{
 "ticker": "CPSL",
 "name": "Calamos Laddered S&P 500 Structured Alt Protection ETF",
 "issuer": "Calamos",
 "desk": "buffer",
 "url": "https://etfiq.com/funds/cpsl",
 "html": "https://etfiq.com/funds/cpsl",
 "markdown": "https://etfiq.com/funds/cpsl.md",
 "as_of": "2026-10-09",
 "verdict": "As of Oct 9, 2026, CPSL's 12 sleeves publish no remaining cap and can fall 3.0% before their buffers.",
 "key_facts": [
  {
   "key": "fall_before_the_buffers_weighted",
   "label": "Fall before the buffers, weighted",
   "value": "3.0%",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "CPSL, fall before the buffers, weighted: 3.0%, as of Oct 9, 2026."
  },
  {
   "key": "protection_left_weighted_index_points",
   "label": "Protection left, weighted, index points",
   "value": "100.0%",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "CPSL, protection left, weighted, index points: 100.0%, as of Oct 9, 2026."
  },
  {
   "key": "days_to_the_next_reset",
   "label": "Days to the next reset",
   "value": "21",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "CPSL, days to the next reset: 21, as of Oct 9, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$126m on Jul 31, 2026",
   "source": "N-PORT",
   "as_of": "2026-10-09",
   "sentence": "CPSL, net assets: $126m on Jul 31, 2026 (N-PORT)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.79%",
   "source": "485BPOS XBRL, Nov 21, 2025",
   "as_of": "2026-10-09",
   "sentence": "CPSL, expense ratio: 0.79% (485BPOS XBRL, Nov 21, 2025)."
  },
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "SPY",
   "source": null,
   "as_of": "2026-10-09",
   "sentence": "CPSL, reference index: SPY, as of Oct 9, 2026."
  }
 ],
 "fields": [
  {
   "key": "kind",
   "label": "Kind",
   "value": "Laddered buffer ETF: a fund of 12 buffer ETFs",
   "source": null
  },
  {
   "key": "reference_index",
   "label": "Reference index",
   "value": "SPY",
   "source": null
  },
  {
   "key": "sleeves",
   "label": "Sleeves",
   "value": "CPSN, CPSD, CPSY, CPSF, CPSR, CPSP, CPSM, CPSU, CPSJ, CPSA, CPST, CPSO",
   "source": null
  },
  {
   "key": "sleeve_outcome_periods",
   "label": "Sleeve outcome periods",
   "value": "about 12 months each, ending on 12 different dates",
   "source": null
  },
  {
   "key": "weights",
   "label": "Weights",
   "value": "its report for Jul 31, 2026",
   "source": "N-PORT"
  },
  {
   "key": "share_of_net_assets_in_the_sleeves_etfiq_reads",
   "label": "Share of net assets in the sleeves ETFIQ reads",
   "value": "99.91%",
   "source": null
  },
  {
   "key": "can_still_gain_weighted",
   "label": "Can still gain, weighted",
   "value": "not read by ETFIQ",
   "source": "ETFIQ"
  },
  {
   "key": "fall_before_the_buffers_weighted",
   "label": "Fall before the buffers, weighted",
   "value": "3.0%",
   "source": "ETFIQ"
  },
  {
   "key": "protection_left_weighted_index_points",
   "label": "Protection left, weighted, index points",
   "value": "100.0%",
   "source": "ETFIQ"
  },
  {
   "key": "next_sleeve_to_reset",
   "label": "Next sleeve to reset",
   "value": "CPSN on Oct 30, 2026, in 21 days",
   "source": null
  },
  {
   "key": "days_left_weighted",
   "label": "Days left, weighted",
   "value": "188",
   "source": "ETFIQ"
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$126m on Jul 31, 2026",
   "source": "N-PORT"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.79%",
   "source": "485BPOS XBRL, Nov 21, 2025"
  },
  {
   "key": "sleeve_cpsn_8_33_of_net_assets",
   "label": "Sleeve CPSN, 8.33% of net assets",
   "value": "SPY, period ends Oct 30, 2026, can still gain not read by ETFIQ, fall before buffer 6.1%",
   "source": null
  },
  {
   "key": "sleeve_cpsd_8_33_of_net_assets",
