Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with CPSA. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to CPSA
CPSA charges 0.69% annually. There are 42 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | CPSA vs JANB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | CPSA vs APRB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | CPSA vs JULB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | CPSA vs OCTB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | CPSA vs FBUF |
Best Risk-Adjusted Alternatives to CPSA
CPSA has a PortfoliosLab risk / return rank of 96. There are 33 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | CPSA vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 21.00M | Apr 2025 | CPSA vs CPSP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | CPSA vs MMAX | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | CPSA vs ZAPR | |
| Calamos Russell 2000 Structured Alt Protection ETF... | 98 | 13.20M | Apr 2025 | CPSA vs CPRA |
Top Performing CPSA Alternatives (YTD)
CPSA is at 3.65% YTD. There are 201 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | CPSA vs NVDO | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 13.84% | 2.87M | Jun 2025 | CPSA vs QB | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 13.73% | — | Jan 2025 | CPSA vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.09% | 214.27M | Mar 2020 | CPSA vs KAPR | |
| Innovator U.S. Equity Buffer ETF - April | 11.91% | 403.09M | Mar 2019 | CPSA vs BAPR |
Lowest Volatility Alternatives to CPSA
CPSA has 2.14% 1-year volatility. There are 27 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.18% | — | Mar 2025 | CPSA vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.33% | — | Apr 2025 | CPSA vs APXM | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.40% | 21.00M | Apr 2025 | CPSA vs CPSP | |
| PGIM S&P 500 Max Buffer ETF - May | 1.40% | — | Apr 2025 | CPSA vs PMMY | |
| iShares Large Cap Max Buffer Mar ETF | 1.44% | — | Mar 2025 | CPSA vs MMAX |
Lowest Drawdown Alternatives to CPSA
CPSA has a 1-year max drawdown of -1.47%. There are 41 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | CPSA vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 21.00M | Apr 2025 | CPSA vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | CPSA vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | CPSA vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | CPSA vs CPSM |
Other ETFs from Calamos
The 10 most viewed Calamos ETFs shown here include CAIE, CVRT, CAIQ and span 9 categories. AUM among these funds goes as high as $1B.
Often Compared With CPSA
Investors most often compare CPSA with CPSJ, CPRJ, LJUL. These 20 comparison targets span 5 categories, based on PortfoliosLab usage data.
Compare CPSA with Any Fund or Stock
Compare CPSA with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair CPSA with funds that move differently
Calamos S&P 500 Structured Alt Protection ETF - August alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to CPSA.
Explore CPSA Diversifiers