Skip to content
etf.net

CPSM vs CPSN

Calamos S&P 500 Structured Alt Protection ETF – May

CPSMCNYSE Arca

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

CPSM0.69%CPSN0.69%

Avg volume · 30D

CPSM 1.1×the volume

CPSM2.32KCPSN2.03K

CPSM vs CPSN Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPSM+6.1%CPSN

Oct 31, 2025 to Oct 30, 2026. CPSM +4.5%. CPSN +6.1%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSM 0.69%
CPSN 0.69%
Fund size
CPSM $59M
CPSN $34M
1Y total return
CPSM +4.5%
CPSN +6.1%, better
Holdings
CPSM 3
CPSN 3
Avg volume (30D)
CPSM 2.32K sh, better
CPSN 2.03K sh
NAV per share
CPSM $29.74
CPSN $28.37
52W range

ETF.net Grade

CPSM: Cost 62, Risk 62, Mission not scored, Tradability 25, Holdings not scored, Durability 64. CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54.
Pillar letters and Scores for CPSM, CPSN, with each pillar’s weight
PillarCPSMCPSN
Cost30% weightB62B62
Mission25% weightNot scoredA88
Risk15% weightB62HigherB58
Tradability15% weightD25B59Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB64HigherC54

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. CPSM and CPSN 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 ›

CPSN ranks 4th and CPSM 10th 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 3AMAXJiShares Large Cap Max Buffer Jun ETFScore 75
  4. Rank 4BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberScore 59
  5. Rank 5BCPNQCalamos Nasdaq-100 Structured Alt Protection ETF - DecemberScore 56
  6. Rank 10CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyScore 53
  7. Rank 10CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 53
  8. Rank 12CCPSDCalamos S&P 500 Structured Alt Protection ETF - DecemberScore 50

Our read on each fund

ETF.net Research

CPSMCCalamos S&P 500 Structured Alt Protection ETF – May

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

In short

CPSM Calamos' May-dated entry in a full-protection series: hold the complete one-year outcome period and the fund aims to absorb 100% of the S&P 500's price decline, before fees, in exchange for a cap on the upside that resets each May 1.

CPSN A one-year airbag strapped to the S&P 500: CPSN aims to shield 100% of index price losses over its outcome period, before fees, in exchange for a hard cap on the upside that resets every November.

Stated mandate

CPSM The fund seeks capped participation in the positive price return of the S&P 500 while protecting against 100% of losses over a one-year outcome period, before fees and expenses.

CPSN The fund seeks positive S&P 500 price-return exposure 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

  • CPSM Full protection, not a cushion. Held across a complete outcome period, the design targets zero loss from the index's price decline, before fees and expenses.calamos.com
  • At 0.69%, the fee sits right at the median for full-protection funds, so the floor does not cost extra against the peer group.
  • One of a monthly Calamos series (CPSP in April, CPSJ in July, CPSA in August, CPST in September), so you can pick a reset month or ladder several start dates.
  • Launched in 2024 and rates in the upper tier of the 100%-protection group we track on cost, resilience and staying power.
  • CPSN Aims to protect against 100% of S&P 500 price losses over its one-year outcome period, before fees and expenses. Not a partial buffer that can be used up.calamos.com
  • 0.69% expense ratio, level with the median for S&P 500 full-protection funds, and it sits in the upper half of that peer group overall.
  • Calamos runs the same structure across the calendar (CPSJ, CPSM, CPSP, CPSA), so a November start is one entry point among many rather than a single make-or-break date.
  • Every November a fresh one-year period opens with a newly set cap, so the terms re-price to current market conditions instead of locking in indefinitely.

Worth knowing

  • CPSM The cap is what pays for the floor. It is reset for each new one-year period and is not known in advance, so gains above it stay with the option counterparty.
  • The terms belong to the full outcome period. Buy mid-period and the upside and protection you actually get differ from the headline terms.calamos.com
  • Protection is stated before fees, and the payoff follows S&P 500 price return, so the 0.69% expense and the index's dividends both sit outside it.
  • CPSN The upside is capped, and the cap is reset each period from options pricing. Exposure is to S&P 500 price return, so index dividends are not part of the deal.calamos.com
  • The protection is stated before fees and expenses and applies to a full period held start to finish. Buy mid-period and your own cap and protection look different.calamos.com
  • A small, thinly traded fund inside a crowded family of monthly siblings. Spreads can be wider than at the household-name outcome ETFs, so limit orders matter.

Full CPSM profile⁠

Full CPSN profile⁠

CPSM vs CPSN 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.

CPSM vs CPSN Cost

Same expense ratio

$13,429

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

  • CPSM 0.69%

    $13,429

  • CPSN 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSM 0.69%
  • CPSN 0.69%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSM $13,429CPSN $13,429

Year by year

YearCPSMCPSN
10$1,232$1,232
20$4,697$4,697
30$13,429$13,429

Expense ratio

  • 0.69%CPSM
  • 0.69%CPSN
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSM 8th cheapest of 27 funds

CPSN 8th cheapest of 27 funds

CPSM vs CPSN Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPSM None
CPSN None

Distribution history

CPSMAll CPSM payments⁠

No distribution history available.

CPSNAll CPSN payments⁠

No distribution history available.

CPSM vs CPSN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSM 1.6%since Jun 2024CPSN 2.4%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
CPSM 1.38since Jun 2024CPSN 0.82since Dec 2024
Worst fallMax drawdown, 5 years
CPSM −5.2%since May 2024CPSN −3.2%since Nov 2024
Market sensitivityBeta, 5 years
CPSM 0.08CPSN 0.18

CPSM and CPSN in the news

All news⁠

Popular comparisons

  • CPSMCvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF – May · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF – November · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSMCvsMMAXA

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

  • CPSNBvsMMAXA

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

  • CPSMCvsMAXJA

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

  • CPSNBvsMAXJA

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