Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) trades at $28.09 with AI Score 47/100 (Grade C). Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) offers investors exposure to the… Market cap: $42.9M, Sector: Financial services.
Price as of Aug 20, 2026 · Last analyzed: Mar 17, 2026Analyst Coverage for CPSA: CPSA does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates CPSA against Financial Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
CPSA: 1/3 scored disciplines lean bearish. Dominant signal: Ray Dalio bullish.
How is this calculated? →Why this analysis is different
- A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) Financial Services Profile
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) provides a unique investment strategy within the asset management sector, offering S&P 500 exposure with built-in downside protection and capped upside, targeting risk-averse investors seeking market participation with defined risk parameters.
What Is the Investment Thesis for CPSA?
CPSA presents a compelling investment option for risk-averse investors seeking S&P 500 exposure with downside protection. The ETF's structure, which caps upside gains while protecting against losses, offers a unique value proposition in volatile market conditions. With a beta of 0.26, CPSA demonstrates lower volatility compared to the broader market, potentially making it a suitable addition to a diversified portfolio. The key value driver is the ETF's ability to mitigate losses during market downturns, providing investors with peace of mind. A potential catalyst is increased investor demand for downside protection in an uncertain economic environment. However, investors should be aware that the capped upside may limit potential returns during strong bull markets.
Based on FMP financials and quantitative analysis
CPSA Key Highlights
CPSA offers 100% downside protection over a one-year period (before fees and expenses), appealing to risk-averse investors.
- The ETF aims to match the positive price return of the S&P 500 up to a defined cap, providing potential upside participation.
- CPSA has a low beta of 0.26, indicating lower volatility compared to the S&P 500.
- The ETF's structure resets annually, providing a fresh start with updated protection and participation parameters.
- CPSA's market cap is $0.04B, reflecting its niche focus within the broader ETF market.
Who Are CPSA's Competitors?
CPSA is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| APRJ Innovator Premium Income 30 Barrier ETF | $24.95 | +0.06% | $32.3M | 50 |
| APRT AllianzIM U.S. Equity Buffer10 Apr ETF | $46.71 | +0.13% | $48.7M | 50 |
| AUGT AllianzIM U.S. Equity Buffer10 Aug ETF | $39.09 | -0.26% | $36.3M | 47 |
| CPSJ Calamos S&P 500 Structured Alt Protection ETF – July | $27.93 | -0.00% | $41.6M | 47 |
| IMAR Innovator Intl Developed Power Buffer ETF | $31.16 | +0.02% | $36.6M | 47 |
| EEA The European Equity Fund, Inc. | $11.22 | +0.46% | $75.2M | 67 |
| BCG Binah Capital Group, Inc. | $1.39 | -7.33% | $23.4M | 78 |
| HNNA Hennessy Advisors, Inc. | $10.02 | -0.28% | $79.2M | 81 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are CPSA's Key Strengths?
Downside protection
- Defined outcome
- Experienced asset manager
- Low beta
What Are CPSA's Weaknesses?
Capped upside
- Management fees
- Dependence on S&P 500 performance
- Complexity of structured products
What Could Drive CPSA Stock Higher?
Increased market volatility driving demand for downside protection.
- Growing awareness of structured ETFs among investors.
- Expansion of distribution partnerships with brokerage firms.
What Are the Key Risks for CPSA?
Capped upside limiting returns during strong bull markets.
- Management fees reducing overall returns.
- Dependence on S&P 500 performance.
- Changes in interest rates affecting option pricing.
What Are the Growth Opportunities for CPSA?
- Increased adoption by risk-averse investors: As market volatility persists and concerns about potential downturns rise, CPSA's downside protection feature could attract a growing number of risk-averse investors seeking to preserve capital. The market size for risk management solutions is estimated to be in the trillions of dollars, and CPSA can capture a portion of this market by effectively communicating its value proposition. Timeline: Ongoing.
- Expansion of distribution channels: Calamos can expand CPSA's reach by partnering with more brokerage firms and financial advisors to promote the ETF to a wider audience. Increased visibility and accessibility can lead to higher trading volumes and asset growth. The ETF distribution market is highly competitive, but strategic partnerships can provide a significant advantage. Timeline: Ongoing.
- Development of similar structured ETFs with different risk-return profiles: Calamos can leverage its expertise in structured products to launch new ETFs with varying levels of downside protection and upside participation. This can cater to a broader range of investor preferences and risk tolerances. The structured ETF market is constantly evolving, and innovation is key to staying ahead of the competition. Timeline: Ongoing.
- Rising interest rates: Higher interest rates can positively impact CPSA's performance by increasing the income generated from the options used to create the structured protection. This can lead to higher returns for investors, making the ETF more attractive. The interest rate environment is constantly changing, and Calamos needs to adapt its strategies accordingly. Timeline: Ongoing.
- Growing awareness of structured ETFs: As more investors become aware of the benefits of structured ETFs, such as downside protection and defined outcomes, CPSA can benefit from increased demand. Calamos can invest in marketing and education initiatives to raise awareness and attract new investors. The ETF education market is growing, and CPSA can establish itself as a leader in the structured ETF space. Timeline: Ongoing.
What Threats Does CPSA Face?
- Market downturns
- Competition from other ETFs
- Changes in interest rates
- Regulatory changes
What Are CPSA's Competitive Advantages?
- Unique structured protection strategy
- Experienced asset manager (Calamos)
- Defined outcome investment approach
What Does CPSA Do?
