Calamos S&P 500 Structured Alt Protection ETF – January

Frequently Asked Questions About CPSY

What does CPSY invest in?

These Calamos Structured Protected ETFs are engineered to replicate the S&P 500's positive price performance, capped at a predetermined limit. Crucially, they also aim to fully safeguard against any capital depreciation throughout a one-year term, before accounting for any associated fees and expenses.

What is the expense ratio of CPSY?

Calamos S&P 500 Structured Alt Protection ETF – January (CPSY) charges an expense ratio of 0.69%. This is the annual fee deducted from fund assets to cover management and operations.

What is CPSY's distribution yield?

CPSY's trailing-twelve-month yield is —, calculated from the sum of distributions over the past year divided by the current price.

How does CPSY's covered-call strategy work?

CPSY sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside — when the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund.

How big is CPSY?

Calamos S&P 500 Structured Alt Protection ETF – January (CPSY) manages $27.3M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is CPSY actively managed or an index fund?

CPSY's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.