CPSP ETF — Holdings & Analysis

Launched in 2025, CPSP has an AUM of $0.02 billion and an expense ratio of 0.69%. The fund's unique structure aims to provide a buffer against market downturns, making it a distinctive offering in the equity ETF landscape. Past performance does not guarantee future results.

Calamos S&P 500 Structured Alt Protection ETF – April (CPSP) ETF — Price, Holdings & Analysis

The Calamos S&P 500 Structured Alt Protection ETF – April (CPSP) seeks to replicate the positive returns of the S&P 500 up to a defined cap, while providing 100% downside protection over a one-year period, before fees and expenses. Launched in 2025, CPSP has an AUM of $0.02 billion and an expense ratio of 0.69%. The fund's unique structure aims to provide a buffer against market downturns, making it a distinctive offering in the equity ETF landscape. Past performance does not guarantee future results.

ETF Overview

Calamos Structured Protected ETFs are designed to match the positive price return of the S&P 500 up to a defined cap while protecting against 100% of losses over a one-year period (before fees and expenses).

CPSP, issued by Calamos, is designed to provide investors with exposure to the S&P 500 while limiting downside risk. The ETF aims to match the positive price return of the S&P 500 up to a defined cap, while protecting against 100% of losses over a one-year period, before fees and expenses. This structured approach differentiates CPSP from traditional S&P 500 index trackers. The fund achieves this through the use of options or other derivative strategies. As of 2026-03-15, the ETF's holdings are primarily in cash and other instruments, representing 100% of the portfolio. This allocation is likely due to the structured nature of the fund, which requires collateral to support its options positions. CPSP may appeal to investors seeking capital appreciation with a built-in risk management component. Past performance does not guarantee future results.

Risk Metrics

CPSP's risk profile is unique due to its structured nature. While it aims to provide downside protection, the 0.69% expense ratio can create a drag on returns, especially in periods of low market volatility. The fund's beta is 0.00, indicating that it has very low correlation to the S&P 500. The fund's concentration in cash (100%) introduces its own set of risks, as the fund's performance will be highly dependent on the fund's ability to execute its structured strategy effectively. Investors should carefully consider the trade-offs between downside protection and potential upside participation. Past performance does not guarantee future results.

Expense Ratio

0.69%

How Is the Fund Allocated?

Sector	Weight
Cash & Others	100.0%

Country	Weight
Other	100.0%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

Calamos Antetokounmpo Global Sustainable Equities ETF (SROI) (Equity) — 0.95% expense ratio
Calamos Nasdaq-100 Structured Alt Protection ETF – March (CPNM) (Equity) — 0.69% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is CPSP and what does it track?

The Calamos S&P 500 Structured Alt Protection ETF – April (CPSP) is an equity ETF designed to mirror the positive price return of the S&P 500 up to a defined cap, while simultaneously providing 100% downside protection over a one-year…

period before fees and expenses.

What is the expense ratio for CPSP?

The expense ratio for CPSP is 0.69%. This means that for every $10,000 invested in the fund, $69 is deducted annually to cover operating expenses.

While this provides downside protection, the expense ratio is higher than some other equity ETFs, where the category average is around 0.44%. Investors should consider this cost when evaluating the potential returns of CPSP, especially in comparison to lower-cost index tracking ETFs.

What are the top holdings in CPSP?

As of 2026-03-15, CPSP's portfolio is allocated entirely to Cash & Others, representing 100% of its holdings. This allocation is typical for structured ETFs that utilize options or other derivative strategies.

The cash allocation serves as collateral to support the fund's options positions, which are used to achieve its defined return profile.

Is CPSP a good long-term investment?

Whether CPSP is a suitable long-term investment depends on an individual's investment goals and risk tolerance. CPSP is designed to provide downside protection, which can be appealing to risk-averse investors or those concerned about market volatility.

However, the 0.69% expense ratio and the potential for limited upside participation should be carefully considered.

How does CPSP compare to similar ETFs?

CPSP differentiates itself through its structured approach to providing downside protection. While other ETFs may offer similar exposure to the S&P 500, CPSP aims to limit losses over a one-year period.

Its expense ratio of 0.69% is higher than many traditional S&P 500 index ETFs, but this reflects the cost of implementing its structured strategy.

Does CPSP pay dividends?

According to the latest data, CPSP does not currently pay dividends. The dividend yield is reported as 0.00%. This is likely due to the fund's strategy of using options and other derivatives, rather than directly holding dividend-paying stocks.

Investors seeking dividend income may want to consider other equity ETFs that focus on dividend-paying companies.