Calamos S&P 500 Structured Alt Protection ETF – April
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- Calamos ETF Trust (ticker: CPSP) is a registered investment company that serves as the issuer for a suite of exchange-traded funds (ETFs), including the Calamos S&P 500 Structured Alt Protection ETF – April (CPSP), which seeks to deliver the positive price return of the SPDR S&P 500 ETF Trust up to a predefined cap while targeting 100% protection against losses of the underlying ETF before fees and expenses over an approximately one-year outcome period. The Trust's core offerings comprise actively managed buffer ETFs utilizing FLEX options strategies; these include Structured Alt Protection ETF series linked to the S&P 500 (such as CPSP, CPSM, CPSA), Nasdaq-100, Russell 2000, and Bitcoin in variants like full protection, 90 Series, and 80 Series; autocallable income ETFs; and other alternative strategies providing defined downside buffers, upside caps, and tax-efficient outcomes for equity risk control, cash deployment, and retirement derisking. CPSP specifically employs long and short FLEX call and put options on the SPDR S&P 500 ETF Trust with strikes calibrated for capital protection and capped participation, resetting annually with new outcome periods; the fund maintains a 0.69% expense ratio, trades on NYSE Arca, and holds assets under management of approximately $15.6 million as of late 2025. Headquartered at 2020 Calamos Court, Naperville, Illinois, the Trust operates under Calamos Investments LLC, an asset management firm founded in 1977 with global reach through offices in Chicago, New York, San Francisco, Milwaukee, Portland, and Miami, targeting institutional and retail investors seeking alternatives to traditional equity exposure. Products are distributed primarily in the United States via exchange listing, with performance benchmarks including the MerQube Capital Protected US Large Cap Price Index. In April 2025, Calamos launched CPSP alongside the Russell 2000 Structured Alt Protection ETF (CPRA), each with initial upside caps of around 7.78% gross and protection levels adjusting to 99.31% net of fees for their respective one-year periods ending March 2026, expanding the firm's pioneering suite of defined-outcome ETFs that began with S&P 500 series in 2024. Recent strategic developments include October 2025 listings of new Bitcoin Structured Alt Protection ETFs (full, 90 Series, 80 Series), alongside partnerships like the July 2025 launch of the Calamos Aksia Private Equity & Alternatives Fund (CAPVX) and October 2025 introduction of the Hedged Strategies Fund (HEDGX) with Aksia, plus plans for a second autocallable income ETF (CAIQ) amid strong demand for prior launches. These moves reflect ongoing portfolio diversification into private markets, hedged strategies, and cryptocurrency-linked buffers, building on Calamos Investments' alternatives heritage.