Calamos S&P 500 Structured Alt Protection ETF – June
$28.08+0.02 (+0.06%)
- 0.69%
- $29M
- +5.2%
- 0M sh
- $28.14
- low $26.73high $29.01
The ETF.net CPSU Grade
C
Score 50 out of 100
- 13 of 39
Score 50 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 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.C40 out of 100Rank 33 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C43 out of 100Rank 22 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.C44 out of 100Rank 29 of 39
Our read on CPSU
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.
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 Holdings
- Stocks
- 3
- 104%
- SPDR S&P 500 ETF Trust (SPY) Long Call Option
CPSU Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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CPSU$10,525
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 | CPSU |
|---|---|
| Year to date | +3.7% |
| 1 month | +0.8% |
| 3 months | +1.4% |
| 1 year | +5.2% |
| 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 | CPSU |
|---|---|---|
| 2026 YTD | +3.7% | |
| 2025 | +4.2% |
CPSU in the news
CPSU Dividends
No distributions in the last 12 months.
CPSU Risk
- 1.4%
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.
- 0.65
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.
- −1.1%
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.
- 0.10
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CPSU Cost
0.69%
CPSU0.69%
- 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
- CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyExpense ratio 0.69%1 year return +5.8%
- CCPSDCalamos ETF Trust - Calamos S&P 500 Structured Alt Protection ETF - DecemberExpense ratio 0.69%1 year return +7.0%
- CJAJLInnovator Equity Defined Protection ETFExpense ratio 0.79%1 year return +6.2%
- CZJULInnovator ETFs Trust - Innovator Equity Defined Protection ETF - 1 Yr JulyExpense ratio 0.79%1 year return +6.0%
- CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryExpense ratio 0.69%1 year return +6.5%