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Launched · SEC filings

Calamos S&P 500 Structured Alt Protection ETF – March

CPSRNYSE ArcaCalamosC

$26.260.00 (0.00%)

As of Nov 10, 2026, 9:46 AM ET

C49/ 100

Rank 13 of 39 in S&P 500 Full Protection

C49/100Rank 13 of 39inS&P 500 Full Protection
Intraday session: flat, 1 prints from 26.26 to 26.26. Range 26.26 to 26.26. Use the arrow keys to read each point.25.5026.0027.0010 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$34M
1Y total return
+5.7%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
1.26K sh
52W range
low $24.79high $26.32
Launched
Filings
SEC EDGAR

The ETF.net CPSR Grade

Based on 4 of 6 pillars

C

Score 49 out of 100

Category
S&P 500 Full Protection⁠
Rank
13 of 39
Six-pillar profile for CPSR. Scores out of 100: Cost 62, Risk 55, Mission not scored, Tradability 18, Holdings not scored, Durability 48. Strongest: Cost (62). Weakest: Tradability (18). Based on 4 of 6 pillars.

Score 49 of 100 falls in the C 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.
    B55 out of 100
    Rank 10 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F18 out of 100
    Rank 37 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.
    C48 out of 100
    Rank 26 of 39

Our read on CPSR

ETF.net Research

In short

CCalamos's March gate into fully protected S&P 500 exposure: a one-year outcome period built to absorb every index loss, before fees, in exchange for a firm ceiling on the upside.

Stated mandate

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

Why people hold it

  • Protection is the whole point. Each one-year outcome period targets none of the S&P 500's losses, before fees and expenses, rather than a 10% or 15% buffer.calamos.com
  • Part of a series with entry points every month, so a fresh outcome period opens regularly instead of once a year.calamos.com
  • The 0.69% fee sits at the median of its fully protected peer group and matches siblings like CPSM and CPSJ, so month of entry, not cost, is the differentiator.

Worth knowing

  • The upside cap is set at each period's start and resets. Buy mid-period and your personal cap and protection level differ from the headline terms.calamos.com
  • Protection is stated before fees and expenses, so the 0.69% expense ratio comes out of whatever the structure delivers.
  • Thinly traded with a small asset base, which can mean wider bid/ask spreads than the giants of the S&P 500 world.

CPSR Performance

Launched Mar 3, 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.
CPSR$10,575
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. CPSR $10,575. SPY $11,339. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 CPSR. Periods over one year show the average yearly return.
PeriodCPSR
Year to date+4.4%
1 month+0.1%
3 months+1.0%
1 year+5.7%
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 CPSR
YearReturn barCPSR
2026 YTD+4.4%
2025+6.2%

Since listing, Mar 3, 2025

CPSR in the news

CPSR Dividends

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

No distributions in the last 12 months.

CPSR Risk

Risk pillarB55 out of 100Rank 10 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
1.6%
Annualised · 19 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.
1.77
vs 3-month T-bills · 19 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.
−3.4%
20 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.
0.11
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.

CPSR Cost

Compare CPSR 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.

  • CPSR 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSR 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$15K051015202530CPSR $13,429CPSL $2,106

Year by year

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

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