Hello Options experts I have been looking at the ETF which is Capital protected at expiry and has a cap to upside all base don SPY ETF Symbl = CPSM https://www.calamos.com/funds/etf/ My question is is this doable at retail? Here is the info So basically it is a Option combo of 1) Long Deep ITM call 2) Long ATM Put 3) Short OTM call thus at expiry if SPY goes up max you can earn is that CAP and At expiry max downside is zero View attachment 341997 - Options are FLEX options, sounds OTC but counter party is OCC so high repute same counter party as all other options Still raises few questions - If SPY goes up up to cap will the RTF catch the rise one to one? at same speed, looks slow? as somebody pointed out, why is that so? - If SPY goes down drastically will the ETF go below issue price ? just because of market sell off or can't go below issue price - How to purchase it from issuer or form Market on day 1 - What happens on the last day ETF dissolves and everybody get cash back? Can this be done at retail by using European style SPX index options? The promoter says it will be difficult! as FLEX options are exactly that FLEX is it just marketing spill or true? Argument against it for long term Some say If you go long SPY and hold in draw down you are better off than giving up upside at 9-10%!