CPSN vs CPSU

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

CPSUCCalamos S&P 500 Structured Alt Protection ETF – June

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.

CPSU The June rung on Calamos's monthly ladder of fully protected S&P 500 ETFs. FLEX options are structured to absorb 100% of the index's one-year decline, before fees, and the price for that floor is a cap 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.

CPSU The fund seeks to track the positive price return of the S&P 500 up to a predetermined cap while providing 100% protection against 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.

• CPSU Not a buffer. The options target the entire one-year drop in SPY rather than just the first 10% or 15%, which is the whole point of the full-protection shelf.calamos.com
• Resets every June with a fresh cap and renewed protection, so holders roll into the next 12-month period without having to sell and re-enter.calamos.com
• The 0.69% fee lands right at the median for 100% protection funds and undercuts older entrants like TJUL and TAPR at 0.79%.
• One of the stronger builds in its 16-fund protection cohort, and part of a lineup with a start date in every month of the year rather than a one-off launch.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.

• CPSU The 100% protection is stated before fees and expenses, and it applies to investors who hold from the first day of an outcome period to the last.
• Buy mid-period and your actual downside cushion and remaining upside depend on where SPY has moved since the reset, not on the headline terms.calamos.com
• Gains stop at the cap, index dividends do not pass through as income, and the fund trades lightly, so spreads can run wider than on large index ETFs.

Full CPSN profile⁠

Full CPSU profile⁠