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CPSN vs CPST

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Calamos S&P 500 Structured Alt Protection ETF - September

CPSTCNYSE Arca

Overlap

Expense ratio

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

CPSN0.69%CPST0.69%

Avg volume · 30D

CPST 3.1×the volume

CPSN2.03KCPST6.38K

CPSN vs CPST Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%CPSN+4.8%CPST

Oct 31, 2025 to Oct 30, 2026. CPSN +6.1%. CPST +4.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSN 0.69%
CPST 0.69%
Fund size
CPSN $34M
CPST $41M
1Y total return
CPSN +6.1%, better
CPST +4.8%
Holdings
CPSN 3
CPST 3
Avg volume (30D)
CPSN 2.03K sh
CPST 6.38K sh, better
NAV per share
CPSN $28.37
CPST $28.24
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. CPST: Cost 62, Risk 47, Mission 91, Tradability 44, Holdings not scored, Durability 61.
Pillar letters and Scores for CPSN, CPST, with each pillar’s weight
PillarCPSNCPST
Cost30% weightB62B62
Mission25% weightA88A91Higher
Risk15% weightB58HigherC47
Tradability15% weightB59HigherC44
Holdings10% weightNot scoredNot scored
Durability5% weightC54B61Higher

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 CPST 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 CPST 9th 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 8CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustScore 55
  7. Rank 9CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberScore 54
  8. Rank 10CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyScore 53

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

CPSTCCalamos S&P 500 Structured Alt Protection ETF - September

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.

CPST The September rung of Calamos's 100%-protection ladder: one year of S&P 500 price upside to a preset cap, with the full downside hedged by options before fees. Skip the drawdown, cap the rally.

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.

CPST The fund seeks point-to-point exposure to the positive price return of the S&P 500 through SPY, with 100% downside protection over a one-year outcome period and gains limited by a predetermined cap.

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.
  • CPST The floor is built from exchange-traded FLEX options inside a 1940 Act ETF, not a bank's IOU, and the terms reset with a fresh cap each September.sec.govcalamos.com
  • At 0.69% a year, it costs exactly the median of its 100%-protection peer group. Middle of the road, no premium for the Calamos name.
  • One of the stronger builds in its protection cohort, and part of a monthly ladder (CPSM, CPSA, CPSJ and siblings) all priced at 0.69%, so the start month is yours to pick.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.
  • CPST Protection is point-to-point, start of the outcome period to the end. Buy mid-period and your own cap and remaining cushion differ from the headline terms.calamos.com
  • Upside stops at a cap set each September, and both cap and protection are quoted before the 0.69% fee comes out.calamos.com
  • Exposure follows SPY's price return, so index dividends sit outside the deal and the fund isn't built to pay income.

Full CPSN profile⁠

Full CPST profile⁠

CPSN vs CPST 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 CPST 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

  • CPST 0.69%

    $13,429

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

CPSN 8th cheapest of 27 funds

CPST 8th cheapest of 27 funds

CPSN vs CPST Dividends

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

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

CPSTAll CPST payments⁠

No distribution history available.

CPSN vs CPST 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 2024CPST 2.5%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024CPST 0.62since Oct 2024
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024CPST −3.8%since Sep 2024
Market sensitivityBeta, 5 years
CPSN 0.18CPST 0.18Same figure. Both funds show the same value, so neither comes out ahead.

CPSN and CPST in the news

All news⁠

Popular comparisons

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    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.

  • CPSTCvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF - September · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
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    Category
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  • CPSTCvsMMAXA

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    Expense ratio
    0.69% · 0.53%
    Category
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  • CPSNBvsMAXJA

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    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSTCvsMAXJA

    Calamos S&P 500 Structured Alt Protection ETF - September · 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.