What this ETF is trying to do

The Calamos S&P 500 Structured Alt Protection ETF April (ticker: CPSP) is an exchange-traded fund (ETF) traded on the NYSE. While the name suggests a specific strategy related to the S&P 500, the provided data focuses on its price movements and distribution history.

What the numbers show

As of October 2, 2026, the current price of one share is $27.28.

To understand how the price has changed, we can look at the estimated price from roughly one year ago, which was about $25.75. Because the price has moved from $25.75 to $27.28, the ETF has seen growth in its share price.

Here is a breakdown of the returns:

• Year-to-Date (YTD) Price Return: Approximately 4.67%.

• One-Year Price Return: Approximately 5.93%.

In this case, the "price return" and the "total return" are the same. The price return measures only how much the share price changed. The total return includes both price changes and any cash payments (distributions) made to investors. Since these numbers are identical for this ETF, it means there were no cash distributions added to the returns.

Income and distribution explanation

Some investors look for ETFs that pay them regular cash, known as distributions. However, for CPSP, the distribution yield is 0%. The data shows that no distributions have been detected in the last 12 months. This means this ETF does not currently provide regular cash income to its shareholders.

NAV erosion explanation

"NAV" stands for Net Asset Value, which is basically the total value of all the assets held inside the ETF. "NAV erosion" happens when the value of those underlying assets drops significantly over time.

For this ETF, the erosion-risk score is 100, and the label states "No price erosion detected." The erosion severity is listed as "good," and there is no severe erosion-risk flag. This means the fund has not shown signs of the type of price deterioration that triggers these warnings.

Pros

• Positive Price Growth: The ETF has shown a positive price return both year-to-date and over the last year.

• Low Erosion Risk: According to the provided data, there are no signs of significant price erosion.

Cons

• No Income: Investors looking for regular cash payments through distributions will find that this ETF currently provides none.

• Limited Portfolio Data: No specific top holdings were supplied in the current report.

Beginner takeaway

If you are looking at CPSP, you are looking at an ETF that has seen its share price increase over the last year. However, it is important to know that it does not pay out cash distributions. It is a fund focused on price movement rather than providing regular income.