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CPSN vs HMAY

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Corgi U.S. Equities 100% Structured Buffer ETF - May Series

HMAYCCboe

Overlap

Expense ratio

HMAY −0.39pt a year

CPSN0.69%HMAY0.30%

Avg volume · 30D

HMAY 1.1×the volume

CPSN2.03KHMAY2.24K

CPSN vs HMAY Performance

Jul 31, 2026 – Oct 30, 2026

+2.0%CPSN+0.6%HMAY

Jul 31, 2026 to Oct 30, 2026. CPSN +2.0%. HMAY +0.6%. Use the arrow keys to read each point.0%1%1.5%Jul 2026Sep 2026Oct 2026
Expense ratio
CPSN 0.69%
HMAY 0.30%, better
Fund size
CPSN $34M
HMAY $2M
1Y total return
CPSN +6.1%
HMAY No data
Holdings
CPSN 3
HMAY 4
Avg volume (30D)
CPSN 2.03K sh
HMAY 2.24K sh, better
NAV per share
CPSN $28.37
HMAY $25.49
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. HMAY: Cost 91, Risk 49, Mission not scored, Tradability 26, Holdings not scored, Durability 5.
Pillar letters and Scores for CPSN, HMAY, with each pillar’s weight
PillarCPSNHMAY
Cost30% weightB62A91Higher
Mission25% weightA88Not scored
Risk15% weightB58HigherC49
Tradability15% weightB59HigherD26
Holdings10% weightNot scoredNot scored
Durability5% weightC54HigherF5

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 HMAY 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 HMAY 22nd 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 22CHJLYCorgi U.S. Equities 100% Structured Buffer ETF - July SeriesScore 40
  7. Rank 22CHMAYCorgi U.S. Equities 100% Structured Buffer ETF - May SeriesScore 40
  8. Rank 22CMAYCCorgi U.S. Equities 10% Structured Buffer ETF - May SeriesScore 40

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

HMAYCCorgi U.S. Equities 100% Structured Buffer ETF - May Series

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.

HMAY No data

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.

HMAY No data

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.

HMAY No data

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.

HMAY No data

Full CPSN profile⁠

Full HMAY profile⁠

CPSN vs HMAY 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 HMAY Cost

Overpaying CPSN vs HMAY

$7,280

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPSN 0.69%

    $13,429

  • HMAY 0.30%

    $6,149

$10,000
30 years

Cost over time

  • CPSN 0.69%
  • HMAY 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSN $13,429HMAY $6,149

Year by year

YearCPSNHMAYOverpaying
10$1,232$545$687
20$4,697$2,113$2,584
30$13,429$6,149$7,280

Expense ratio

  • 0.69%CPSN
  • 0.30%HMAY, cheaper
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

HMAY 2nd cheapest of 27 funds

CPSN 8th cheapest of 27 funds

CPSN vs HMAY Dividends

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

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

HMAYAll HMAY payments⁠

No distribution history available.

CPSN vs HMAY 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 2024HMAY No data
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024HMAY No data
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024HMAY No data
Market sensitivityBeta, 5 years
CPSN 0.18HMAY 0.18Same figure. Both funds show the same value, so neither comes out ahead.

CPSN and HMAY in the news

All news⁠

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