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Launched

Calamos S&P 500 Structured Alt Protection ETF – August

CPSANYSE ArcaCalamosC

$28.11−0.05 (−0.18%)

As of Nov 2, 2026, 3:59 PM ET

C55/ 100

Rank 8 of 39 in S&P 500 Full Protection

C55/100Rank 8 of 39inS&P 500 Full Protection
Intraday session: down, 78 prints from 28.16 to 28.11. Range 28.11 to 28.22. Use the arrow keys to read each point.28.1428.1828.2028.2210 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$50M
1Y total return
+5.3%
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
6.98K sh
52W range
low $26.48high $28.28
Launched

The ETF.net CPSA Grade

Based on 5 of 6 pillars

C

Score 55 out of 100

Category
S&P 500 Full Protection⁠
Rank
8 of 39
Six-pillar profile for CPSA. Scores out of 100: Cost 62, Risk 56, Mission 87, Tradability 40, Holdings not scored, Durability 62. Strongest: Mission (87). Weakest: Tradability (40). Based on 5 of 6 pillars.

Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25. The letter stays C for now. A new letter must hold for 3 published runs before it replaces it.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B62 out of 100
    Rank 9 of 39

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A87 out of 100
    Rank 3 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B56 out of 100
    Rank 9 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C40 out of 100
    Rank 26 of 39

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B62 out of 100
    Rank 15 of 39

Our read on CPSA

ETF.net Research

In short

CThe August start line in Calamos's laddered protection series: hold the full one-year outcome period and the structure aims to return 100% of capital before fees even if the S&P 500 ETF it references falls. The trade is a hard cap on the upside.

Stated mandate

The fund seeks point-to-point participation in the positive price return of the SPDR S&P 500 ETF Trust up to a predetermined cap, while providing 100% capital protection over the one-year outcome period before fees and expenses.

Why people hold it

  • A full floor, not a partial buffer: the structure targets 100% of capital back before fees if the SPDR S&P 500 ETF Trust is down over the one-year outcome period.calamos.com
  • 0.69% a year, right at the median for its protection cohort and below the 0.79% charged by older defined-outcome names like TJUL and TAPR.
  • Part of a monthly ladder (CPSJ for July, CPST for September), so a fresh one-year period opens somewhere in the lineup every month rather than once a year.calamos.com
  • Sits in the upper half of a 16-fund protection cohort, and has stuck closely to the outcome its own documents describe.

Worth knowing

  • The floor buys a ceiling. Upside stops at a cap reset each August, and the payoff follows price return only, so the index fund's dividends sit outside the deal.
  • Protection is point-to-point. Step in mid-period and your personal floor and cap land at different levels than the ones struck on August 1.
  • Small and thinly traded, so the spread can matter as much as the fee, and the 100% figure is stated before that 0.69% expense ratio.

CPSA Holdings

Asset class
Stocks
Holdings
2
Top-10 weight
100%
Largest holding
State Street SPDR S&P 500 ETF Trust99.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataState Street SPDR S&P 500 ETF Trust99.32%653$49.3M5
2No dataUs Dollar0.85%420,129$420K228

Showing 1–2 of 2 holdings

CPSA Performance

Launched Jul 31, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
CPSA$10,527
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPSA $10,527. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CPSA. Periods over one year show the average yearly return.
PeriodCPSA
Year to date+4.6%
1 month+0.2%
3 months+0.9%
1 year+5.3%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPSA
YearReturn barCPSA
2026 YTD+4.6%
2025+7.4%
2024+3.5%

History from Aug 1, 2024

CPSA in the news

CPSA Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPSA Risk

Risk pillarB56 out of 100Rank 9 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
2.8%
Annualised · 26 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.79
vs 3-month T-bills · 26 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−4.7%
26 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.21
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CPSA Cost

Compare CPSA and CPSL

Overpaying vs CPSL, cheapest in S&P 500 Full Protection

$11,323

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

  • CPSA 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSA 0.69%
  • CPSL 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSA $13,429CPSL $2,106

Year by year

YearCPSACPSLOverpaying
10$1,232$183$1,049
20$4,697$717$3,980
30$13,429$2,106$11,323

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