The Calamos S&P 500 Structured Alt Protection ETF (NYSEARCA:CPSA) experienced a remarkable increase in short interest during December 2023. As of December 31, short interest reached a total of 3,664 shares, marking a significant rise of 1,208.6% from the 280 shares reported on December 15. Given the average daily trading volume of 2,893 shares, this translates to a short-interest ratio of 1.3 days, indicating that approximately 0.2% of the fund’s stock is currently short sold.
Despite this surge in short interest, the ETF’s price performance on January 3, 2024, showed a slight decline. The fund traded down by $0.02, bringing its price to $27.01, with a trading volume of 650 shares—well below the average of 4,838 shares. Over the past year, CPSA has fluctuated between a low of $24.16 and a high of $27.04. The fund’s 50-day moving average sits at $26.84, while the 200-day moving average is at $26.58.
Institutional Investment Activity
In a notable development, an institutional investor has recently established a position in the Calamos S&P 500 Structured Alt Protection ETF. According to the most recent 13F filing with the Securities and Exchange Commission (SEC), Farther Finance Advisors LLC acquired 13,423 shares of CPSA during the third quarter, valued at approximately $358,000. As of the latest reporting period, this acquisition accounts for roughly 0.75% of the total shares of the ETF.
Understanding CPSA’s Investment Strategy
The Calamos S&P 500 Structured Alt Protection ETF primarily invests in large-cap equities. The fund aims to track the returns of the SPDR S&P 500 ETF Trust (SPY) with a predetermined cap, providing investors with a 100% downside hedge over a one-year outcome period. Launched on August 1, 2024, the actively managed fund employs FLEX options to secure its exposure effectively.
As interest in the fund continues to grow, investors will be watching closely how these shifts in short interest and institutional investments may impact the performance of the Calamos S&P 500 Structured Alt Protection ETF moving forward.
