CPSN vs CPSP

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

CPSPBCalamos S&P 500 Structured Alt Protection ETF – April

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.

CPSP A one-year S&P 500 bet with a floor bolted underneath: CPSP aims to deliver the index's price return up to a cap while absorbing 100% of losses across its outcome period, before fees. The full floor is the point. The cap is what it costs.

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.

CPSP The fund seeks to provide the positive price return of the S&P 500 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

• 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.

• CPSP Full protection, not a partial buffer: the structure is built to absorb 100% of S&P 500 losses over its twelve-month outcome period, before fees and expenses.calamos.com
• One rung on a monthly ladder. Calamos runs a sibling series (CPSM, CPSJ, CPSA and others), so a fresh outcome period opens in most months of the year.
• The 0.69% fee sits right at the middle of the full-protection group, so the strongest protection level on offer carries no price premium.
• Plumbing stays simple: one reference exposure, the SPDR S&P 500 ETF Trust, wrapped in a 1940 Act fund rather than a note with bank credit risk behind it.calamos.com

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.

• CPSP Protection is paid for in upside. A cap is set each April for the year ahead, and covering the whole downside leaves a lower ceiling than partial-buffer funds carry.
• The math works for holders across a complete outcome period. Step in or out mid-period and you get whatever the options are worth that day, floor not yet locked.calamos.com
• The floor is quoted before fees and expenses, and the fund has not been paying distributions, so anything you get back shows up in the share price.

Full CPSN profile⁠

Full CPSP profile⁠