At a glance
CPSY charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $26.5M in assets, the 8th largest of that group. Over the past year it returned +5.7% 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 January (CPSY) holds FLEX options, a customizable type of exchange-traded option, on the SPDR S&P 500 ETF Trust (SPY). It aims to absorb 100% of SPY's price losses, before fees, over each January-to-December outcome period, in exchange for a cap on gains (7.57% for the 2025 period) and no SPY dividends. Its 0.69% expense ratio was the lowest of eight defined-outcome funds compared.
Price history
The interactive chart needs JavaScript.
CPSY +5.7% 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 | |
|---|---|---|---|---|---|---|
| CPSY price data to Oct 27, 2026 | +4.5% | +5.7% | — | — | — | +6.3% |
- Over the year to Oct 27, 2026, CPSY returned +5.7%, 8th of 8 among similar funds.
- The deepest fall in its price history was 3% (Feb 14, 2025 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.5% |
| 2025 | +6.8% |
| 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%, +0.19%, +0.35%.
How it works
CPSY is an actively managed ETF from Calamos. Instead of stocks, it holds FLEX options (customizable exchange-traded option contracts) on the SPDR S&P 500 ETF Trust (SPY), a unit investment trust that owns the S&P 500 Index stocks. As of July 31, 2026, it held three options expiring December 31, 2026: one that moves almost in step with SPY; a put option, which gains as SPY falls and supplies the protection; and a call option the fund wrote, collecting a payment in exchange for giving up gains above a set price.
The targets apply to an outcome period running January 1 to December 31. For the 2025 period, the fund sought SPY's price gains up to a 7.57% cap while absorbing 100% of price losses. After fees, those figures were 6.88% and 99.31%. Each January it rolls into new options. Protection stays at 100% before fees, but the cap resets with market conditions. The fund's website posts the expected cap range about a week before each period ends.
The cap and protection are measured from the fund's net asset value (the per-share value of its holdings) on January 1, so investors who enter later or exit early may get very different results. And since it owns options, not SPY shares, its returns exclude SPY's dividends.
What it really costs
- CPSY 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 |
|---|---|---|---|---|
| CPSY | $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, accepting capped gains and no dividends in return.
CPSY aims to absorb all of SPY's price losses (before fees) over each January-to-December period, giving up gains above its cap. It launched in January 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its first calendar year, 2025, returned 6.83%, close to its 6.88% after-fee cap. Its deepest drop was 3%, from February 14 to April 8, 2025; it regained that ground 1.2 months later, by May 15, 2025. That dip shows the protection is measured at period end: someone who needs cash mid-period can still take a loss.
No distributions had been recorded as of October 27, 2026, so it doesn't provide income. Its 0.69% expense ratio works out to about $70 in the first year on $10,000 under the SEC's standard example. 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 wanting S&P 500 price exposure with full loss protection (before fees) targeted each January-to-December period, who accept capped gains (7.57% for 2025).
- People able to hold shares from January 1 through December 31, since the stated cap and protection apply only to full-period holders.
- Cost-conscious investors comparing defined-outcome funds: its 0.69% expense ratio was the lowest of eight compared, versus a 0.86% peer average.
Look elsewhere if
- Income seekers: no distributions were recorded as of October 27, 2026, and the fund's returns exclude SPY's dividends.
- Growth-minded investors: its one-year return of 5.7% ranked last of eight defined-outcome funds compared, as of October 27, 2026.
- Anyone wary of small funds: net assets were about $26.5 million as of July 31, 2026, the smallest of eight funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSY this fund | 0.69% | $26.5M | +5.7% | — |
| 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 CPSY?
Yes. The 100% protection applies only at the end of each outcome period, and only before fees; after fees it was 99.31% for the 2025 period. In between, the share price moves: CPSY fell 3% from February 14 to April 8, 2025. Investors who enter after January 1 or exit before December 31 may not get the protection, and the options strategy could fail to work as designed. Shares aren't bank deposits and aren't government-insured.
Does CPSY pay dividends?
Not so far: no distributions had been recorded as of October 27, 2026. CPSY holds options on SPY rather than SPY shares, so it doesn't collect the dividends that S&P 500 companies pay, and its returns reflect SPY's price change only. Compared with owning SPY directly, that forgone dividend is an extra cost on top of the 0.69% expense ratio. Investors who rely on regular payouts would need another source of income.
What happens if I invest in CPSY in the middle of the year?
Your results may 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 January 1, the first day of the outcome period, and apply only to shares held until December 31. If the fund has gained since January 1, a later investor has less room under the cap and could lose those gains. The fund's website posts the expected cap range for the next period about a week before each period ends.
What's the difference between CPSY and PJAN?
The main difference is how much loss protection each targets. Both are defined-outcome funds that reset each January. CPSY aims to absorb 100% of SPY's price losses over its outcome period (before fees), with a cap that was 7.57% for 2025. Innovator's PJAN is a buffer fund, a type that typically absorbs only part of a decline. PJAN costs 0.79% versus CPSY's 0.69%, is far larger, and returned 10.5% over the year to October 27, 2026, against CPSY's 5.7%.
What is CPSY's expense ratio?
CPSY's expense ratio was 0.69% a year, all of it management fee, per its prospectus filed November 21, 2025. Under the SEC's standard example ($10,000 invested, a 5% annual return, shares cashed out at the end of each period), total costs would be about $70 after one year, $221 after three, $384 after five and $859 after ten. The 0.69% fee was the lowest among eight defined-outcome funds compared; the seven others averaged 0.86%.