At a glance
CPSA charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $42.6M in assets, the 8th largest of that group. Over the past year it returned +5.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos S&P 500 Structured Alt Protection ETF August (CPSA) is an actively managed ETF that holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Over each one-year period starting August 1, it aims to absorb 100% of SPY's price losses (before fees) in exchange for a cap on gains, set at 7.14% for the period ending July 31, 2026. Its 0.69% annual fee was the lowest of eight similar defined-outcome funds.
Price history
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CPSA +5.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CPSA price data to Oct 27, 2026 | +4.8% | +5.4% | — | — | — | +7.1% |
- Over the year to Oct 27, 2026, CPSA returned +5.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.4%); its best was 2025 (+7.4%).
- The deepest fall in its price history was 4.7% (Feb 19, 2025 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.8% |
| 2025 | +7.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $690K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.76%, +0.36%, +0.40%.
How it works
CPSA does not own stocks. Under normal conditions it puts substantially all its assets into FLEX options. These are exchange-traded option contracts with custom strike prices and expiration dates, and all of them reference SPY. SPY itself is a unit investment trust that holds the stocks in the S&P 500 Index. CPSA tracks only SPY's price, so holders give up the dividends those stocks pay.
The options are bought at the start of an "outcome period" of about one year, running August 1 to July 31. In the fund's N-PORT report as of July 31, 2026, it held three options. One was a call with a $4.36 strike, far below SPY's price, so it rose and fell almost in step with SPY. A put at $632.08 provided the loss protection. A call the fund sold at $677.21 set the ceiling. The gap between those last two strikes is about 7.14%, the cap for that period. After the 0.69% fee, the prospectus puts the cap at 6.45% and the protection at 99.31%.
When a period ends, the options settle in cash and the fund buys a new set. The 100% protection stays the same, but the cap is reset based on market conditions. The targets apply only to shares held from the first day of a period to the last. Buying or selling partway through can produce very different results.
What it really costs
- CPSA charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CPSA | $70 | $221 | $384 | $859 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to hold its value through one-year S&P 500 price declines while giving up most of the upside, so it acts more like a low-risk holding than a stock fund.
CPSA launched August 1, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 7.39%. Its deepest drop was 4.7%, from February 19 to April 8, 2025, and it recovered by May 15, 2025, about 1.2 months later. That dip shows the protection applies only at the end of each period: someone who has to sell mid-period in a falling market can lock in a loss. The fund pays no income, so any cash needs mean selling shares, and selling near the July 31 end of a period keeps results closest to the stated targets. On $10,000, the SEC's standard example puts costs at $70 for one year and $859 over 10 years. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees wanting S&P 500 price gains to a yearly cap (7.14% for the year ended July 31, 2026) and 100% loss protection, before fees.
- Cost-conscious buyers of buffer ETFs: its 0.69% expense ratio undercut all seven larger peers compared, which averaged 0.86%.
- Investors who prize stability: price swings (volatility) measured 2.2% over one year to October 27, 2026; the worst drop since launch was 4.7%.
Look elsewhere if
- Growth seekers: the 5.4% one-year return to October 27, 2026, ranked last of eight buffer ETFs; gains beyond each yearly cap are given up.
- Income seekers: the fund recorded no distributions, and its returns exclude dividends paid by the SPDR S&P 500 ETF Trust it tracks through options.
- Anyone likely to buy after August 1 or sell before July 31: the 100% protection applies only to shares held through the whole one-year term.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSA this fund | 0.69% | $42.6M | +5.4% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Can you lose money in CPSA?
Yes. The 100% protection covers only SPY price losses measured over a full outcome period, and after fees it was 99.31% for the August 1, 2025 to July 31, 2026 period. Shares bought or sold mid-period can lose value. CPSA fell 4.7% between February 19 and April 8, 2025, before recovering. Brokerage commissions, trading fees and taxes can cut results further, and the fund is not FDIC insured.
Does CPSA pay dividends?
No distributions were recorded for CPSA. The fund holds options on SPY rather than SPY shares, and its prospectus says its performance does not reflect the dividends SPY pays. Holders give up the S&P 500's dividend income in exchange for the loss protection. Investors who rely on regular payouts would need to sell shares to raise cash.
What is the cap on CPSA?
For the outcome period from August 1, 2025 through July 31, 2026, the cap was 7.14% before fees and 6.45% after fees. If SPY's price rose more than that, CPSA did not share in the extra gain. The cap resets every August 1 based on market conditions, so it is unlikely to stay the same. About a week before each reset, Calamos posts the expected cap range for the next period on its website.
CPSA vs BUFR: what's the difference?
Both are defined-outcome ETFs that use options to shape returns, but they are built differently. CPSA targets 100% protection against SPY price losses over each one-year period, with a tight cap. BUFR, the FT Vest Laddered Buffer ETF, is a laddered buffer fund. As of October 27, 2026, BUFR returned 11.6% over one year against 5.4% for CPSA. CPSA's fee is 0.69% a year against BUFR's 0.95%. BUFR is far larger, with about $10.5 billion in net assets as of August 31, 2026.
What happens if I buy CPSA in the middle of the outcome period?
Results can differ sharply from the stated cap and protection. Both are measured from the fund's net asset value on the first day of each period. An investor who buys after a rise may have little upside left before the cap, and could lose money if prices fall back toward the starting level. Buying after a fall may leave more room to gain. The prospectus calls this investment timing risk.