CPSO Calamos S&P 500 Structured Alt Protection ETF - October
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Calamos S&P 500 Structured Alt Protection ETF - October (CPSO) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2024-09-30
- Has Options
- No
- Expense ratio
- 0.69% prospectus, filed Nov 21, 2025
- Assets
- $29M shares × price, Oct 9, 2026
- Trailing yield
- —
- Average daily volume
- $159K 30 sessions
- Holdings
- 3 top 10 are 106.7%
- Listed
- Sep 30, 2024 NYSE Arca
Moves with. US large-cap stocks (67% of its variance, beta 0.13); Bitcoin (3% of its variance, beta 0.00). These factors explain 73% of its daily moves over the last year.
Stated objective. "Calamos S&P 500 ? Structured Alt Protection ETF ? October (the ""Fund"") seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR ? S&P 500 ? ETF Trust (""Underlying ETF"") up to a cap of 6.40% (the ""Cap""), while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from October 1, 2025 through September 30, 2026." (from the fund's prospectus)
All 3 holdingsFlow historyOverlap toolAll Floor & Protection ETFs
- Jul 2026
- $0 latest reported month
- Latest 3 months
- $0 0.0% of assets
- Latest 12 months
- +$7.4M +27.8% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | $0 |
| Jun 2026 | $0 |
| May 2026 | $0 |
| Apr 2026 | $0 |
| Mar 2026 | $0 |
| Feb 2026 | $0 |
| Jan 2026 | $0 |
| Dec 2025 | $0 |
| Nov 2025 | $0 |
| Oct 2025 | +$8.7M |
| Sep 2025 | −$91 |
| Aug 2025 | −$1.3M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 22 months ago
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| JAJLInnovator Equity Defined Protection ETF - 6mo Jan/Jul | — | 0.79% | $303M | +6.0% | compare |
| ZSEPInnovator Equity Defined Protection ETF - 1 Yr September | — | 0.79% | $237M | +5.5% | compare |
| ZJULInnovtor Equity Defined Protection ETF - 1 Yr July | — | — | $196M | +5.8% | compare |
| ZAUGInnovator Equity Defined Protection ETF - 1 Yr August | — | 0.79% | $167M | +5.8% | compare |
| ZJUNInnovator Equity Defined Protection ETF - 1 Yr June | — | 0.79% | $166M | +5.0% | compare |
The largest other funds in the Floor & Protection category.
- Authorized participants
- 2 active of 8 with agreements; top 3 did 100%
- Created · redeemed
- $31M · $14M over the fiscal year
- Redemptions in kind
- 100% creations 0% in kind
- Creation unit
- 25,000 shares
- Securities lending
- not authorized
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | Goldman Sachs & Co. LLC | 106.26% | Derivative (equity) | US |
| — | Goldman Sachs & Co. LLC | 0.45% | Derivative (equity) | US |
| — | Goldman Sachs & Co. LLC | -6.86% | Derivative (equity) | US |
| Category | Weight | Value | Positions |
|---|---|---|---|
| Derivative (equity) | 99.85% | $26.6M | 3 |
| Month | '24 | '25 | '26 | Avg |
|---|---|---|---|---|
| Jan | -- | 0.66% | 0.46% | 0.56% |
| Feb | -- | 0.31% | 0.09% | 0.20% |
| Mar | -- | -0.73% | -0.83% | -0.78% |
| Apr | -- | 0.28% | 1.90% | 1.09% |
| May | -- | 1.49% | 0.78% | 1.14% |
| Jun | -- | 1.37% | 0.14% | 0.76% |
| Jul | -- | 0.76% | 0.60% | 0.68% |
| Aug | -- | 1.07% | 0.53% | 0.80% |
| Sep | -- | 0.71% | 0.43% | 0.57% |
| Oct | -0.16% | 0.24% | 0.49%* | 0.19% |
| Nov | 0.82% | 0.14% | -- | 0.48% |
| Dec | 0.26% | 0.41% | -- | 0.33% |
| Total | 0.92% | 6.90% | 4.66% | 4.16% |
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
Momentum Oscillators
Volume & Volatility
Data Summary
LLM Stock Analysis Report: CPSO
Executive Summary
Overall Assessment: NEUTRAL (6/10)
Key Drivers: Technical trend confirmation, low volatility, and potential earnings catalysts.
Primary Risks: Overbought RSI, lack of recent news headlines, and moderate institutional interest.
Investment Thesis: CPSO is trending upwards, but overbought. A correction could provide a buying opportunity. Earnings announcements will be crucial in confirming the trend or triggering a reversal.
Recent News Sentiment Impact: No recent news available, which may impact short-term price action.
Technical Analysis
Trend Direction: SHORT-TERM (1-4 weeks) - UPTREND CONFIRMED
Support/Resistance Levels:
- Short-term support: $27.45 (SMA 20)
- Intermediate resistance: $28.00 (EMA 26)
- Long-term support: $26.50 (SMA 200)
Momentum Signals:
- RSI: Overbought (75.26), potential sell signal
- MACD: Bullish momentum, but with a high reading
- Bollinger Bands: Neutral signal
Volume Analysis: Low volume (-65.46%), indicating reduced institutional interest.
News & Sentiment Analysis
Recent Headlines Summary: No recent news available
Sentiment Assessment: NEUTRAL (50/50)
Catalyst Identification: Earnings announcements, product launches, and regulatory changes could impact the stock's trajectory.
Market Narrative: The lack of recent news headlines may create uncertainty and potentially impact short-term price action. Technical signals are strong, but sentiment is neutral.
Risk & Volatility Assessment
Beta Interpretation: LOW (0.16) - less volatile than SPY
Volatility Regime: MODERATE (HV20 1.7%, HV30 1.8%) - below average volatility
Options Market Signals:
- IV Premium vs HV30: N/A (positive), indicating potential for higher implied volatility
Downside Protection: Support levels and risk management considerations will be crucial in managing potential losses.
Market Context & Positioning
Sector Performance: CPSO is performing relatively well within its sector, but not exceptionally strong.
Institutional Activity: Moderate institutional interest, but with low volume participation.
Correlation Analysis: R-squared interpretation: 0.89 (strong correlation) - less volatile than the market.
Relative Valuation: CPSO appears reasonably priced within its trading range.
Key Levels & Action Items
Critical Price Levels: Support at $27.45, resistance at $28.00, and long-term support at $26.50.
Breakout/Breakdown Levels: Short-term breakout above $28.00 could trigger further price increases, while a breakdown below $27.20 could lead to a correction.
Time-Sensitive Catalysts: Earnings announcements will be crucial in confirming the trend or triggering a reversal.
Risk Management: Stop-loss levels should be set at $27.10, with position sizing considerations based on technical signals and risk tolerance.
This comprehensive analysis provides an in-depth look at CPSO's technical, fundamental, and market context. The neutral sentiment assessment highlights the need for caution, as the stock is overbought and lacks recent news headlines. Earnings announcements will be crucial in confirming or reversing the trend.
CPSO Options Activity & IV Rank
Each spread is ranked by a composite score built in three stages. Full documentation →
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Enter a ticker to render the implied volatility surface.
Enter a ticker to render the implied volatility smile.
Risk Metrics
Analysis Details
Data Points: 249
Period: 252 trading days
Low volatility - stock moves less than market
CPSO Institutional Ownership (13F)
Latest filings — 2026-06-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
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