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CPSF

GradeCNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF – February

Floor Protected · Calamos · Inception 2025-02-03

$26.58−0.04 (−0.13%)

As of Sep 23, 2026, 2:05 PM EDT

History starts Feb 3, 2025.
Intraday session: down, 32 prints from 26.62 to 26.58. Range 26.58 to 26.63. Use the arrow keys to read each point.$26.60$26.6210 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$35M
1Y return
+5.9%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$26.66
52W range
low $25.09high $26.63

The ETF.net CPSF Grade

C

52/ 100

Rank 12 of 39 in S&P 500 Full Protection⁠

Confidence Medium

Six-pillar profile for CPSF. Scores out of 100: Cost 62, Risk 54, Mission not scored, Tradability 31, Holdings not scored, Durability 50. Strongest: Cost (62). Weakest: Tradability (31). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 52 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 rank13/39 · top 33%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 54
    Category rank14/37 · top 38%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 31
    Category rank29/39 · 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.
    CScore 50
    Category rank25/39 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on CPSF

ETF.net Research

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

  1. 01The 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
  2. 02Charges 0.69% a year, right at the median for S&P 500 full-protection funds. No surcharge for the structure.
  3. 03One 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.
  4. 04A 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

  1. 01The 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.
  2. 02The 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.
  3. 03Launched 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

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
107%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option105.5%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPDR S&P 500 ETF Trust (SPY) Long Call Option105.46%492$37M11
002—SPDR S&P 500 ETF Trust (SPY) Long Put Option1.22%492$430K11
003—US DOLLAR0.55%193,115$193K231

Showing 1–3 of 3 holdings

CPSF Performance

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

CPSF$10,587
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. CPSF $10,587. 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 CPSF. Periods over one year show the average yearly return.
PeriodCPSF
Year to date+4.0%
1 month+0.4%
3 months+1.6%
1 year+5.9%
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 CPSF
YearReturn barCPSF
2026 YTD+4.0%
2025+6.2%

Since listing, Feb 3, 2025

CPSF in the news

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

CPSF Dividends

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

No distributions in the last 12 months.

CPSF Risk

How much the fund’s monthly returns vary, scaled to a year.
2.3%
Annualised · 18 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.
1.10
vs 3-month T-bills · 18 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.
−2.9%
19 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.

CPSF 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.

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