Calamos S&P 500 Structured Alt Protection ETF – February
$26.73+0.02 (+0.07%)
- 0.69%
- $35M
- +6.5%
- 0M sh
- $26.75
- low $25.13high $26.73
The ETF.net CPSF Grade
C
Score 48 out of 100
- 16 of 39
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 100Rank 9 of 39Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 19 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F19 out of 100Rank 33 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.C50 out of 100Rank 25 of 39
Our read on CPSF
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.
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
- Stocks
- 3
- 109%
- SPDR S&P 500 ETF Trust (SPY) Long Call Option
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%
CPSF Performance
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$10,646
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 | CPSF |
|---|---|
| Year to date | +4.4% |
| 1 month | +0.6% |
| 3 months | +1.6% |
| 1 year | +6.5% |
| 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 | CPSF |
|---|---|---|
| 2026 YTD | +4.4% | |
| 2025 | +6.2% |
CPSF in the news
CPSF Dividends
No distributions in the last 12 months.
CPSF Risk
- 2.2%
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.
- 1.06
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.
- −2.9%
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.
- 0.15
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CPSF Cost
0.69%
CPSF0.69%
- 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
- CJAJLInnovator Equity Defined Protection ETFExpense ratio 0.79%1 year return +6.2%
- CZJULInnovator ETFs Trust - Innovator Equity Defined Protection ETF - 1 Yr JulyExpense ratio 0.79%1 year return +6.0%
- CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchExpense ratio 0.69%1 year return +6.2%
- CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryExpense ratio 0.69%1 year return +6.4%
- CTJULInnovator Equity Defined Protection ETFExpense ratio 0.79%1 year return +5.1%