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CPSY

GradeCNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF – January

Floor Protected · Calamos · Inception 2025-01-02

$26.09−0.02 (−0.06%)

As of Sep 23, 2026, 2:18 PM EDT

History starts Jan 2, 2025.
Intraday session: down, 34 prints from 26.10 to 26.09. Range 26.06 to 26.11. Use the arrow keys to read each point.$26.06$26.1010 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$29M
1Y return
+5.9%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$26.13
52W range
low $24.62high $26.13

The ETF.net CPSY Grade

C

50/ 100

Rank 17 of 39 in S&P 500 Full Protection⁠

Confidence Medium

Six-pillar profile for CPSY. Scores out of 100: Cost 62, Risk 54, Mission not scored, Tradability 26, Holdings not scored, Durability 40. Strongest: Cost (62). Weakest: Tradability (26). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 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 rank22/39 · 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.
    CScore 54
    Category rank16/37 · top 43%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 26
    Category rank31/39 · bottom quartile

  • 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 40
    Category rank31/39 · bottom quartile

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

Our read on CPSY

ETF.net Research

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

  1. 01Built for 100% downside protection over each one-year outcome period, before fees and expenses, using FLEX options tied to SPY.
  2. 02The 0.69% fee sits right at the median for its 100%-protection peer group. No vintage premium for the January rung.
  3. 03One 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.
  4. 04It rolls rather than expires: each January the fund opens a fresh one-year outcome period with a newly set cap.

Worth knowing

  1. 01The 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.
  2. 02Protection 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.
  3. 03A small, lightly traded member of the family, so spreads and order handling can matter more than the expense ratio.

CPSY Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
108%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option106.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPDR S&P 500 ETF Trust (SPY) Long Call Option106.36%404$31M11
002—SPDR S&P 500 ETF Trust (SPY) Long Put Option0.85%404$242K11
003—US DOLLAR0.52%148,683$149K231

Showing 1–3 of 3 holdings

CPSY Performance

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

CPSY$10,586
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. CPSY $10,586. 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 CPSY. Periods over one year show the average yearly return.
PeriodCPSY
Year to date+4.0%
1 month+0.5%
3 months+1.7%
1 year+5.9%
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 CPSY
YearReturn barCPSY
2026 YTD+4.0%
2025+6.9%

Since listing, Jan 2, 2025

CPSY in the news

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

CPSY Dividends

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

No distributions in the last 12 months.

CPSY Risk

How much the fund’s monthly returns vary, scaled to a year.
2.3%
Annualised · 19 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.
0.90
vs 3-month T-bills · 19 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.
−3.0%
20 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.

CPSY 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.

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