At a glance
CPSR charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $31.2M 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 – March (CPSR) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY), aiming to match its price gains up to a cap while absorbing 100% of its price losses, before fees, over each one-year period starting in March. Its 0.69% annual expense ratio undercuts all seven similar buffer funds compared. The trade-off: a tight cap (7.63% before fees for March 2025–February 2026) and no dividends.
Price history
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CPSR +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 | |
|---|---|---|---|---|---|---|
| CPSR price data to Oct 27, 2026 | +4.3% | +5.4% | — | — | — | +6.4% |
- Over the year to Oct 27, 2026, CPSR returned +5.4%, 8th of 8 among similar funds.
- The deepest fall in its price history was 3.4% (Mar 17, 2025 to Apr 8, 2025), recovered by Jun 9, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.3% |
| 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: +0.78%, +0.27%, +0.19%.
How it works
CPSR is an actively managed ETF that owns no stocks. It puts substantially all its assets into FLEX Options (customized, exchange-traded option contracts) on the SPDR S&P 500 ETF Trust (SPY), a unit investment trust holding the S&P 500 Index stocks. As of July 31, 2026, it held three SPY options expiring February 26, 2027: a call at 4.73 that moves almost one-for-one with SPY, a put at 685.99 that supplies the protection, and a call the fund wrote at 728.25 that gives away gains above that price.
Over each roughly one-year outcome period, the fund aims to match SPY's price gain up to a cap and absorb any price loss. For March 1, 2025 through February 28, 2026, the cap was 7.63% and protection was 100%; after fees, 6.94% and 99.31%. Both are measured from the period's first day and apply only to shareholders who stay the entire period. Entering late or exiting early can bring very different results, and the protection is not guaranteed.
When a period ends, the options settle in cash and the fund rolls into new ones expiring about a year later. Protection stays at 100%, but the cap resets with market conditions. Because the options track SPY's price only, dividends from S&P 500 companies never reach CPSR shareholders.
What it really costs
- CPSR 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 |
|---|---|---|---|---|
| CPSR | $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 over each one-year outcome period, before fees, in exchange for a low cap on gains.
CPSR launched on March 3, 2025, so it has no record from the 2008, 2020 or 2022 market downturns. Its deepest drop was 3.4%, from March 17 to April 8, 2025, and it recovered by June 9, about two months later. That dip shows the protection applies only at the end of each outcome period: a retiree who needs cash mid-period could still lock in a small loss. Over the year to October 27, 2026, the fund returned 5.4%, with volatility (how much returns swing) of 1.8%.
It has paid no distributions, and SPY's dividends don't pass through. Its 0.69% expense ratio is below the 0.86% average for similar buffer funds; in the SEC's standard example, $10,000 incurs $70 in costs over one year and $859 over 10. 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 accepting a capped gain (7.63% before fees for March 2025–February 2026) for protection against 100% of SPY's price losses each period.
- Savers and retirees parking money they won't touch for about a year who can invest near the start of a March outcome period.
- Cost-conscious investors comparing defined-outcome funds: its 0.69% expense ratio was the lowest of eight buffer funds compared, versus a 0.86% average.
Look elsewhere if
- Investors who need regular income: CPSR has paid no distributions, and its options don't capture the dividends paid by SPY's stocks.
- Those seeking fuller stock-market growth: its 5.4% one-year return through October 27, 2026 trailed all seven similar buffer funds, including BUFR's 11.6%.
- Investors who may need cash mid-period: protection applies only at period end, and the fund fell 3.4% between March and April 2025.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSR this fund | 0.69% | $31.2M | +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
Is CPSR really 100% protected against losses?
Only over a full outcome period, and only before fees. CPSR aims to absorb 100% of the SPDR S&P 500 ETF Trust's price loss for shareholders who hold from a period's first day to its last. After the 0.69% fee, protection for March 2025–February 2026 was 99.31%, and trading costs or taxes can reduce it further. It is not guaranteed. Within a period, the share price can still fall: the fund dropped 3.4% from March 17 to April 8, 2025.
Does CPSR pay dividends?
No. CPSR has no distributions on record, and its options follow only the price of the SPDR S&P 500 ETF Trust (SPY), so the dividends paid by S&P 500 companies never reach shareholders. That is a real cost compared with owning SPY directly, on top of the cap on gains. Investors who rely on portfolio income may find it worth comparing CPSR with income-focused funds; its job is limiting losses, not paying out cash.
What is CPSR's cap?
For the outcome period from March 1, 2025 through February 28, 2026, CPSR's cap was 7.63% before fees and 6.94% after fees. That was the most the fund aimed to gain over the period, measured from its net asset value on the first day. The cap resets with market conditions at the start of each new period; holdings as of July 31, 2026 show options running to February 26, 2027. About a week before each period ends, the fund's website posts the expected cap range.
CPSR vs BUFR: what's the difference?
CPSR is cheaper and more defensive, while BUFR has posted stronger returns. CPSR's expense ratio is 0.69%, against 0.95% for FT Vest Laddered Buffer ETF (BUFR). CPSR targets protection against 100% of SPY's price losses over each outcome period, while buffer funds generally absorb only a set range of losses for more upside. Over the year to October 27, 2026, BUFR returned 11.6% and CPSR 5.4%. BUFR is also far larger, with about $10.5 billion in net assets (August 31, 2026) versus CPSR's $31.2 million (July 31, 2026).
Is CPSR good for retirement?
It may suit retirees who want stock-market price exposure with protection against losses over a full outcome period, and who can accept modest gains. Over the year to October 27, 2026, it returned 5.4% with a beta of 0.12, meaning it moved far less than the stock market. Drawbacks: it pays no income, it has existed only since March 3, 2025, and it has never faced a bear market like 2008 or 2022. Past results don't predict future ones.