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) is an exchange-traded fund (ETF) designed to provide investors with a unique investment strategy that combines exposure to the S&P 500 index with downside protection. The ETF seeks to match the positive price return of the S&P 500 up to a defined cap, while simultaneously protecting against 100% of losses over a one-year period, before fees and expenses. This structure is achieved through the use of financial instruments, such as options, that allow the fund to participate in the upside potential of the S&P 500 while limiting downside risk. CPSA is part of the Calamos Structured Protected ETFs suite, which offers similar strategies with different maturity dates and cap rates. The fund is designed for investors who are looking for market exposure but are also concerned about potential market downturns and seek a level of capital preservation. CPSA's investment objective is to provide a balance between growth and protection, making it an appealing option for risk-averse investors or those nearing retirement. The ETF operates by resetting its protection and participation parameters annually, providing a fresh start each year. The fund's performance is directly tied to the S&P 500's performance, but it is also affected by the cost of the options used to create the structured protection. CPSA is available to investors through major brokerage platforms and can be easily bought and sold like any other ETF. Calamos, the fund's sponsor, is an experienced asset manager with a long history of providing innovative investment solutions.
What Products and Services Does CPSA Offer?
- Provide investors with exposure to the S&P 500 index.
- Offer 100% downside protection against losses over a one-year period (before fees and expenses).
- Aim to match the positive price return of the S&P 500 up to a defined cap.
- Utilize financial instruments, such as options, to create the structured protection.
- Reset the protection and participation parameters annually.
- Cater to risk-averse investors seeking capital preservation.
- Provide a balance between growth and protection.
How Does CPSA Make Money?
- CPSA generates revenue through management fees charged to investors.
- The fund invests in financial instruments, such as options, to create the structured protection.
- The cost of the options affects the fund's overall performance.
What Industry Does CPSA Operate In?
The asset management industry is characterized by intense competition and a wide range of investment products and strategies. ETFs have gained significant popularity in recent years due to their low cost, transparency, and ease of trading. Within the ETF market, structured products like CPSA offer unique risk-return profiles that cater to specific investor needs. The demand for downside protection has increased amid market volatility and economic uncertainty. CPSA competes with other structured ETFs and traditional asset allocation strategies, but its defined protection and participation features differentiate it from standard index funds.
Who Are CPSA's Key Customers?
- Risk-averse investors
- Investors seeking capital preservation
- Investors nearing retirement
- Financial advisors looking for downside protection strategies
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) Valuation Context
Valued at $42.9M, CPSA is classified as a micro-cap stock. Relative to its peer group, CPSA's quantitative score of 47/100 is roughly in line with the peer average of 48/100.
Key Financial Metrics
Return on equity for Calamos S&P 500 Structured Alt Protection ETF – August stands at 0.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.0%, showing how much profit it generates from its asset base. CPSA trades at a trailing price-to-earnings ratio of 0.00, below the Financial Services sector average of ~18x. Its free cash flow yield is 0.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.00 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 0.0%, the inverse of the P/E and a quick read on earnings relative to price.
CPSA Financials
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the ETF's strategy, indicating that those closest to the company see potential upside.
- Community sentiment has shifted positively, with discussions highlighting the ETF's role as a hedge against market volatility.
- Market perception is improving as investors seek alternative protection strategies amidst economic uncertainty, positioning this ETF favorably.
- The structured alternative protection strategy could attract more investors looking for downside protection in a turbulent market.
Bear Case
- Concerns about overall market conditions may overshadow the ETF's potential, leading to skepticism among investors.
- Some community members express doubts about the effectiveness of structured products in extreme market scenarios, fearing they may underperform.
- Recent discussions indicate a lack of clarity around the ETF's long-term strategy, which can deter cautious investors.
- Increased competition from other alternative investment vehicles may dilute interest in this specific ETF, impacting its attractiveness.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
CPSA Latest News
No recent news available for CPSA.
CPSA Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for CPSA.
Price Targets
Wall Street price target analysis for CPSA.
CPSA MoonshotScore
What does this score mean?
The MoonshotScore rates CPSA 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
What Investors Ask About Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) — Financial Services
What does the AI Score mean for CPSA?
CPSA holds an AI Score of 47/100 (Grade: C). This is an educational research signal, not a buy or sell recommendation. Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) offers investors exposure to the S&P 500 while providing downside protection. The ETF aims to match the upside performance of the S&P …
What does Calamos S&P 500 Structured Alt Protection ETF – August do?
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) is designed to provide investors with exposure to the S&P 500 while offering downside protection. 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).
What are the main risks for CPSA?
The main risks for CPSA include the capped upside, which limits potential returns during strong bull markets. Additionally, the management fees can reduce overall returns. The ETF's performance is also dependent on the S&P 500, and any downturn in the market could negatively impact the fund's value, although the downside protection helps to mitigate these losses.
What are the key factors to evaluate for CPSA?
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) holds an AI score of 47/100 (low). Not financial advice.
How frequently does CPSA data refresh on this page?
CPSA's price was last updated on Aug 20, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven CPSA's recent stock price performance?
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Downside protection. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider CPSA overvalued or undervalued right now?
Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
How do I research CPSA before investing?
Before investing in Calamos S&P 500 Structured Alt Protection ETF – August (CPSA), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) analyst consensus ratings and price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Why might investors consider adding CPSA to a portfolio?
Key strength of Calamos S&P 500 Structured Alt Protection ETF – August (CPSA): Downside protection. Weigh rewards against risks and diversify. Not financial advice.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- The information provided is based on available data and should not be considered investment advice.
- Investors should conduct their own research and consult with a financial advisor before making any investment decisions.