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CPSN vs CPSY

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Calamos S&P 500 Structured Alt Protection ETF – January

CPSYCNYSE Arca

Overlap

Expense ratio

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

CPSN0.69%CPSY0.69%

Avg volume · 30D

CPSN 1.8×the volume

CPSN2.03KCPSY1.1K

CPSN vs CPSY Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%CPSN+5.5%CPSY

Oct 31, 2025 to Oct 30, 2026. CPSN +6.1%. CPSY +5.5%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSN 0.69%
CPSY 0.69%
Fund size
CPSN $34M
CPSY $30M
1Y total return
CPSN +6.1%, better
CPSY +5.5%
Holdings
CPSN 3
CPSY 3
Avg volume (30D)
CPSN 2.03K sh, better
CPSY 1.1K sh
NAV per share
CPSN $28.37
CPSY $26.18
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. CPSY: Cost 62, Risk 52, Mission not scored, Tradability 21, Holdings not scored, Durability 39.
Pillar letters and Scores for CPSN, CPSY, with each pillar’s weight
PillarCPSNCPSY
Cost30% weightB62B62
Mission25% weightA88Not scored
Risk15% weightB58HigherC52
Tradability15% weightB59HigherF21
Holdings10% weightNot scoredNot scored
Durability5% weightC54HigherD39

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 CPSY 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 CPSY 15th 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 15CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48
  7. Rank 15CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryScore 48
  8. Rank 17CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneScore 46

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

CPSYCCalamos S&P 500 Structured Alt Protection ETF – January

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.

CPSY Most buffer funds cushion the first slice of a drop. CPSY goes further: FLEX options on the S&P 500 structured for 100% downside protection across a one-year outcome period, before fees. The trade is a hard cap on upside and a January-to-January window.

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.

CPSY CPSY seeks point-to-point exposure to the price return of the S&P 500 through SPY-linked FLEX Options, with upside limited by a predetermined cap and 100% downside protection over the applicable 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.
  • CPSY Built for 100% downside protection over each one-year outcome period, before fees and expenses, using FLEX options tied to SPY.
  • The 0.69% fee sits right at the median for its 100%-protection peer group. No vintage premium for the January rung.
  • One rung in a monthly Calamos ladder (CPSJ, CPSM, CPSP and others), so the start month is a choice rather than whatever happens to be open.
  • It rolls rather than expires: each January the fund opens a fresh one-year outcome period with a newly set cap.

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.
  • CPSY The cap pays for the floor. Upside stops at a level fixed when the period starts, and the exposure is price return, so index dividends stay out of the math.
  • Protection is point-to-point and stated before fees. Step in or out mid-period and you get whatever the options are worth that day, not the full shield.
  • A small, lightly traded member of the family, so spreads and order handling can matter more than the expense ratio.

Full CPSN profile⁠

Full CPSY profile⁠

CPSN vs CPSY 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 CPSY 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

  • CPSY 0.69%

    $13,429

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

CPSN 8th cheapest of 27 funds

CPSY 8th cheapest of 27 funds

CPSN vs CPSY Dividends

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

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

CPSYAll CPSY payments⁠

No distribution history available.

CPSN vs CPSY 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 2024CPSY 2.2%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024CPSY 0.85since Feb 2025
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024CPSY −3.0%since Jan 2025
Market sensitivityBeta, 5 years
CPSN 0.18CPSY 0.15

CPSN and CPSY 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.

  • CPSYCvsCPSLA

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

  • CPSYCvsMMAXA

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

  • CPSYCvsMAXJA

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