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CPSU

GradeCNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF – June

Floor Protected · Calamos · Inception 2025-06-02 · SEC filings

$27.89−0.03 (−0.11%)

As of Sep 23, 2026, 3:05 PM EDT

History starts Jun 2, 2025.
Intraday session: down, 2 prints from 27.92 to 27.89. Range 27.89 to 27.92. Use the arrow keys to read each point.$27.90$27.91$27.9210 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$29M
1Y return
+4.5%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$28.03
52W range
low $26.68high $29.01

The ETF.net CPSU Grade

C

51/ 100

Rank 13 of 39 in S&P 500 Full Protection⁠

Confidence Medium

Six-pillar profile for CPSU. Scores out of 100: Cost 62, Risk 38, Mission not scored, Tradability 49, Holdings not scored, Durability 44. Strongest: Cost (62). Weakest: Risk (38). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C 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 rank21/39 · mid-pack

  • 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.
    DScore 38
    Category rank32/37 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 49
    Category rank20/39 · mid-pack

  • 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 44
    Category rank29/39 · mid-pack

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

Our read on CPSU

ETF.net Research

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

  1. 01Not 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
  2. 02Resets 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
  3. 03The 0.69% fee lands right at the median for 100% protection funds and undercuts older entrants like TJUL and TAPR at 0.79%.
  4. 04One 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

  1. 01The 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.
  2. 02Buy 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
  3. 03Gains 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

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
103%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option98.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPDR S&P 500 ETF Trust (SPY) Long Call Option98.52%374$28M11
002—SPDR S&P 500 ETF Trust (SPY) Long Put Option3.86%374$1M11
003—US DOLLAR0.79%227,285$227K231

Showing 1–3 of 3 holdings

CPSU Performance

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

CPSU$10,449
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. CPSU $10,449. 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 CPSU. Periods over one year show the average yearly return.
PeriodCPSU
Year to date+3.1%
1 month+0.1%
3 months+1.2%
1 year+4.5%
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 CPSU
YearReturn barCPSU
2026 YTD+3.1%
2025+4.2%

Since listing, Jun 2, 2025

CPSU in the news

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

CPSU Dividends

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

No distributions in the last 12 months.

CPSU Risk

How much the fund’s monthly returns vary, scaled to a year.
1.4%
Annualised · 14 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.
0.87
vs 3-month T-bills · 14 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.
−1.1%
15 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.

CPSU 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.

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