# CPSN (Calamos S&P 500 ® Structured Alt Protection ETF - November)

Calamos · Buffer ETFs · data as of Sep 12, 2026

As of Sep 12, 2026, CPSN has reached its cap.

## Key facts

- CPSN, fall before the buffer: 5.4%, as of Sep 12, 2026.
- CPSN, protection left, index points: 99.4%, as of Sep 12, 2026.
- CPSN, days to reset: 49, as of Sep 12, 2026.
- CPSN, net assets: $34m (source, as filed for Apr 30, 2026).
- CPSN, expense ratio: 0.69% (issuer page, Sep 12, 2026).
- CPSN, reference index: SPY, as of Sep 12, 2026.

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 1% to 100% | ETFIQ |
| Outcome period | Nov 3, 2025 to Oct 31, 2026 | ETFIQ |
| Starting cap | +6.2% | ETFIQ |
| SPY return since period start | +11.8% | ETFIQ |
| Fund return since period start | +5.2% | ETFIQ |
| Net assets | $34m | source, as filed for Apr 30, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | not published | issuer, fund price |
| Fall before buffer | 5.4% | issuer, fund price |
| Fall to the buffer in index terms | 11.1% | ETFIQ |
| Protection left in index points | 99.4% of 99.4% | ETFIQ |
| Days left in period | 49 | ETFIQ |
| Expense ratio | 0.69% | issuer page, Sep 12, 2026 |

## Questions

### How much can CPSN still gain?

Nothing more in index terms on Sep 12, 2026. SPY has already passed the cap of +6.2% for this period, which runs from Nov 3, 2025 to Oct 31, 2026.

### How far can CPSN fall before the buffer helps?

5.4% in fund-price terms on Sep 12, 2026, by the issuer's figure. In index terms SPY can fall 11.1% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the CPSN buffer is left?

99.4% of the 99.4% buffer sat below the SPY level on Sep 12, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does CPSN reset?

The outcome period ends on Oct 31, 2026, 49 days from the data on Sep 12, 2026. A new cap is set the next day and the buffer starts again.

### What does CPSN cost?

The prospectus expense ratio is 0.69% a year.


## Cite this page

ETFIQ, CPSN, data as of Sep 12, 2026. https://etfiq.com/funds/CPSN
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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