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Launched

Calamos S&P 500 Structured Alt Protection ETF – April

CPSPNYSE ArcaCalamosB

$27.38+0.04 (+0.16%)

As of Nov 2, 2026, 3:44 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: up, 70 prints from 27.34 to 27.38. Range 27.34 to 27.38. Use the arrow keys to read each point.27.3427.3527.3627.3710 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$24M
1Y total return
+6.0%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
1.82K sh
52W range
low $25.75high $27.42
Launched

The ETF.net CPSP Grade

Based on 4 of 6 pillars

B

Score 56 out of 100

Category
S&P 500 Full Protection⁠
Rank
5 of 39
Six-pillar profile for CPSP. Scores out of 100: Cost 62, Risk 81, Mission not scored, Tradability 26, Holdings not scored, Durability 42. Strongest: Risk (81). Weakest: Tradability (26). Based on 4 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.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A81 out of 100
    Rank 1 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D26 out of 100
    Rank 29 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.
    C42 out of 100
    Rank 30 of 39

Our read on CPSP

ETF.net Research

In short

BA one-year S&P 500 bet with a floor bolted underneath: CPSP aims to deliver the index's price return up to a cap while absorbing 100% of losses across its outcome period, before fees. The full floor is the point. The cap is what it costs.

Stated mandate

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

Why people hold it

  • Full protection, not a partial buffer: the structure is built to absorb 100% of S&P 500 losses over its twelve-month outcome period, before fees and expenses.calamos.com
  • One rung on a monthly ladder. Calamos runs a sibling series (CPSM, CPSJ, CPSA and others), so a fresh outcome period opens in most months of the year.
  • The 0.69% fee sits right at the middle of the full-protection group, so the strongest protection level on offer carries no price premium.
  • Plumbing stays simple: one reference exposure, the SPDR S&P 500 ETF Trust, wrapped in a 1940 Act fund rather than a note with bank credit risk behind it.calamos.com

Worth knowing

  • Protection is paid for in upside. A cap is set each April for the year ahead, and covering the whole downside leaves a lower ceiling than partial-buffer funds carry.
  • The math works for holders across a complete outcome period. Step in or out mid-period and you get whatever the options are worth that day, floor not yet locked.calamos.com
  • The floor is quoted before fees and expenses, and the fund has not been paying distributions, so anything you get back shows up in the share price.

CPSP Performance

Launched Mar 31, 2025

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.
CPSP$10,597
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. CPSP $10,597. 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 CPSP. Periods over one year show the average yearly return.
PeriodCPSP
Year to date+4.9%
1 month+0.3%
3 months+1.1%
1 year+6.0%
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 CPSP
YearReturn barCPSP
2026 YTD+4.9%
2025+5.5%

History from Apr 1, 2025

CPSP in the news

CPSP Dividends

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

No distributions in the last 12 months.

CPSP Risk

Risk pillarA81 out of 100Rank 1 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
1.1%
Annualised · 18 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.
2.39
vs 3-month T-bills · 18 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.
−1.7%
18 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.
0.07
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.

CPSP Cost

Compare CPSP 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.

  • CPSP 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSP 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$15K051015202530CPSP $13,429CPSL $2,106

Year by year

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

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