Calamos S&P 500 Structured Alt Protection ETF – October
$28.52+0.01 (+0.05%)
- 0.69%
- $31M
- +6.5%
- 0M sh
- $28.51
- low $26.73high $28.55
The ETF.net CPSO Grade
B
Score 56 out of 100
- 5 of 39
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 100Rank 9 of 39Mission
Whether the fund did what it promised, tested against its stated mandate.A86 out of 100Rank 3 of 3Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B55 out of 100Rank 11 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C50 out of 100Rank 16 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.B55 out of 100Rank 22 of 39
Our read on CPSO
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.
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 Holdings
- Stocks
- 3
- 105%
- SPDR S&P 500 ETF Trust (SPY) Long Call Option
CPSO 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.
CPSO$10,648
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 | CPSO |
|---|---|
| Year to date | +5.4% |
| 1 month | +1.0% |
| 3 months | +2.0% |
| 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 | CPSO |
|---|---|---|
| 2026 YTD | +5.4% | |
| 2025 | +6.2% | |
| 2024 | +0.8% |
CPSO in the news
CPSO Dividends
No distributions in the last 12 months.
CPSO Risk
- 2.4%
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.
- 0.84
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.
- −3.3%
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.
- 0.18
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
0.69%
CPSO0.69%
- 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
- AMMAXiShares Large Cap Max Buffer Mar ETFExpense ratio 0.53%1 year return +6.9%
- BCPNQCalamos ETF Trust - Calamos Nasdaq-100 Structured Alt Protection ETF - DecemberExpense ratio 0.69%1 year return +7.1%
- BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilExpense ratio 0.69%1 year return +6.3%
- BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberExpense ratio 0.69%1 year return +6.4%
- CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustExpense ratio 0.69%1 year return +6.3%