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CPSACalamos S&P 500 Structured Alt Protection ETF - August

Grow my money2y track recordRanked #2,291 of 2,998 in this goal

Seeks to match the positive price return of the SPDR S&P 500 ETF Trust up to a cap of 7.14% while protecting against 100% of negative price return.

By Calamos · Launched 2024

Annual Cost

0.69%

#3,610 of 5,861 · average

Fund Size

$42M

#3,803 of 5,861 · mid-size

Return (1Y)Goal

+6.5%

Track Record

2 years

#3,629 of 5,861 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$10,655+6.5%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Strategy

Structured outcome

Index tracked

S&P 500 Index

What it actually holds

By weight

Concentration

Top 3 holdings = 99.7% of fundconcentrated

Goldman Sachs & Co. LLC
107.4%
Goldman Sachs & Co. LLC
0.8%
Goldman Sachs & Co. LLC
-8.6%

Asset allocation

Stocks
99.7%
Cash
0.3%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
2.1%Low

Year-on-year price swings

Max drawdown
-4.7%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks to match the positive price return of the SPDR S&P 500 ETF Trust up to a cap of 7.14% while protecting against 100% of negative price return.
Strategy
Actively managed ETF designed to provide upside participation in the SPDR S&P 500 ETF Trust up to a cap of 7.14% while offering 100% capital protection against losses during the Outcome Period. Utilizes FLEX Options to achieve these outcomes, with a focus on the Underlying ETF's price performance.
Inception date
July 31, 2024
Fund family
Calamos

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

You can build this cheaper yourself

Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.

Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04