Calamos S&P 500 Structured Alt Protection ETF – August
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- Calamos S&P 500 Structured Alt Protection ETF – August (CPSA) is an exchange-traded fund that seeks to provide investors with the positive price return of the S&P 500 Index, measured via the SPDR S&P 500 ETF Trust (SPY), up to a predefined cap while offering 100% protection against losses over a one-year outcome period before fees and expenses; it utilizes FLEX options strategies, including long call and put options on SPY alongside short call positions, to achieve this defined outcome. The ETF, which launched on August 1, 2024, with an initial upside cap rate of 8.74% (estimated range of 8.58%-9.07%), resets annually to establish a new cap and refreshed downside protection level, enabling tax-deferred growth on gains held beyond one year at long-term capital gains rates. CPSA forms part of Calamos Investments LLC's broader Structured Protection ETF suite, which includes monthly S&P 500-linked offerings (such as CPSJ for July and CPSN for November), as well as products tied to the Nasdaq-100 and Russell 2000, targeting equity risk control for investors, cash alternatives with upside potential, and derisking strategies for retirees; the suite emphasizes liquid, cost-efficient access to alternatives expertise with a total expense ratio of 0.69%. Issued and managed by Calamos Investments LLC, a diversified global investment firm founded in 1977 and headquartered in Naperville, Illinois—with additional offices in Chicago, New York, San Francisco, Milwaukee, Portland, and the Miami area—the firm oversees more than $40 billion in assets under management, including substantial liquid alternatives, and serves individuals, investment professionals, and institutions through ETFs, mutual funds, closed-end funds, and separately managed accounts focused on convertibles, equities, fixed income, multi-asset, and sustainable strategies. Recent developments for Calamos Investments, the issuer of CPSA, include the expansion of its Structured Protection ETF series with monthly launches rather than quarterly as initially planned, alongside strategic partnerships with Aksia to introduce AC Private Markets in 2025, launching interval funds such as the Calamos Aksia Private Equity & Alternatives Fund (CAPVX) in July 2025 for access to buyouts, growth equity, and venture capital, and a third hedged strategies fund (HEDGX) in October 2025; these moves build on prior successes like the 2023 Calamos Aksia Alternative Credit and Income Fund (CAPIX) and reinforce Calamos' leadership in liquid alternatives and private markets. As of December 2025, CPSA maintains approximately $45.8 million in assets, trades on NYSE Arca with a NAV around $26.96 and market price of $26.88, and shows a year-to-date return of about 7.14% net of fees amid an ongoing outcome period ending July 31, 2026, with current protection at 97.33% and cap positioning reflecting market appreciation.