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CPSO

GradeBNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF – October

Floor Protected · Calamos · Inception 2024-10-01

$28.30−0.00 (−0.01%)

As of Sep 23, 2026, 2:44 PM EDT

History starts Oct 1, 2024.
Intraday session: down, 20 prints from 28.30 to 28.30. Range 28.30 to 28.31. Use the arrow keys to read each point.$28.30$28.3110 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$28M
1Y return
+5.8%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$28.30
52W range
low $26.73high $28.32

The ETF.net CPSO Grade

B

56/ 100

Rank 5 of 39 in S&P 500 Full Protection⁠

Confidence Medium

Six-pillar profile for CPSO. Scores out of 100: Cost 62, Risk 59, Mission not scored, Tradability 46, Holdings not scored, Durability 55. Strongest: Cost (62). Weakest: Tradability (46). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 56 of 100 sits in the B 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 rank17/39 · top 44%

  • 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.
    BScore 59
    Category rank7/37 · top 19%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 46
    Category rank21/39 · 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.
    BScore 55
    Category rank22/39 · mid-pack

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

Our read on CPSO

ETF.net Research

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

  1. 01Over 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
  2. 02Runs 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
  3. 030.69% 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.
  4. 04A 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

  1. 01Upside is capped and tied to SPY's price return, so the index's dividends sit outside the deal.calamos.com
  2. 02The 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
  3. 03It 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 Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
108%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option107.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPDR S&P 500 ETF Trust (SPY) Long Call Option107.48%392$30M11
002—US DOLLAR0.22%61,698$62K231
003—SPDR S&P 500 ETF Trust (SPY) Long Put Option0.02%392$6K11

Showing 1–3 of 3 holdings

CPSO Performance

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

CPSO$10,581
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. CPSO $10,581. 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 CPSO. Periods over one year show the average yearly return.
PeriodCPSO
Year to date+4.6%
1 month+0.6%
3 months+1.7%
1 year+5.8%
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 CPSO
YearReturn barCPSO
2026 YTD+4.6%
2025+6.2%
2024+0.8%

Since listing, Oct 1, 2024

CPSO in the news

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

CPSO Dividends

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

No distributions in the last 12 months.

CPSO Risk

How much the fund’s monthly returns vary, scaled to a year.
2.5%
Annualised · 22 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.
0.84
vs 3-month T-bills · 22 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.
−3.3%
23 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.
0.18
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.

CPSO 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.

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