At a glance
CPSL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $125.6M in assets, the 8th largest of that group. Over the past year it returned +5.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds. Its ten largest positions make up 83.3% of the fund, out of 12 in all.
The short version
Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL) is a fund of funds. It holds 12 Calamos ETFs, and each one uses options on the SPDR S&P 500 ETF Trust (SPY) to protect against SPY losses while capping gains over one year. Those one-year periods are staggered a month apart. Its 0.79% expense ratio is below the 0.86% average for similar funds, but its 5.3% one-year return as of October 27, 2026, was last among its peers.
Price history
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CPSL +5.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CPSL price data to Oct 27, 2026 | +4.7% | +5.3% | — | — | — | +6.3% |
- Over the year to Oct 27, 2026, CPSL returned +5.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.4%); its best was 2025 (+6.4%).
- The deepest fall in its price history was 3.7% (Feb 20, 2025 to Apr 4, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.7% |
| 2025 | +6.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 12 securities; the ten largest made up 83.31% of assets.
| Fund held | Weight | |
|---|---|---|
| Calamos S&P 500 Structured Alt Protection ETF - September | 8.34% | |
| Calamos S&P 500 Structured Alt Protection ETF - August | 8.34% | |
| Calamos S&P 500 Structured Alt Protection ETF - October | 8.34% | |
| Calamos S&P 500 Structured Alt Protection ETF - December | 8.33% | |
| Calamos S&P 500 Structured Alt Protection ETF - July | 8.33% | |
| Calamos S&P 500 Structured Alt Protection ETF - January | 8.33% | |
| Calamos S&P 500 Structured Alt Protection ETF - November | 8.33% | |
| Calamos S&P 500 Structured Alt Protection ETF - March | 8.33% | |
| Calamos S&P 500 Structured Alt Protection ETF - April | 8.32% | |
| Calamos S&P 500 Structured Alt Protection ETF - February | 8.32% | |
| Calamos S&P 500 Structured Alt Protection ETF - May | 8.31% | |
| Calamos S&P 500 Structured Alt Protection ETF - June | 8.29% |
By country
United States 99.91%By asset type
Stocks 99.91%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $15.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.69%, +0.14%, +0.47%.
How it works
CPSL does not track an index or pick stocks. It holds 12 Calamos S&P 500 Structured Alt Protection ETFs, one named for each month of the year. As of July 31, 2026, each made up about 8.3% of the fund. Each of these underlying ETFs holds FLEX Options on SPY. FLEX Options are customizable, exchange-listed option contracts, and the Options Clearing Corporation guarantees their settlement. They aim to match SPY's price return up to a preset cap and to protect against SPY losses over a one-year "target outcome period." That period starts on the first business day of the month the ETF is named for. Price return leaves out dividends.
At the end of each period, an underlying ETF rolls into new options and sets a new cap, which depends on market conditions. So about every 30 days, one of CPSL's 12 holdings resets its cap and refreshes its protection. The fund holds one ETF expiring within one month, another within two months, and so on out to 12 months. This spreads out the risk of buying at a bad time.
The catch: CPSL buys its holdings on the open market and usually not on the first day of a period. Some protection may already be used up, or some of the cap may already be reached. The fund itself offers no stated downside protection, and the caps limit its returns. Portfolio turnover was 18%.
What it really costs
- CPSL charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.1% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CPSL | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
CPSL aims to keep exposure to large US companies while limiting losses, and its price swings have been far smaller than the stock market's.
CPSL could steady the stock side of a portfolio, but its record is short. It launched on September 9, 2024, so it has no history from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 3.7%, from February 20 to April 4, 2025. It recovered by May 15, 2025, about 1.3 months later. Its only full calendar year, 2025, returned 6.4%. For someone who may need to sell shares in a bad year, small drops like this are the main appeal. The trade-off is capped gains. The fund has recorded no distributions, so it is not an income source. In the SEC's standard $10,000 example, costs total $81 after one year and $978 after 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with tight loss limits; its deepest drop was 3.7% through October 27, 2026.
- People who want one fund that spreads its timing across 12 staggered outcome periods instead of betting on a single start date.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio is below the 0.86% average for similar funds and the 0.95% charged by BUFR and BUFD.
Look elsewhere if
- Investors who need regular income: no distributions have been recorded, and the underlying strategy is based on SPY's price return, not dividends.
- Those wanting more upside: its 5.3% one-year return ranked last of 8 similar funds as of October 27, 2026.
- Investors who want a long track record or a large fund: it launched in September 2024 and had $125.6 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSL this fund | 0.79% | $125.6M | +5.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is CPSL good for retirement?
It may suit retirees who care more about limiting losses than about growth. Its deepest drop since its September 2024 launch was 3.7%, and it recovered in about 1.3 months. Its one-year volatility was 2.3%. The trade-off is lower returns: 5.3% over one year as of October 27, 2026, last among similar buffer funds. It has paid no distributions, and it has not been through a major bear market.
Does CPSL pay dividends?
No. The fund has recorded no distributions. Its underlying Calamos ETFs aim to match SPY's price return, up to a cap. Price return leaves out the dividends paid by S&P 500 companies, so holders give up that income in exchange for downside protection. Investors who need regular cash payments may want to compare funds built for income.
What's the difference between CPSL and BUFR?
Both are laddered funds of buffer ETFs with staggered monthly outcome periods. CPSL holds 12 Calamos funds that aim to protect against SPY losses. FT Vest Laddered Buffer ETF (BUFR) uses FT Vest buffer funds. CPSL charges 0.79% against BUFR's 0.95%. BUFR is much larger, at $10.5 billion as of August 31, 2026, and it returned 11.6% over one year against CPSL's 5.3% as of October 27, 2026. Each fund's prospectus gives its buffer and cap terms.
Can you lose money in CPSL?
Yes. The prospectus says the fund itself provides no stated downside protection. The protection comes only from the underlying ETFs. CPSL usually buys those ETFs partway through their outcome periods, so it may not get the full protection. Fees, option pricing and the timing of buys and sales can also cause losses. Its deepest drop was 3.7%, from February to April 2025.
What is CPSL's expense ratio?
CPSL's expense ratio is 0.79%, according to its prospectus filed November 21, 2025. The management fee is 0.10%. In the SEC's standard example ($10,000 invested, 5% yearly return), costs come to $81 after one year, $439 after five years and $978 after 10 years. That ties for lowest among the similar buffer funds compared here, whose average was 0.86%.