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CPSA

GradeCNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF – August

Floor Protected · Calamos · Inception 2024-08-01

$28.11−0.02 (−0.09%)

As of Sep 23, 2026, 2:17 PM EDT

History starts Aug 1, 2024.
Intraday session: down, 35 prints from 28.13 to 28.11. Range 28.09 to 28.14. Use the arrow keys to read each point.$28.10$28.12$28.1410 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$48M
1Y return
+5.7%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$28.25
52W range
low $26.48high $28.17

The ETF.net CPSA Grade

C

55/ 100

Rank 10 of 39 in S&P 500 Full Protection⁠

Confidence High

Six-pillar profile for CPSA. Scores out of 100: Cost 62, Risk 59, Mission 87, Tradability 37, Holdings not scored, Durability 62. Strongest: Mission (87). Weakest: Tradability (37). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 55 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 62
    Category rank11/39 · top 28%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 87
    Category rank2/2 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 59
    Category rank6/37 · top 16%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 37
    Category rank27/39 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 62
    Category rank15/39 · top 38%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on CPSA

ETF.net Research

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

  1. 01A 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
  2. 020.69% 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.
  3. 03Part 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
  4. 04Sits in the upper half of a 16-fund protection cohort, and has stuck closely to the outcome its own documents describe.

Worth knowing

  1. 01The 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.
  2. 02Protection 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.
  3. 03Small 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

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
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 valueIn ETFs
001—State Street SPDR S&P 500 ETF Trust99.34%635$48M2
002—US DOLLAR0.75%358,894$359K231

Showing 1–2 of 2 holdings

CPSA Performance

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

CPSA$10,571
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CPSA $10,571. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+4.5%
1 month+0.2%
3 months+1.4%
1 year+5.7%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+4.5%
2025+7.4%
2024+3.5%

Since listing, Aug 1, 2024

CPSA in the news

ETF.net Research hasn’t filed on CPSA yet — coverage lands here as it’s written.

CPSA Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CPSA Risk

How much the fund’s monthly returns vary, scaled to a year.
2.9%
Annualised · 24 months to Aug 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.
0.90
vs 3-month T-bills · 24 months to Aug 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%
25 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.

CPSA Cost

Expense ratio0.69%
  • The middle half of S&P 500 Full Protection funds
  • Median 0.69%

6 of the 26 S&P 500 Full Protection funds charge less.

CPSA costs $69.00 a year on $10,000. The median S&P 500 Full Protection fund costs $69.00.