At a glance
CPSF charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $33.7M in assets, the 8th largest of that group.
The short version
Calamos S&P 500 Structured Alt Protection ETF - February (CPSF) holds options on the SPDR S&P 500 ETF Trust (SPY). It aims to absorb 100% of SPY's price losses, before fees, for shares held through each February-to-January period, in exchange for capped gains. For February 2025 through January 2026, the cap was 7.47% before fees. Its 0.69% annual fee (expense ratio) is the lowest of eight similar defined-outcome funds, but it gives up SPY's dividends.
Price history
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CPSF — 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 | |
|---|---|---|---|---|---|---|
| CPSF price data to Oct 27, 2026 | +2.2% | — | — | — | — | — |
- The deepest fall in its price history was 0.5% (Sep 3, 2026 to Sep 16, 2026), recovered by Sep 21, 2026.
| 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 added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.84%, +0.04%, +0.46%.
How it works
CPSF is an actively managed ETF that holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index. FLEX options are exchange-traded contracts with custom exercise prices and expiration dates. As of July 31, 2026, the fund held three: a call at $4.77 (about 104% of net assets) that tracks SPY's price, a put at $691.97 that pays off if SPY falls below it, and a written call at $735.70 that gives away gains above it.
The options run for about one year, called the outcome period. If SPY's price rises, the fund aims to match the gain up to a cap. If it falls, the fund aims to absorb 100% of the loss. For February 1, 2025 through January 31, 2026, the cap was 7.47% before fees. After the 0.69% fee, the cap was 6.78% and protection was 99.31%. SPY's dividends don't count.
At the end of each period, the fund rolls into a new one-year set of options. Protection stays at 100%, but the cap is reset based on market conditions. The fund's website posts the expected range about a week ahead. Both are measured from the fund's per-share net asset value on day one and apply only at period end. Investors who enter late or exit early may see very different results.
What it really costs
- CPSF 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 |
|---|---|---|---|---|
| CPSF | $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 absorb 100% of SPY's price losses, before fees, over each roughly one-year outcome period, giving up dividends and gains above a cap in return.
CPSF could add S&P 500 exposure with a floor on price losses, as long as shares are held for a full February-to-January outcome period. It launched February 3, 2025, so it missed the 2008, 2020 and 2022 downturns, and the prospectus shows no annual performance. Measured from June 9, 2026, its deepest price drop was 0.5% (September 3–16, 2026), recovered by September 21. Someone who needs cash mid-period could still lose money, since the protection applies only at period end.
It offers no income: no distributions have been recorded, and returns exclude SPY's dividends. Its 0.69% expense ratio is below the 0.86% average for seven similar defined-outcome funds. In the SEC's standard example of $10,000 earning 5% a year, that comes to $70 in year one and $859 over 10 years. Past results don't predict future ones, 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 losses, before fees, and can hold for an entire February-to-January outcome period.
- Cost-conscious investors comparing defined-outcome funds: its 0.69% expense ratio is the lowest among eight similar funds, versus a 0.86% peer average.
- Cautious savers willing to trade SPY's dividends and gains above a yearly cap (7.47% before fees for February 2025–January 2026) for a floor.
Look elsewhere if
- Investors seeking growth or income: gains above each period's cap are given up, no distributions have been recorded, and SPY's dividends are excluded.
- Anyone who may need to exit mid-period; the 100% protection applies only to shares held from an outcome period's first day to its last.
- Those wanting a long record or a big fund: CPSF launched February 3, 2025; net assets were $33.7 million on July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSF this fund | 0.69% | $33.7M | — | — |
| 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 CPSF lose money?
Yes. CPSF aims to absorb 100% of SPY's price losses only for shares held for a full outcome period. After the 0.69% fee, protection for February 1, 2025 through January 31, 2026 was 99.31%, so a small loss was possible even then. Investors who enter mid-period or exit early can lose more, because the floor is measured from the fund's value on day one. Shares are not FDIC insured, and the prospectus says there is no guarantee the strategy will work.
Does CPSF pay dividends?
No. CPSF has recorded no distributions. It holds FLEX options on SPY rather than SPY shares, and its results are based on SPY's price only. So the dividends SPY collects from S&P 500 companies never reach CPSF holders. Giving up those dividends is one cost of the protection. It also makes CPSF a poor match for anyone who relies on regular portfolio income.
What is CPSF's cap?
For the outcome period from February 1, 2025 through January 31, 2026, the cap was 7.47% before fees, or 6.78% after fees. That was the most a full-period holder could gain from a rise in SPY's price. The cap is reset at the start of each outcome period based on market conditions, so it is likely to differ from year to year. The 100% protection level stays the same. The fund's website posts the expected cap range about a week before each new period.
CPSF vs FFEB: what's the difference?
Both are February-series defined-outcome ETFs, but they differ in protection, cost and size. CPSF aims to absorb 100% of SPY's price losses over an outcome period. FFEB (FT Vest U.S. Equity Buffer Fund - February) is a buffer fund. Such funds usually absorb only part of a loss, so its terms are worth checking. CPSF charges 0.69% versus FFEB's 0.85%. FFEB is far larger: $1.42 billion as of August 31, 2026, against CPSF's $33.7 million as of July 31, 2026.
What happens if I invest in CPSF partway through the outcome period?
Results can differ sharply from the stated cap and protection. Both are measured from the fund's net asset value (its per-share value) on the first day of the outcome period. If shares are purchased after the fund has risen, part of the cap is already used up and the floor sits below the purchase price. A loss is then possible even when shares are held to period end. If the fund has slipped, more upside room may remain. Exiting before period end also gives up the full protection.