Calamos S&P 500 Structured Alt Protection ETF – April
$27.37+0.04 (+0.15%)
- 0.69%
- $24M
- +6.3%
- 0M sh
- $27.39
- low $25.72high $27.37
The ETF.net CPSP 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.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A80 out of 100Rank 1 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D26 out of 100Rank 30 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.C42 out of 100Rank 30 of 39
Our read on CPSP
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.
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 Holdings
- Stocks
- 3
- 116%
- SPDR S&P 500 ETF Trust (SPY) Long Call Option
CPSP 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.
CPSP$10,630
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 | CPSP |
|---|---|
| Year to date | +4.8% |
| 1 month | +0.5% |
| 3 months | +1.3% |
| 1 year | +6.3% |
| 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 | CPSP |
|---|---|---|
| 2026 YTD | +4.8% | |
| 2025 | +5.5% |
CPSP in the news
CPSP Dividends
No distributions in the last 12 months.
CPSP Risk
- 1.1%
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.
- 2.55
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.
- −1.7%
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.
- 0.07
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
0.69%
CPSP0.69%
- 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
- BCPNQCalamos ETF Trust - Calamos Nasdaq-100 Structured Alt Protection ETF - DecemberExpense ratio 0.69%1 year return +7.1%
- BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberExpense ratio 0.69%1 year return +6.5%
- 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%
- CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberExpense ratio 0.69%1 year return +5.8%