99HigherB62
Mission25% weightNot scoredNot scored
Risk15% weightC52C52
Tradability15% weightA75HigherF21
Holdings10% weightA93Not scored
Durability5% weightB69HigherD39

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 CPSY 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 CPSY 15th 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 15CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48
  4. Rank 15CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryScore 48
  5. Rank 17CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneScore 46

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

CPSYCCalamos S&P 500 Structured Alt Protection ETF – January

In short

CPSL No data

CPSY Most buffer funds cushion the first slice of a drop. CPSY goes further: FLEX options on the S&P 500 structured for 100% downside protection across a one-year outcome period, before fees. The trade is a hard cap on upside and a January-to-January window.

Stated mandate

CPSL No data

CPSY CPSY seeks point-to-point exposure to the price return of the S&P 500 through SPY-linked FLEX Options, with upside limited by a predetermined cap and 100% downside protection over the applicable one-year outcome period before fees and expenses.

Why people hold it

CPSL No data

  • CPSY Built for 100% downside protection over each one-year outcome period, before fees and expenses, using FLEX options tied to SPY.
  • The 0.69% fee sits right at the median for its 100%-protection peer group. No vintage premium for the January rung.
  • One rung in a monthly Calamos ladder (CPSJ, CPSM, CPSP and others), so the start month is a choice rather than whatever happens to be open.
  • It rolls rather than expires: each January the fund opens a fresh one-year outcome period with a newly set cap.

Worth knowing

CPSL No data

  • CPSY The cap pays for the floor. Upside stops at a level fixed when the period starts, and the exposure is price return, so index dividends stay out of the math.
  • Protection is point-to-point and stated before fees. Step in or out mid-period and you get whatever the options are worth that day, not the full shield.
  • A small, lightly traded member of the family, so spreads and order handling can matter more than the expense ratio.

Full CPSL profile⁠

Full CPSY profile⁠

CPSL vs CPSY Holdings

How CPSL and CPSY differ

Overlap by weight

0.1%

Shared holdings make up 0.4% of CPSY and 0.1% of CPSL.

Level by level

  • Holdings0 in both0.1%
  • Asset classEquity100%

Sector

No Sector split for CPSL and CPSY.

Country, concentration and asset class

Country by domicile

No country split for CPSY.

Concentration

Weight in the 10 largest Holdings

  • CPSL83.3%
  • CPSY107.7%

Securities held

  • CPSL12
  • CPSY0

Asset class

CPSL
Equity
CPSY
Equity

Holdings

  • Only in CPSL12
  • In both0
  • Only in CPSY0

Only in CPSL

12 securities, 99.9% of CPSL by weight

  • Calamos S&P 500 Structured Alt Protection ETF - October8.38%
  • Calamos S&P 500 Structured Alt Protection ETF - November8.36%
  • Calamos S&P 500 Structured Alt Protection ETF - December8.36%

Only in CPSY

0 securities, 0.0% of CPSY by weight

Weight gaps

CPSL and CPSY share no securities.

All CPSL holdings⁠All 5 CPSY 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 CPSY Cost

Overpaying CPSY vs CPSL

$11,323

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

  • CPSL 0.10%

    $2,106

  • CPSY 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • CPSY 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSY $13,429CPSL $2,106

Year by year

YearCPSLCPSYOverpaying
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%CPSY
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

CPSY 8th cheapest of 27 funds

CPSL vs CPSY Dividends

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

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

CPSYAll CPSY payments⁠

No distribution history available.

CPSL vs CPSY 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 2024CPSY 2.2%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024CPSY 0.85since Feb 2025
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024CPSY −3.0%since Jan 2025
Market sensitivityBeta, 5 years
CPSL 0.17CPSY 0.15

CPSL and CPSY 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.

  • CPSYCvsMMAXA

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

  • CPSYCvsMAXJA

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

  • CPSYCvsCPSNB

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