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Launched

Calamos S&P 500 Structured Alt Protection ETF – January

CPSYNYSE ArcaCalamosC

$26.14−0.03 (−0.10%)

As of Nov 2, 2026, 3:56 PM ET

C48/ 100

Rank 15 of 39 in S&P 500 Full Protection

C48/100Rank 15 of 39inS&P 500 Full Protection
Intraday session: down, 77 prints from 26.17 to 26.14. Range 26.14 to 26.21. Use the arrow keys to read each point.26.1626.1826.1926.2026.2110 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$30M
1Y total return
+5.5%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
1.1K sh
52W range
low $24.68high $26.24
Launched

The ETF.net CPSY Grade

Based on 4 of 6 pillars

C

Score 48 out of 100

Category
S&P 500 Full Protection⁠
Rank
15 of 39
Six-pillar profile for CPSY. Scores out of 100: Cost 62, Risk 52, Mission not scored, Tradability 21, Holdings not scored, Durability 39. Strongest: Cost (62). Weakest: Tradability (21). Based on 4 of 6 pillars.

Score 48 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.
    C52 out of 100
    Rank 13 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F21 out of 100
    Rank 34 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.
    D39 out of 100
    Rank 31 of 39

Our read on CPSY

ETF.net Research

In short

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.

Stated mandate

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

Asset class
Stocks
Holdings
3
Top-10 weight
108%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option106.8%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSPDR S&P 500 ETF Trust (SPY) Long Call Option106.81%413$31.5M11
2No dataSPDR S&P 500 ETF Trust (SPY) Long Put Option0.47%413$139K11
3No dataUs Dollar0.40%116,677$117K228

Showing 1–3 of 3 holdings

CPSY Performance

Launched Jan 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.
CPSY$10,552
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. CPSY $10,552. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 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 CPSY. Periods over one year show the average yearly return.
PeriodCPSY
Year to date+4.3%
1 month+0.1%
3 months+1.3%
1 year+5.5%
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 CPSY
YearReturn barCPSY
2026 YTD+4.3%
2025+6.9%

History from Jan 2, 2025

CPSY in the news

CPSY Dividends

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

No distributions in the last 12 months.

CPSY Risk

Risk pillarC52 out of 100Rank 13 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
2.2%
Annualised · 21 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.
0.85
vs 3-month T-bills · 21 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.
−3.0%
21 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.
0.15
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.

CPSY Cost

Compare CPSY 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.

  • CPSY 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSY 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$15K051015202530CPSY $13,429CPSL $2,106

Year by year

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

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