At a glance
CPSD charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $45.0M in assets, the 8th largest of that group. Over the past year it returned +6.0% 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 – December (CPSD) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price gains up to a cap and to protect against 100% of SPY's price losses over each one-year period starting December 1. Its 0.69% expense ratio is below the 0.86% average of similar defined-outcome funds. But because its gains are capped, it ranked last among those funds on one-year returns as of October 27, 2026.
Price history
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CPSD +6.0% 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 | |
|---|---|---|---|---|---|---|
| CPSD price data to Oct 27, 2026 | +4.9% | +6.0% | — | — | — | +6.6% |
- Over the year to Oct 27, 2026, CPSD returned +6.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.6%); its best was 2025 (+7.6%).
- The deepest fall in its price history was 3.5% (Feb 19, 2025 to Apr 7, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.9% |
| 2025 | +7.6% |
| 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 $665K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.91%, +0.19%, +0.41%.
How it works
CPSD is an actively managed ETF from Calamos, and it does not own stocks directly. Instead, it puts substantially all of its assets into FLEX Options. These are exchange-traded option contracts with custom strike prices and expiration dates. All of them are tied to the SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds the stocks in the S&P 500 Index. CPSD tracks only SPY's price, so its returns leave out SPY's dividends.
The options are set for an outcome period of about one year, running from December 1 to November 30. For December 1, 2024 through November 30, 2025, the fund aimed to deliver SPY's gains up to a cap of 8.07% while protecting against 100% of its losses. After fees, those figures were 7.38% and 99.31%. Each December 1, the fund buys a new set of options. The cap resets based on market conditions at that time, while the 100% protection target stays the same.
The July 31, 2026 holdings report lists three option positions expiring November 30, 2026. A call option with a very low strike price moves with SPY. A put option provides the protection. A call option the fund has sold sets the cap. The cap and protection apply only to shares held for a whole outcome period. Buying partway through or selling early can lead to very different results.
What it really costs
- CPSD 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 |
|---|---|---|---|---|
| CPSD | $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 protect against 100% of SPY's price losses over each outcome period, and in return it gives up gains above a cap.
CPSD could be a lower-volatility way to hold some S&P 500 price exposure, with a floor on losses at the end of each December-to-November period. It launched December 2, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 3.5%, from February 19 to April 7, 2025. It recovered by June 10, 2025, about two months later. It returned 7.63% in 2025, its only full calendar year. For someone who may need to sell in a bad year, timing matters: shares sold partway through a period don't get the full protection. The fund pays no distributions, so it provides no income. Its expense ratio is 0.69%, which works out to $70 in the first year on $10,000 in the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with protection against 100% of SPY's losses (before fees) over a full December-to-November period.
- Cautious savers willing to accept a cap on gains, such as the 8.07% cap (before fees) for the period ending November 30, 2025.
- Cost-conscious buyers of defined-outcome funds: its 0.69% expense ratio was the lowest of the eight similar funds compared.
Look elsewhere if
- Investors seeking income: the fund has no recorded distributions, and its returns leave out SPY's dividends.
- Anyone expecting stock-like growth: its 6.0% one-year return trailed all seven similar buffer funds compared (9.5% to 12.9%) as of October 27, 2026.
- Investors who may trade partway through a period, or who prefer larger funds: net assets were about $45 million as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSD this fund | 0.69% | $45.0M | +6.0% | — |
| 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 CPSD?
Yes. The fund aims to protect against 100% of SPY's price losses over each outcome period. After fees, though, the protection was 99.31% for the period ending November 30, 2025, and brokerage costs and taxes can reduce it further. The protection applies only at the end of the period, so shares bought late or sold early can lose value. The fund's deepest drop was 3.5%, from February 19 to April 7, 2025. It is not FDIC-insured.
Does CPSD pay dividends?
No. The fund has no recorded distributions. It holds FLEX options rather than the stocks inside SPY, and the prospectus states that its performance does not include dividends paid by SPY. A holder gives up the S&P 500's dividend income as well as any gains above the cap. Anyone who needs cash from the fund would have to sell shares, and shares sold before the end of an outcome period don't get the full protection.
How does the CPSD cap work?
The cap is the most the fund can gain over an outcome period. For December 1, 2024 through November 30, 2025, the cap was 8.07% before fees and 7.38% after fees. A new cap is set each December 1 based on market conditions at that time, so it changes from period to period. The 100% protection target stays the same. About a week before each period ends, the fund's website shows the expected cap range for the next one.
CPSD vs PDEC: what's the difference?
Both are December defined-outcome ETFs, but they make different trade-offs. CPSD, from Calamos, aims to protect against 100% of SPY's price losses over each period, in exchange for a cap on gains. PDEC, from Innovator, is a buffer fund. Buffer funds usually absorb only part of a decline and leave more room for gains. As of October 27, 2026, PDEC returned 11.6% over one year, compared with 6.0% for CPSD. CPSD costs less: 0.69% a year versus 0.79%.
Is CPSD a good investment for retirees?
It depends on the role it would play. CPSD may suit retirees who want some S&P 500 price exposure with a floor on losses at the end of each one-year period, and who can hold from December 1 to November 30. The trade-offs are a cap on gains, no distributions and a short track record. The fund launched December 2, 2024, and returned 7.63% in 2025, its only full calendar year. Net assets were about $45 million as of July 31, 2026.