   "label": "Sleeve CPSD, 8.33% of net assets",
   "value": "SPY, period ends Nov 30, 2026, can still gain not read by ETFIQ, fall before buffer 5.4%",
   "source": null
  },
  {
   "key": "sleeve_cpsy_8_33_of_net_assets",
   "label": "Sleeve CPSY, 8.33% of net assets",
   "value": "SPY, period ends Dec 31, 2026, can still gain not read by ETFIQ, fall before buffer 4.7%",
   "source": null
  },
  {
   "key": "sleeve_cpsf_8_32_of_net_assets",
   "label": "Sleeve CPSF, 8.32% of net assets",
   "value": "SPY, period ends Jan 29, 2027, can still gain not read by ETFIQ, fall before buffer 4.1%",
   "source": null
  },
  {
   "key": "sleeve_cpsr_8_33_of_net_assets",
   "label": "Sleeve CPSR, 8.33% of net assets",
   "value": "SPY, period ends Feb 26, 2027, can still gain not read by ETFIQ, fall before buffer 3.5%",
   "source": null
  },
  {
   "key": "sleeve_cpsp_8_32_of_net_assets",
   "label": "Sleeve CPSP, 8.32% of net assets",
   "value": "SPY, period ends Mar 31, 2027, can still gain not read by ETFIQ, fall before buffer 3.8%",
   "source": null
  },
  {
   "key": "sleeve_cpsm_8_31_of_net_assets",
   "label": "Sleeve CPSM, 8.31% of net assets",
   "value": "SPY, period ends Apr 30, 2027, can still gain not read by ETFIQ, fall before buffer 2.4%",
   "source": null
  },
  {
   "key": "sleeve_cpsu_8_29_of_net_assets",
   "label": "Sleeve CPSU, 8.29% of net assets",
   "value": "SPY, period ends May 28, 2027, can still gain not read by ETFIQ, fall before buffer 1.6%",
   "source": null
  },
  {
   "key": "sleeve_cpsj_8_33_of_net_assets",
   "label": "Sleeve CPSJ, 8.33% of net assets",
   "value": "SPY, period ends Jun 30, 2027, can still gain not read by ETFIQ, fall before buffer 1.6%",
   "source": null
  },
  {
   "key": "sleeve_cpsa_8_34_of_net_assets",
   "label": "Sleeve CPSA, 8.34% of net assets",
   "value": "SPY, period ends Jul 30, 2027, can still gain not read by ETFIQ, fall before buffer 1.3%",
   "source": null
  },
  {
   "key": "sleeve_cpst_8_34_of_net_assets",
   "label": "Sleeve CPST, 8.34% of net assets",
   "value": "SPY, period ends Aug 31, 2027, can still gain not read by ETFIQ, fall before buffer 0.6%",
   "source": null
  },
  {
   "key": "sleeve_cpso_8_34_of_net_assets",
   "label": "Sleeve CPSO, 8.34% of net assets",
   "value": "SPY, period ends Sep 30, 2027, can still gain not read by ETFIQ, fall before buffer 0.7%",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "+1.4%",
   "SPY price return": "+3.1%",
   "Gap to SPY": "\u22121.8 pts"
  },
  {
   "window": "6 months",
   "Total return": "+3.5%",
   "SPY price return": "+14.6%",
   "Gap to SPY": "\u221211.1 pts"
  },
  {
   "window": "1 year",
   "Total return": "+5.8%",
   "SPY price return": "+16.0%",
   "Gap to SPY": "\u221210.2 pts"
  },
  {
   "window": "Since launch",
   "Total return": "+13.9%",
   "SPY price return": "+42.5%",
   "Gap to SPY": "\u221228.6 pts"
  }
 ],
 "questions": [
  {
   "q": "What does CPSL hold?",
   "a": "CPSL holds 12 buffer ETFs: CPSN, CPSD, CPSY, CPSF, CPSR, CPSP, CPSM, CPSU, CPSJ, CPSA, CPST, CPSO. Its N-PORT for Jul 31, 2026 puts 99.9% of its net assets in them."
  },
  {
   "q": "How much can CPSL still gain?",
   "a": "CPSL's sleeves publish no remaining cap as of Oct 9, 2026, so ETFIQ prints no weighted cap."
  },
  {
   "q": "When does CPSL reset?",
   "a": "CPSL itself does not reset. Each sleeve resets on its own date; the next is CPSN on Oct 30, 2026, in 21 days."
  }
 ],
 "generated": "2026-10-09",
 "license": "https://etfiq.com/license/",
 "license_text": "Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.",
 "citation": "ETFIQ, CPSL, buffer ETFs, data as of Oct 9, 2026. https://etfiq.com/funds/cpsl"
}