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CPSN vs CPSO

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Calamos S&P 500 Structured Alt Protection ETF – October

CPSOBNYSE Arca

Overlap

Expense ratio

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

CPSN0.69%CPSO0.69%

Avg volume · 30D

CPSO 2.0×the volume

CPSN2.03KCPSO4.01K

CPSN vs CPSO Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%CPSN+5.7%CPSO

Oct 31, 2025 to Oct 30, 2026. CPSN +6.1%. CPSO +5.7%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
CPSN 0.69%
CPSO 0.69%
Fund size
CPSN $34M
CPSO $34M
1Y total return
CPSN +6.1%, better
CPSO +5.7%
Holdings
CPSN 3
CPSO 3
Avg volume (30D)
CPSN 2.03K sh
CPSO 4.01K sh, better
NAV per share
CPSN $28.37
CPSO $28.52
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. CPSO: Cost 62, Risk 51, Mission 86, Tradability 52, Holdings not scored, Durability 55.
Pillar letters and Scores for CPSN, CPSO, with each pillar’s weight
PillarCPSNCPSO
Cost30% weightB62B62
Mission25% weightA88HigherA86
Risk15% weightB58HigherC51
Tradability15% weightB59HigherC52
Holdings10% weightNot scoredNot scored
Durability5% weightC54B55Higher

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. CPSN and CPSO 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 CPSO 5th 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 5BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberScore 56
  7. Rank 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

CPSOBCalamos S&P 500 Structured Alt Protection ETF – October

In short

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.

CPSO One of twelve monthly doors into the same idea: S&P 500 price exposure with 100% downside protection over a one-year stretch, reset every October 1. The floor is the product, and a capped upside is the price of it.

Stated mandate

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.

CPSO The fund seeks to match the positive price return of the S&P 500 reference asset up to a predetermined cap while protecting against 100% of losses over the one-year outcome period, before fees and expenses.

Why people hold it

  • 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.
  • CPSO Over each one-year outcome period the fund aims to shield 100% of S&P 500 price losses, before fees and expenses, for shareholders who hold start to finish.calamos.com
  • Runs on a calendar, not a forecast: a new 12-month period starts each October 1 with a fresh cap and reset protection, so the terms are set before you step in.calamos.com
  • 0.69% a year, right at the median for its 100%-protection S&P 500 peer group and the same fee Calamos charges on sibling months like CPSM and CPSJ.
  • A 1940 Act ETF built on options tied to SPY rather than a bank-issued structured note, and it trades any day the market is open.

Worth knowing

  • 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.
  • CPSO Upside is capped and tied to SPY's price return, so the index's dividends sit outside the deal.calamos.com
  • The headline terms belong to the full period. Buy mid-period and your remaining cap and remaining protection are whatever the market prices that day.calamos.com
  • It has stayed one of the smaller, lighter-traded months in the lineup, so spreads can be wider than on mainstream index funds. Limit orders help.

Full CPSN profile⁠

Full CPSO profile⁠

CPSN vs CPSO 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.

CPSN vs CPSO Cost

Same expense ratio

$13,429

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

  • CPSN 0.69%

    $13,429

  • CPSO 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPSN 0.69%
  • CPSO 0.69%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSN $13,429CPSO $13,429

Year by year

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

Expense ratio

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

CPSN 8th cheapest of 27 funds

CPSO 8th cheapest of 27 funds

CPSN vs CPSO Dividends

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

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

CPSOAll CPSO payments⁠

No distribution history available.

CPSN vs CPSO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSN 2.4%since Dec 2024CPSO 2.4%since Nov 2024Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024CPSO 0.84since Nov 2024
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024CPSO −3.3%since Oct 2024
Market sensitivityBeta, 5 years
CPSN 0.18CPSO 0.17

CPSN and CPSO in the news

All news⁠

Popular comparisons

  • 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.

  • CPSOBvsCPSLA

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

    Expense ratio
    0.69% · 0.10%
    Category
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  • CPSNBvsMMAXA

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    Category
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  • CPSOBvsMMAXA

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

    Expense ratio
    0.69% · 0.53%
    Category
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  • 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.

  • CPSOBvsMAXJA

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