Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) Fund Overview
Educational signal · not a buy or sell recommendation · How to read this
Beta 0.26: the stock has moved about 74% less than the S&P 500.
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gemini-2.0-flash, generated Mar 17, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Quick AnswerCalamos S&P 500 Structured Alt Protection ETF – August (CPSA) trades at $28.16. Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) offers investors exposure to the S&P 500 while providing downside protection. Sector: Financials.
Price as of · 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.
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?
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 | MoonshotScore |
|---|---|---|---|---|
| APRJ Innovator Premium Income 30 Barrier ETF | $24.61 | -0.10% | $31.9M | — |
| APRT AllianzIM U.S. Equity Buffer10 Apr ETF | $47.15 | +0.26% | $49.2M | — |
| AUGT AllianzIM U.S. Equity Buffer10 Aug ETF | $39.38 | +0.46% | $36.6M | — |
| CPSJ Calamos S&P 500 Structured Alt Protection ETF – July | $28.02 | +0.04% | $41.7M | — |
| IMAR Innovator Intl Developed Power Buffer ETF | $30.54 | +0.66% | $35.9M | — |
| BLK BlackRock, Inc. | $1059.63 | -0.44% | $164B | 51 5-pillar |
| BX Blackstone Inc. | $111.74 | -0.45% | $135B | 68 5-pillar |
| APOS Apollo Global Management, Inc. | $25.59 | -0.23% | $74.8B | 56 5-pillar |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are CPSA's Key Strengths?
Downside protection
- Defined outcome
- Experienced asset manager
What Are CPSA's Weaknesses?
Capped upside
- Management fees
- Dependence on S&P 500 performance
- Complexity of structured products
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 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
Research confidence
Thin evidence — scoring coverage unknown. Treat this as a starting point, not a conclusion.
- ● Scoring coverage unknown
- ● Price is current
- ● No filing on record
- ● No analyst coverage
- ● This is an etf, not an operating company
MoonshotScore History
Recorded daily since 2026-08-23 · 41 snapshots
| 2026-08-23 | 47 |
| 2026-08-31 | 47 |
| 2026-09-08 | 47 |
| 2026-09-16 | 47 |
| 2026-09-24 | 47 |
| 2026-10-04 | 47 |
What changed?
The score has stayed at 47.
Over the same 30 days the stock moved +0.1%.
CPSA Financials
Bull Case vs Bear Case
Bull Case
- Downside protection
- Defined outcome
- Experienced asset manager
- Ongoing: Increased market volatility driving demand for downside protection.
Bear Case
- Capped upside
- Management fees
- Dependence on S&P 500 performance
- Complexity of structured products
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 collected by Financial Modeling Prep for CPSA.
Price Targets
Wall Street price target analysis for CPSA.
CPSA MoonshotScore
MoonshotScore is Stock Expert AI's proprietary 0-100 research rating, not a buy or sell recommendation. No MoonshotScore is published for CPSA; grades run from A+ (80-100) to F (below 30).
What Investors Ask About Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) — Financials
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.
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
MoonshotScore is not published for this security.
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.