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CPSP

GradeBNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF – April

Floor Protected · Calamos · Inception 2025-04-01

$27.29+0.04 (+0.15%)

As of Sep 23, 2026, 10:05 AM EDT

History starts Apr 1, 2025.
Intraday session: up, 2 prints from 27.25 to 27.29. Range 27.25 to 27.29. Use the arrow keys to read each point.$27.25$27.26$27.27$27.2810 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$24M
1Y return
+5.9%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$27.31
52W range
low $25.66high $27.25

The ETF.net CPSP Grade

B

57/ 100

Rank 4 of 39 in S&P 500 Full Protection⁠

Confidence Medium

Six-pillar profile for CPSP. Scores out of 100: Cost 62, Risk 82, Mission not scored, Tradability 28, Holdings not scored, Durability 42. Strongest: Risk (82). Weakest: Tradability (28). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 57 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 rank18/39 · top 46%

  • 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.
    AScore 82
    Category rank1/37 · top 3%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 28
    Category rank30/39 · bottom quartile

  • 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 42
    Category rank30/39 · bottom quartile

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

Our read on CPSP

ETF.net Research

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

  1. 01Full 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
  2. 02One 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.
  3. 03The 0.69% fee sits right at the middle of the full-protection group, so the strongest protection level on offer carries no price premium.
  4. 04Plumbing 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

  1. 01Protection 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.
  2. 02The 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
  3. 03The 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 Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
114%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option112.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPDR S&P 500 ETF Trust (SPY) Long Call Option112.28%355$27M11
002—SPDR S&P 500 ETF Trust (SPY) Long Put Option1.24%355$297K11
003—US DOLLAR0.55%130,421$130K231

Showing 1–3 of 3 holdings

CPSP Performance

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

CPSP$10,591
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. CPSP $10,591. 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 CPSP. Periods over one year show the average yearly return.
PeriodCPSP
Year to date+4.5%
1 month+0.4%
3 months+1.4%
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 CPSP
YearReturn barCPSP
2026 YTD+4.5%
2025+5.5%

Since listing, Apr 1, 2025

CPSP in the news

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

CPSP Dividends

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

No distributions in the last 12 months.

CPSP Risk

How much the fund’s monthly returns vary, scaled to a year.
1.1%
Annualised · 16 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.
2.70
vs 3-month T-bills · 16 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.
−1.7%
17 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.

CPSP 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.

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