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Launched

Calamos S&P 500 Structured Alt Protection ETF – February

CPSFNYSE ArcaCalamosC

$26.68−0.01 (−0.04%)

As of Nov 10, 2026, 11:16 AM ET

C48/ 100

Rank 15 of 39 in S&P 500 Full Protection

C48/100Rank 15 of 39inS&P 500 Full Protection
Intraday session: down, 21 prints from 26.69 to 26.68. Range 26.66 to 26.68. Use the arrow keys to read each point.26.6626.6626.6726.6826.6810 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$37M
1Y total return
+5.7%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
1.47K sh
52W range
low $25.14high $26.78
Launched

The ETF.net CPSF Grade

Based on 4 of 6 pillars

C

Score 48 out of 100

Category
S&P 500 Full Protection⁠
Rank
15 of 39
Six-pillar profile for CPSF. Scores out of 100: Cost 62, Risk 51, Mission not scored, Tradability 20, Holdings not scored, Durability 50. Strongest: Cost (62). Weakest: Tradability (20). Based on 4 of 6 pillars.

Score 48 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 100
    Rank 9 of 39

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C51 out of 100
    Rank 18 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F20 out of 100
    Rank 35 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.
    C50 out of 100
    Rank 25 of 39

Our read on CPSF

ETF.net Research

In short

CA full floor, not a buffer: it aims to match the S&P 500's price return up to a set cap while absorbing 100% of losses over its one-year outcome period, before fees. February is one rung of Calamos's monthly protection ladder.

Stated mandate

The fund is designed to match the positive price return of the S&P 500 up to a defined cap while protecting against 100% of losses over the one-year outcome period, before fees and expenses.

Why people hold it

  • The floor is the product: 100% of S&P 500 price losses absorbed across the one-year outcome period, before fees and expenses. The whole drawdown, not a 10% or 20% slice of it.calamos.com
  • Charges 0.69% a year, right at the median for S&P 500 full-protection funds. No surcharge for the structure.
  • One rung of a monthly series (CPSP in April, CPSM in May, CPSJ in July, CPST in September, all at 0.69%), so entry dates can be staggered instead of staked on a single reset.
  • A plain 1940 Act ETF that references SPY, so the protection sits in an options package inside a fund rather than in a bank's promise on a structured note.calamos.com

Worth knowing

  • The price of a full floor is a ceiling. Upside stops at a cap reset each period by options pricing, and the fund follows price return, so index dividends stay behind.
  • The math assumes buying at the reset and holding to the end. Step in mid-period and both the effective cap and the protection left differ from the headline terms.
  • Launched in 2025, no distributions (the return lives in the share price), and not among the category's heavily traded names, so the spread can matter at the ticket.

CPSF Holdings

Asset class
Stocks
Holdings
3
Top-10 weight
104%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option102.0%

Sectors

  • Technology35.1%
  • Financials13.1%
  • Communication10.9%
  • Consumer Discretionary10.6%
  • Health Care9.6%
  • Industrials7.5%
  • Consumer Staples4.7%
  • Energy2.8%
  • Utilities2.3%
  • Real Estate1.8%
  • Materials1.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSPDR S&P 500 ETF Trust (SPY) Long Call Option102.02%511$37.3M11
2No dataSPDR S&P 500 ETF Trust (SPY) Long Put Option1.83%511$669K11
3No dataUs Dollar0.30%107,852$108K263

Showing 1–3 of 3 holdings

CPSF Performance

Launched Feb 3, 2025

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.
CPSF$10,574
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. CPSF $10,574. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 CPSF. Periods over one year show the average yearly return.
PeriodCPSF
Year to date+4.3%
1 month−0.1%
3 months+0.8%
1 year+5.7%
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 CPSF
YearReturn barCPSF
2026 YTD+4.3%
2025+6.2%

Since listing, Feb 3, 2025

CPSF in the news

CPSF Dividends

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

No distributions in the last 12 months.

CPSF Risk

Risk pillarC51 out of 100Rank 18 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
2.2%
Annualised · 20 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.
0.98
vs 3-month T-bills · 20 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.
−2.9%
21 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.
0.15
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.

CPSF Cost

Compare CPSF 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.

  • CPSF 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSF 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$15K051015202530CPSF $13,429CPSL $2,106

Year by year

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

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