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CPSN vs CPSR

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Calamos S&P 500 Structured Alt Protection ETF – March

CPSRCNYSE Arca

Overlap

Expense ratio

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

CPSN0.69%CPSR0.69%

Avg volume · 30D

CPSN 2.5×the volume

CPSN3.17KCPSR1.26K

CPSN vs CPSR Performance

Nov 7, 2025 – Nov 9, 2026

+6.2%CPSN+5.7%CPSR

Nov 7, 2025 to Nov 9, 2026. CPSN +6.2%. CPSR +5.7%. Use the arrow keys to read each point.0%1%2%3%4%Nov 2025May 2026Nov 2026
Expense ratio
CPSN 0.69%
CPSR 0.69%
Fund size
CPSN $37M
CPSR $34M
1Y total return
CPSN +6.2%, better
CPSR +5.7%
Holdings
CPSN 3
CPSR 3
Avg volume (30D)
CPSN 3.17K sh, better
CPSR 1.26K sh
NAV per share
CPSN $28.37
CPSR $26.21
52W range

ETF.net Grade

CPSN: Cost 62, Risk 59, Mission 88, Tradability 62, Holdings not scored, Durability 54. CPSR: Cost 62, Risk 55, Mission not scored, Tradability 18, Holdings not scored, Durability 48.
Pillar letters and Scores for CPSN, CPSR, with each pillar’s weight
PillarCPSNCPSR
Cost30% weightB62B62
Mission25% weightA88Not scored
Risk15% weightB59HigherB55
Tradability15% weightB62HigherF18
Holdings10% weightNot scoredNot scored
Durability5% weightC54HigherC48

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 CPSR 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 CPSR 13th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 79
  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 60
  5. Rank 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56
  6. Rank 12CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 51
  7. Rank 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  8. Rank 14CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

CPSRCCalamos S&P 500 Structured Alt Protection ETF – March

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.

CPSR Calamos's March gate into fully protected S&P 500 exposure: a one-year outcome period built to absorb every index loss, before fees, in exchange for a firm ceiling on the upside.

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.

CPSR The fund seeks to provide the positive price return of the S&P 500 up to a defined cap while protecting against all losses during a 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.
  • CPSR Protection is the whole point. Each one-year outcome period targets none of the S&P 500's losses, before fees and expenses, rather than a 10% or 15% buffer.calamos.com
  • Part of a series with entry points every month, so a fresh outcome period opens regularly instead of once a year.calamos.com
  • The 0.69% fee sits at the median of its fully protected peer group and matches siblings like CPSM and CPSJ, so month of entry, not cost, is the differentiator.

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.
  • CPSR The upside cap is set at each period's start and resets. Buy mid-period and your personal cap and protection level differ from the headline terms.calamos.com
  • Protection is stated before fees and expenses, so the 0.69% expense ratio comes out of whatever the structure delivers.
  • Thinly traded with a small asset base, which can mean wider bid/ask spreads than the giants of the S&P 500 world.

Full CPSN profile⁠

Full CPSR profile⁠

CPSN vs CPSR 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 CPSR 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

  • CPSR 0.69%

    $13,429

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

CPSN 8th cheapest of 27 funds

CPSR 8th cheapest of 27 funds

CPSN vs CPSR Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
CPSN None
CPSR None

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

CPSRAll CPSR payments⁠

No distribution history available.

CPSN vs CPSR 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 2024CPSR 1.6%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024CPSR 1.77since Apr 2025
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024CPSR −3.4%since Mar 2025
Market sensitivityBeta, 5 years
CPSN 0.18CPSR 0.11

CPSN and CPSR 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.

  • CPSRCvsCPSLA

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

  • 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.

  • CPSRCvsMMAXA

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

  • 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.

  • CPSRCvsMAXJA

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