Calamos S&P 500 Structured Alt Protection ETF – January
$26.18−0.03 (−0.10%)
- 0.69%
- $29M
- +6.4%
- 0M sh
- $26.21
- low $24.64high $26.21
The ETF.net CPSY Grade
C
Score 46 out of 100
- 20 of 39
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 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.C50 out of 100Rank 19 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F16 out of 100Rank 38 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.D39 out of 100Rank 31 of 39
Our read on CPSY
CMost buffer funds cushion the first slice of a drop. CPSY goes further: FLEX options on the S&P 500 structured for 100% downside protection across a one-year outcome period, before fees. The trade is a hard cap on upside and a January-to-January window.
CPSY seeks point-to-point exposure to the price return of the S&P 500 through SPY-linked FLEX Options, with upside limited by a predetermined cap and 100% downside protection over the applicable one-year outcome period before fees and expenses.
Why people hold it
- Built for 100% downside protection over each one-year outcome period, before fees and expenses, using FLEX options tied to SPY.
- The 0.69% fee sits right at the median for its 100%-protection peer group. No vintage premium for the January rung.
- One rung in a monthly Calamos ladder (CPSJ, CPSM, CPSP and others), so the start month is a choice rather than whatever happens to be open.
- It rolls rather than expires: each January the fund opens a fresh one-year outcome period with a newly set cap.
Worth knowing
- The cap pays for the floor. Upside stops at a level fixed when the period starts, and the exposure is price return, so index dividends stay out of the math.
- Protection is point-to-point and stated before fees. Step in or out mid-period and you get whatever the options are worth that day, not the full shield.
- A small, lightly traded member of the family, so spreads and order handling can matter more than the expense ratio.
CPSY Holdings
- Stocks
- 3
- 109%
- SPDR S&P 500 ETF Trust (SPY) Long Call Option
CPSY 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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CPSY$10,642
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 | CPSY |
|---|---|
| Year to date | +4.4% |
| 1 month | +0.7% |
| 3 months | +1.7% |
| 1 year | +6.4% |
| 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 | CPSY |
|---|---|---|
| 2026 YTD | +4.4% | |
| 2025 | +6.9% |
CPSY in the news
CPSY Dividends
No distributions in the last 12 months.
CPSY Risk
- 2.2%
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.
- 0.94
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.
- −3.0%
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.
- 0.15
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CPSY Cost
0.69%
CPSY0.69%
- 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
- CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryExpense ratio 0.69%1 year return +6.5%
- CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchExpense ratio 0.69%1 year return +6.2%
- CTJULInnovator Equity Defined Protection ETFExpense ratio 0.79%1 year return +5.1%
- CZFEBInnovator ETFs Trust - Innovator Equity Defined Protection ETF - 1 Yr FebruaryExpense ratio 0.79%1 year return +6.3%
- CZJUNInnovator ETFs Trust - Innovator Equity Defined Protection ETF - 1 Yr JuneExpense ratio 0.79%1 year return +5.2%