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Launched

Calamos S&P 500 Structured Alt Protection ETF – October

CPSONYSE ArcaCalamosB

$28.39−0.06 (−0.19%)

As of Nov 2, 2026, 3:59 PM ET

B56/ 100

Rank 5 of 39 in S&P 500 Full Protection

B56/100Rank 5 of 39inS&P 500 Full Protection
Intraday session: down, 78 prints from 28.45 to 28.39. Range 28.39 to 28.47. Use the arrow keys to read each point.28.4228.4428.4610 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$34M
1Y total return
+5.7%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
4.01K sh
52W range
low $26.73high $28.58
Launched

The ETF.net CPSO Grade

Based on 5 of 6 pillars

B

Score 56 out of 100

Category
S&P 500 Full Protection⁠
Rank
5 of 39
Six-pillar profile for CPSO. Scores out of 100: Cost 62, Risk 51, Mission 86, Tradability 52, Holdings not scored, Durability 55. Strongest: Mission (86). Weakest: Risk (51). Based on 5 of 6 pillars.

Score 56 of 100 falls in the B 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.
    A86 out of 100
    Rank 4 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C51 out of 100
    Rank 20 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C52 out of 100
    Rank 18 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.
    B55 out of 100
    Rank 21 of 39

Our read on CPSO

ETF.net Research

In short

BOne of twelve monthly doors into the same idea: S&P 500 price exposure with 100% downside protection over a one-year stretch, reset every October 1. The floor is the product, and a capped upside is the price of it.

Stated mandate

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

Why people hold it

  • Over each one-year outcome period the fund aims to shield 100% of S&P 500 price losses, before fees and expenses, for shareholders who hold start to finish.calamos.com
  • Runs on a calendar, not a forecast: a new 12-month period starts each October 1 with a fresh cap and reset protection, so the terms are set before you step in.calamos.com
  • 0.69% a year, right at the median for its 100%-protection S&P 500 peer group and the same fee Calamos charges on sibling months like CPSM and CPSJ.
  • A 1940 Act ETF built on options tied to SPY rather than a bank-issued structured note, and it trades any day the market is open.

Worth knowing

  • Upside is capped and tied to SPY's price return, so the index's dividends sit outside the deal.calamos.com
  • The headline terms belong to the full period. Buy mid-period and your remaining cap and remaining protection are whatever the market prices that day.calamos.com
  • It has stayed one of the smaller, lighter-traded months in the lineup, so spreads can be wider than on mainstream index funds. Limit orders help.

CPSO Performance

Launched Sep 30, 2024

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.
CPSO$10,568
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPSO $10,568. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 CPSO. Periods over one year show the average yearly return.
PeriodCPSO
Year to date+5.1%
1 month+0.5%
3 months+1.5%
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 CPSO
YearReturn barCPSO
2026 YTD+5.1%
2025+6.2%
2024+0.8%

History from Oct 1, 2024

CPSO in the news

CPSO Dividends

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

No distributions in the last 12 months.

CPSO Risk

Risk pillarC51 out of 100Rank 20 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
2.4%
Annualised · 24 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.
0.84
vs 3-month T-bills · 24 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.
−3.3%
24 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.
0.17
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.

CPSO Cost

Compare CPSO 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.

  • CPSO 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSO 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$15K051015202530CPSO $13,429CPSL $2,106

Year by year

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

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