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Launched · SEC filings

Calamos S&P 500 Structured Alt Protection ETF – June

CPSUNYSE ArcaCalamosC

$28.00+0.05 (+0.17%)

As of Nov 2, 2026, 12:58 PM ET

C46/ 100

Rank 20 of 39 in S&P 500 Full Protection

C46/100Rank 20 of 39inS&P 500 Full Protection
Intraday session: up, 37 prints from 27.95 to 28.00. Range 27.95 to 28.04. Use the arrow keys to read each point.27.9828.0228.0410 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$29M
1Y total return
+4.2%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
1.78K sh
52W range
low $26.73high $29.01
Launched
Filings
SEC EDGAR

The ETF.net CPSU Grade

Based on 4 of 6 pillars

C

Score 46 out of 100

Category
S&P 500 Full Protection⁠
Rank
20 of 39
Six-pillar profile for CPSU. Scores out of 100: Cost 62, Risk 41, Mission not scored, Tradability 24, Holdings not scored, Durability 44. Strongest: Cost (62). Weakest: Tradability (24). Based on 4 of 6 pillars.

Score 46 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.
    C41 out of 100
    Rank 33 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F24 out of 100
    Rank 32 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.
    C44 out of 100
    Rank 29 of 39

Our read on CPSU

ETF.net Research

In short

CThe June rung on Calamos's monthly ladder of fully protected S&P 500 ETFs. FLEX options are structured to absorb 100% of the index's one-year decline, before fees, and the price for that floor is a cap on the upside.

Stated mandate

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

Why people hold it

  • Not a buffer. The options target the entire one-year drop in SPY rather than just the first 10% or 15%, which is the whole point of the full-protection shelf.calamos.com
  • Resets every June with a fresh cap and renewed protection, so holders roll into the next 12-month period without having to sell and re-enter.calamos.com
  • The 0.69% fee lands right at the median for 100% protection funds and undercuts older entrants like TJUL and TAPR at 0.79%.
  • One of the stronger builds in its 16-fund protection cohort, and part of a lineup with a start date in every month of the year rather than a one-off launch.calamos.com

Worth knowing

  • The 100% protection is stated before fees and expenses, and it applies to investors who hold from the first day of an outcome period to the last.
  • Buy mid-period and your actual downside cushion and remaining upside depend on where SPY has moved since the reset, not on the headline terms.calamos.com
  • Gains stop at the cap, index dividends do not pass through as income, and the fund trades lightly, so spreads can run wider than on large index ETFs.

CPSU Performance

Launched Jun 1, 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.
CPSU$10,417
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. CPSU $10,417. 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 CPSU. Periods over one year show the average yearly return.
PeriodCPSU
Year to date+3.2%
1 month+0.2%
3 months+0.9%
1 year+4.2%
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 CPSU
YearReturn barCPSU
2026 YTD+3.2%
2025+4.2%

History from Jun 2, 2025

CPSU in the news

CPSU Dividends

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

No distributions in the last 12 months.

CPSU Risk

Risk pillarC41 out of 100Rank 33 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
1.4%
Annualised · 16 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.
0.54
vs 3-month T-bills · 16 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.
−1.1%
16 months · trough Mar 2026
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.
0.10
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.

CPSU Cost

Compare CPSU 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.

  • CPSU 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSU 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$15K051015202530CPSU $13,429CPSL $2,106

Year by year

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

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