At a glance
CPSP charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $21.0M in assets, the 8th largest of that group. Over the past year it returned +5.9% 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 - April (CPSP) holds exchange-traded options on the SPDR S&P 500 ETF Trust (SPY), seeking SPY's price gains up to a cap and protection against 100% of its losses over each roughly one-year period, before fees. The trade-off is capped upside and no SPY dividends. At 0.69%, it is the cheapest of eight buffer-style ETFs compared, though it posted the lowest one-year return to October 27, 2026.
Price history
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CPSP +5.9% 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 | |
|---|---|---|---|---|---|---|
| CPSP price data to Oct 27, 2026 | +5.0% | +5.9% | — | — | — | +6.7% |
- Over the year to Oct 27, 2026, CPSP returned +5.9%, 8th of 8 among similar funds.
- The deepest fall in its price history was 1.7% (Apr 2, 2025 to Apr 8, 2025), recovered by Apr 29, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.0% |
| 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 $2.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.56%, +0.15%, +0.33%.
How it works
CPSP is an actively managed ETF that puts substantially all its assets into FLEX options, customized options that trade on an exchange. They reference the SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds the stocks in the S&P 500 Index. As of July 31, 2026, the fund held three SPY options: a call worth about 111% of net assets that moves almost one-for-one with SPY's price, a put worth about 2% that pays off if SPY falls, and a sold call worth about -13% that gives up gains above a set limit, called the cap.
The fund runs in outcome periods of about a year. For April 1, 2025, through March 31, 2026, the cap was 7.78% and protection covered 100% of SPY's price losses, before fees; after fees, they were 7.09% and 99.31%. When a period ends, the fund collects the options' cash value and invests in a new set. Protection stays the same, but the cap resets with market conditions.
These targets apply only to shares held for a whole period. Investors who enter or exit partway through can get very different results, since full protection is targeted only at the period's end. Returns reflect SPY's price, not its dividends. The Options Clearing Corporation guarantees the options' settlement, but the prospectus says the protection isn't guaranteed.
What it really costs
- CPSP 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 |
|---|---|---|---|---|
| CPSP | $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, trading away gains above a cap and SPY's dividends.
CPSP launched on April 1, 2025, so its record doesn't include the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 1.7%, from April 2 to April 8, 2025, and it recovered by April 29, 2025. Protection is targeted only at the end of each roughly one-year outcome period, so someone forced to cash out partway through a bad year could get back less than the protected amount. Even holders for the full first period had 99.31% protection after fees, not 100%.
CPSP recorded no distributions, and its returns exclude SPY's dividends, so withdrawals would mean cashing out shares. Its 0.69% expense ratio is the lowest of the eight buffer-style funds compared; the SEC's example puts costs at $70 in year one on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking S&P 500 price gains up to a cap, with protection targeted against 100% of SPY's losses over a full outcome period.
- Cautious investors who value steadiness: volatility was 1.2% and the deepest drop 0.4% over the year to October 27, 2026.
- Cost-conscious investors comparing protection-style ETFs: its 0.69% expense ratio is the lowest of eight funds compared, versus a 0.86% average for the others.
Look elsewhere if
- Income seekers: CPSP recorded no distributions, and its returns exclude the dividends SPY pays on its S&P 500 stocks.
- Those wanting more upside: its 5.9% one-year return to October 27, 2026, ranked last of eight, behind BUFR's 11.6% and FDEC's 12.9%.
- Investors who may need cash mid-period: the 100% protection target applies only at each outcome period's end, not to shares cashed out earlier.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSP this fund | 0.69% | $21.0M | +5.9% | — |
| 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 CPSP?
Yes, though the fund is designed to limit losses. It aims to protect against 100% of SPY's price losses over each roughly one-year outcome period, before fees. After fees, protection for the April 1, 2025, to March 31, 2026, period was 99.31%. Investors who get in after a period starts or get out before it ends may lose more. The prospectus says there's no guarantee the protection will work, and the fund isn't a bank deposit or insured by the government.
Does CPSP pay dividends?
No. No distributions were recorded for CPSP. The fund holds options on SPY rather than the S&P 500 stocks themselves, and the prospectus states that its performance does not reflect the dividends SPY pays. In effect, holders give up the S&P 500's dividend income in exchange for the options-based protection. Anyone drawing income from a CPSP position would need to cash out shares instead.
What happens if you invest in CPSP after the outcome period starts?
Results can differ sharply from the stated cap and protection. Both are measured from the fund's net asset value (the per-share value of its holdings) on the first day of the period. Someone who enters after the fund has risen may have less upside left and could lose money even if the protection works as designed. Those who exit early may also miss the targets. About a week before each period ends, the fund's website posts the expected cap range for the next one.
What's the difference between CPSP and PJAN?
The main difference is how much loss each fund aims to absorb. CPSP targets protection against 100% of SPY's price losses over its outcome period, before fees, with a cap of 7.78% for its first period, which ended March 31, 2026. PJAN, from Innovator, is a buffer fund; buffer funds generally absorb only part of a loss in exchange for more upside. PJAN charges 0.79% versus 0.69% for CPSP and returned 10.5% over one year to October 27, 2026, against CPSP's 5.9%. PJAN is also far larger.
Is CPSP good for retirement?
It may suit retirees who put stability ahead of growth. Its volatility (how much returns swing) was 1.2% over the year to October 27, 2026, and it recovered from its deepest drop, 1.7%, within a month in April 2025. Launched April 1, 2025, it has no record from the 2008, 2020 or 2022 downturns. It has paid no distributions, caps gains and is small, at about $21 million in net assets as of July 31, 2026. Its 0.69% fee is the lowest of eight similar funds compared.