Calamos S&P 500 Structured Alt Protection ETF – August
$28.25+0.01 (+0.02%)
- 0.69%
- $50M
- +6.3%
- 0M sh
- $28.35
- low $26.48high $28.27
The ETF.net CPSA Grade
C
Score 54 out of 100
- 8 of 39
Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B62 out of 100Rank 9 of 39Mission
Whether the fund did what it promised, tested against its stated mandate.A87 out of 100Rank 2 of 3Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B55 out of 100Rank 11 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D38 out of 100Rank 26 of 39Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B62 out of 100Rank 15 of 39
Our read on CPSA
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.
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
- Stocks
- 2
- 100%
- State Street SPDR S&P 500 ETF Trust
CPSA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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CPSA$10,629
Returns run to the Oct 12, 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.
| Period | CPSA |
|---|---|
| Year to date | +4.9% |
| 1 month | +0.6% |
| 3 months | +1.5% |
| 1 year | +6.3% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CPSA |
|---|---|---|
| 2026 YTD | +4.9% | |
| 2025 | +7.4% | |
| 2024 | +3.5% |
CPSA in the news
CPSA Dividends
No distributions in the last 12 months.
CPSA Risk
- 2.9%
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.
- 0.83
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.
- −4.7%
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.
- 0.21
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
0.69%
CPSA0.69%
- The middle half of S&P 500 Full Protection funds
- Median 0.69%
7 of the 27 S&P 500 Full Protection funds charge less.
Other funds in S&P 500 Full Protection
- BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilExpense ratio 0.69%1 year return +6.3%
- BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberExpense ratio 0.69%1 year return +6.4%
- CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberExpense ratio 0.69%1 year return +5.8%
- CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayExpense ratio 0.69%1 year return +5.1%
- CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyExpense ratio 0.69%1 year return +5.8%