At a glance
CPSN charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $34.8M in assets, the 8th largest of that group. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos S&P 500 Structured Alt Protection ETF – November (CPSN) uses options on the SPDR S&P 500 ETF Trust (SPY) to protect against 100% of SPY's price losses over each November-to-October outcome period, before fees. In exchange, its gains are capped. The cap was 6.78% before fees for the period ending October 31, 2026. Its 0.69% fee was the lowest of eight buffer funds compared, but it was also the smallest.
Price history
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CPSN +6.2% 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 | |
|---|---|---|---|---|---|---|
| CPSN price data to Oct 27, 2026 | +5.4% | +6.2% | — | — | — | +6.4% |
- Over the year to Oct 27, 2026, CPSN returned +6.2%, 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 3.2% (Feb 19, 2025 to Apr 8, 2025), recovered by May 14, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.4% |
| 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 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.02%, +0.18%, +0.43%.
How it works
CPSN is an actively managed ETF. It puts nearly all its money into FLEX options, which are exchange-traded options with custom strike prices and expiration dates. The options are on the SPDR S&P 500 ETF Trust (SPY), which holds the stocks in the S&P 500 Index. Results are measured over an outcome period of about one year that starts each November 1. If SPY's price rises, the fund aims to match the gain up to a cap. If SPY falls, it aims to absorb 100% of the loss. For November 1, 2025 through October 31, 2026, the cap was 6.78% and the protection 100%. After the 0.69% fee, those figures were 6.09% and 99.31%. Only SPY's price counts, so its dividends are not included.
As of July 31, 2026, the fund held three options that expired October 30, 2026. A call with a $4.71 strike was worth about 104% of net assets and tracked SPY almost one-for-one. A put struck at $682.06 set the floor. A sold call at $728.32, about 6.78% higher, set the cap.
The fund resets with new options each November 1. The protection level stays the same, but the cap changes with market conditions. The targets apply only to shares held for a full period. Buying mid-period or selling early can give very different results, and the protection is not guaranteed.
What it really costs
- CPSN charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CPSN | $70 | $221 | $384 | $859 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- 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.
In a retirement portfolio
It aims to protect against 100% of SPY's price losses over each full outcome period, giving up gains above a cap and all dividends in return.
CPSN launched in November 2024, so it has no record from the 2008, 2020 or 2022 market declines. Its deepest drop was 3.2%, from February 19 to April 8, 2025, and it recovered by May 14, 2025, about 1.2 months later. This shows the protection is measured at the end of the outcome period. Someone who has to sell in the middle of a bad stretch can still get less back than they put in. It returned 6.38% in 2025. Its volatility was 2.2% for the year to October 27, 2026, much calmer than stocks.
The fund recorded no distributions, so it doesn't provide income. In the SEC's standard example, costs come to $70 in year one and $859 over ten years on $10,000. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Near-retirees seeking S&P 500 exposure with protection against 100% of SPDR S&P 500 ETF Trust losses (99.31% after fees) over each full one-year period.
- Cost-conscious buyers of defined-outcome funds: the 0.69% expense ratio was the lowest of eight similar buffer ETFs, against a 0.86% peer average.
- Investors prizing steadiness: one-year volatility, a gauge of price swings, was 2.2%, and the deepest drop since launch was 3.2%, through October 27, 2026.
Look elsewhere if
- Growth seekers: under a 6.78% pre-fee cap, its 6.2% one-year return to October 27, 2026, trailed seven buffer peers' 9.5% to 12.9%.
- Income seekers: no distributions were recorded, and the fund's results exclude SPDR S&P 500 ETF Trust dividends, giving up that part of stock returns.
- Those buying mid-period or selling early: the 100% protection and cap apply only to shares held from each November 1 reset through October 31.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSN this fund | 0.69% | $34.8M | +6.2% | — |
| 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
Can you lose money in CPSN?
Yes, you can lose money. The 100% protection is before fees and applies only to shares held for a full outcome period. After fees, protection for November 2025 to October 2026 was 99.31%, so a full-period holder in a falling market could still lose about the fee. Prices can also dip mid-period. The fund fell 3.2% between February and April 2025. It is not FDIC-insured, and the protection is not guaranteed.
Does CPSN pay dividends?
No. The fund recorded no distributions. Its options follow only the price of the SPDR S&P 500 ETF Trust (SPY), so holders don't receive the dividends paid by the S&P 500 companies. That missing income is part of the cost of the downside protection. This makes CPSN a poor fit for anyone who relies on regular payouts, compared with funds that hold dividend-paying stocks or bonds directly.
How does the CPSN cap work?
The cap is the most the fund can gain over one outcome period. For November 1, 2025 through October 31, 2026, it was 6.78% before fees and 6.09% after fees. Any gain in SPY above that went unshared. A new cap is set each November 1 based on market conditions, so it usually changes from year to year. About a week before each period ends, Calamos posts the expected cap range on its website.
CPSN vs BUFR: what's the difference?
Both use options to limit losses, but in different ways. BUFR, from FT Vest, is a laddered buffer fund that spreads its exposure across several start dates. Its buffer cushions losses within a set range, not 100% of them. BUFR charges 0.95%, compared with 0.69% for CPSN. As of October 27, 2026, BUFR's one-year return was 11.6%, against 6.2% for CPSN. BUFR is also much larger: $10.5 billion as of August 31, 2026, compared with CPSN's $34.8 million as of July 31, 2026.
Is CPSN good for retirement?
It depends on the job it's meant to do. CPSN may suit retirees who want some S&P 500 price exposure and protection against 100% of losses before fees over each full outcome period. The trade-offs are capped gains, no income and a track record that only goes back to November 2024. It is also small, with $34.8 million in net assets as of July 31, 2026. The prospectus warns that bid/ask spreads and brokerage costs can reduce results.