Calamos S&P 500 Structured Alt Protection ETF – February (CPSF) Fund Overview

Calamos S&P 500 Structured Alt Protection ETF – February (CPSF) Financial Services Profile

Calamos S&P 500 Structured Alt Protection ETF – February (CPSF) offers investors exposure to the S&P 500 with a capped upside and downside protection over a one-year period. Operating in the asset management sector, CPSF provides a risk-managed approach, differentiating itself through its structured protection strategy and focus on mitigating losses.

What Is the Investment Thesis for CPSF?

Its key value driver is the defined downside protection, shielding investors from potential market downturns. The capped upside participation allows for potential gains, albeit limited. A primary growth catalyst is increasing investor demand for risk-managed investment solutions, particularly in volatile market environments. As of 2026-03-17, the ETF's market cap is $0.02 billion, indicating room for growth as awareness and adoption increase. The ETF's beta of 0.17 suggests low volatility relative to the broader market, further enhancing its appeal to risk-averse investors. The absence of a dividend yield is a drawback for income-seeking investors, but aligns with the ETF's focus on capital appreciation with downside protection. The annual reset mechanism allows the ETF to adapt to changing market conditions, maintaining its intended risk profile.

Based on FMP financials and quantitative analysis

CPSF Key Highlights

Market Cap of $0.02 billion indicates the ETF's current size and potential for growth within the asset management sector.

• Beta of 0.17 signifies low volatility compared to the S&P 500, appealing to risk-averse investors.
• 100% downside protection over a one-year period provides a safety net against market downturns.
• Capped upside participation allows investors to benefit from potential S&P 500 gains, albeit with a defined limit.
• Annual reset mechanism enables the ETF to adapt to changing market conditions and maintain its intended risk profile.

Who Are CPSF's Competitors?

CPSF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are CPSF's Key Strengths?

Defined downside protection.

• Capped upside participation.
• Annual reset mechanism.
• Low beta compared to the S&P 500.

What Are CPSF's Weaknesses?

Capped upside limits potential gains.

• Management fees can reduce overall returns.
• Performance depends on the accuracy of options pricing and execution.
• No dividend yield.

What Are the Key Risks for CPSF?

Rising interest rates could make fixed income investments more attractive.

• Increased competition from other structured outcome ETFs.
• Market volatility could impact the cost and availability of options contracts.
• Changes in regulations could affect the ETF's structure or operations.

What Are CPSF's Competitive Advantages?

• Unique structured protection strategy differentiates it from traditional index funds.
• Calamos Investments' expertise in alternative investment strategies provides a competitive advantage.
• Defined downside protection offers a valuable benefit in volatile market environments.

What Does CPSF Do?

Calamos S&P 500 Structured Alt Protection ETF – February (CPSF) is an exchange-traded fund (ETF) designed to provide investors with a unique investment strategy that combines potential upside participation in the S&P 500 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 structured approach aims to offer investors a balance between growth potential and risk management. The ETF is part of the Calamos Investments family of funds, known for its expertise in alternative investment strategies. Calamos Investments was founded in 1977 and has a long history of providing innovative investment solutions to individual and institutional investors. CPSF represents an extension of this expertise, applying a structured protection strategy to a broad market index like the S&P 500. The ETF's investment objective is to provide a defined level of downside protection while allowing investors to participate in the potential gains of the stock market. This makes it an appealing option for investors seeking to manage risk while still pursuing growth opportunities. CPSF is designed to reset annually, providing a new cap and floor for each one-year period. This reset mechanism allows the ETF to adapt to changing market conditions and maintain its intended risk profile. The ETF's strategy involves the use of options contracts to create the desired payoff profile. These options are carefully selected and managed to achieve the ETF's investment objective. The ETF's performance will depend on the performance of the S&P 500, the level of the cap, and the cost of the options used to provide the downside protection.

What Products and Services Does CPSF Offer?

• Provide investors with exposure to the S&P 500.
• Offer 100% downside protection against losses over a one-year period (before fees and expenses).
• Seek to match the positive price return of the S&P 500 up to a defined cap.
• Utilize options contracts to create the desired payoff profile.
• Reset the cap and floor annually to adapt to changing market conditions.
• Cater to risk-averse investors seeking a balance between growth and protection.

How Does CPSF Make Money?

• Generate revenue through management fees charged on assets under management (AUM).
• Employ a structured investment strategy using options contracts.
• Provide a defined level of downside protection while allowing participation in potential market gains.

What Industry Does CPSF Operate In?

The asset management industry is characterized by increasing demand for innovative investment solutions that cater to diverse risk appetites. CPSF operates within this context, offering a structured protection strategy that differentiates it from traditional index funds. The competitive landscape includes other structured outcome ETFs, as well as traditional asset managers offering actively managed portfolios. CPSF's focus on downside protection positions it as a potential alternative to traditional fixed income investments in a low-yield environment.

Who Are CPSF's Key Customers?

• Risk-averse individual investors.
• Financial advisors seeking risk-managed solutions for their clients.
• Institutional investors looking for downside protection in their portfolios.

CPSF Financials

CPSF Latest News

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CPSF Analyst Consensus

CPSF MoonshotScore

Common Questions About CPSF (Financials)

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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