Calamos ETF Trust - Calamos S&P 500 Structured Alt Protection ETF - December
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- Calamos ETF Trust – Calamos S&P 500 Structured Alt Protection ETF – December (NYSE Arca: CPSD) is an actively managed, U.S.-domiciled defined-outcome exchange-traded fund that seeks to provide S&P 500 equity-market exposure, subject to a predetermined upside cap, while protecting against 100% of negative reference-asset performance over each annual December outcome period, before fees and expenses. The fund was formed on December 2, 2024, is sponsored by Calamos Investments LLC and managed by Calamos Advisors LLC, a Naperville, Illinois-based investment-management firm. CPSD principally serves investors seeking tax-efficient, exchange-traded access to capital-protected large-cap U.S. equity exposure. CPSD’s principal investment products are exchange-traded Flexible Exchange Options (FLEX Options) linked to the price performance of the SPDR S&P 500 ETF Trust (SPY). Its portfolio generally comprises a long SPY call option, a long SPY put option and a short SPY call option, structured to deliver positive price returns of the S&P 500, as represented through SPY, up to the applicable annual cap and to establish a 100% protection floor at the start of the designated one-year outcome period. The fund invests through derivatives rather than direct ownership of S&P 500 constituent securities and provides exposure across diversified U.S. large-cap growth and value companies. It does not seek to distribute the dividends associated with SPY holdings and is designed primarily for investors who hold shares throughout the relevant outcome period. The fund resets its option portfolio, upside cap and protection parameters at the beginning of each December outcome period. For the outcome period beginning December 1, 2025 and ending November 30, 2026, Calamos reported a starting CPSD price of $25.92, a reference-asset starting price of $683.39 and an initial cap rate of 6.67% based on market price, or 5.98% based on net asset value; the fund’s prospectus expense ratio is 0.69%. The strategy’s stated protection and capped-return objectives apply only to the annual outcome-period framework and are not guaranteed for investors purchasing or selling fund shares at interim prices. Recent operational developments include the commencement of CPSD’s second annual December outcome period on December 1, 2025, with a refreshed SPY-linked FLEX Options package and newly established cap and protection levels for the November 2026 expiration. As of September 3, 2026, Calamos reported that the fund’s active options portfolio included SPY long call, long put and short call positions expiring November 30, 2026. CPSD remains part of Calamos’ Structured Protected ETF platform, through which Calamos expands its defined-outcome ETF offerings combining limited S&P 500 upside participation with annual downside-protection features in a tax-efficient ETF structure.