---
ticker: "CPSY"
name: "Calamos S&P 500 Structured Alt Protection ETF – January"
url: "https://etf.net/etf/CPSY"
grade: "C"
score: 46
graded_at: "2026-10-12"
category: "S&P 500 Full Protection"
category_rank: "20 of 39"
methodology: "https://etf.net/methodology"
---

# CPSY: Calamos S&P 500 Structured Alt Protection ETF – January

Grade **C**, Score 46 of 100. Rank 20 of 39 in S&P 500 Full Protection.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 62 | 9 of 39 |
| Mission | Not scored | — |
| Risk | 50 | 19 of 38 |
| Tradability | 16 | 38 of 39 |
| Holdings | Not scored | — |
| Durability | 39 | 31 of 39 |

## Top holdings

The fund holds 3 positions. These are the largest 3, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | SPDR S&P 500 ETF Trust (SPY) Long Call Option | 108.22% |
| 2 | — | SPDR S&P 500 ETF Trust (SPY) Long Put Option | 0.47% |
| 3 | — | Us Dollar | 0.35% |

Source: etf.net, https://etf.net/etf/CPSY. Please cite the page URL.