Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) Alternatives

Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) 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 CPSM. Use the tables to find lower-cost options, better risk-adjusted returns, or funds that fit a different role in your portfolio.

Cheapest Alternatives to CPSM

CPSM charges 0.69% annually. Among ETFs in the Defined Outcome category, these options have the lowest expense ratios among CPSM alternatives.

Symbol	Name	Expense Ratio	Inception
FBUF	Fidelity Dynamic Buffered Equity ETF	0.48%	Apr 9, 2024	CPSM vs FBUF
SMAX	iShares Large Cap Max Buffer Sep ETF	0.50%	Sep 30, 2024	CPSM vs SMAX
DMAX	iShares Large Cap Max Buffer December ETF	0.50%	Dec 31, 2024	CPSM vs DMAX
MMAX	iShares Large Cap Max Buffer Mar ETF	0.50%	Mar 31, 2025	CPSM vs MMAX
PBFR	PGIM Laddered S&P 500 Buffer 20 ETF	0.50%	Jun 11, 2024	CPSM vs PBFR

Best Risk-Adjusted Alternatives to CPSM

Among ETFs in the Defined Outcome category, these options rank highest on PortfoliosLab's risk-adjusted score, which accounts for volatility, drawdown, and return consistency over a 1-year period.

Symbol	Name	Risk / Return Rank	Inception
ZDEK	Innovator Equity Defined Protection ETF - 1 Yr Dec...	97	Dec 1, 2024	CPSM vs ZDEK
ZFEB	Innovator Equity Defined Protection ETF - 1 Yr Feb...	97	Feb 3, 2025	CPSM vs ZFEB
DMAX	iShares Large Cap Max Buffer December ETF	96	Dec 31, 2024	CPSM vs DMAX
ZMAR	Innovator Equity Defined Protection ETF - 1 Yr Mar...	96	Mar 3, 2025	CPSM vs ZMAR
ZJAN	Innovator Equity Defined Protection ETF - 1 Yr Jan...	95	Dec 31, 2024	CPSM vs ZJAN

Top Performing CPSM Alternatives (YTD)

CPSM alternatives from the Defined Outcome category, sorted by year-to-date return.

Symbol	Name	YTD Return	Inception
KAPR	Innovator Russell 2000 Power Buffer ETF - April	3.19%	Mar 31, 2020	CPSM vs KAPR
IAPR	Innovator International Developed Power Buffer ETF...	2.69%	Mar 31, 2021	CPSM vs IAPR
FMAR	FT Vest U.S. Equity Buffer ETF - March	2.16%	Mar 19, 2021	CPSM vs FMAR
BAPR	Innovator U.S. Equity Buffer ETF - April	2.08%	Mar 29, 2019	CPSM vs BAPR
PSMR	Pacer Swan SOS Moderate (April) ETF	1.94%	Mar 31, 2021	CPSM vs PSMR

Lowest Volatility Alternatives to CPSM

CPSM alternatives from the Defined Outcome category, sorted by annualized volatility over the past year.

Symbol	Name	Volatility 1Y	Inception
ZMAY	Innovator Equity Defined Protection ETF - 1 Yr May	1.51%	May 1, 2025	CPSM vs ZMAY
ZJUN	Innovator Equity Defined Protection ETF - 1 Yr Jun...	1.91%	May 30, 2025	CPSM vs ZJUN
AIOO	AllianzIM U.S. Equity Buffer100 Protection ETF	1.99%	Jun 30, 2025	CPSM vs AIOO
MMAX	iShares Large Cap Max Buffer Mar ETF	2.61%	Mar 31, 2025	CPSM vs MMAX
ZAPR	Innovator Equity Defined Protection ETF - 1 Yr Apr...	2.62%	Apr 1, 2025	CPSM vs ZAPR

Lowest Drawdown Alternatives to CPSM

CPSM alternatives from the Defined Outcome category, sorted by maximum drawdown over the past year.

Symbol	Name	Max Drawdown 1Y	Inception
ZDEK	Innovator Equity Defined Protection ETF - 1 Yr Dec...	-1.57%	Dec 1, 2024	CPSM vs ZDEK
ZFEB	Innovator Equity Defined Protection ETF - 1 Yr Feb...	-1.73%	Feb 3, 2025	CPSM vs ZFEB
ZJAN	Innovator Equity Defined Protection ETF - 1 Yr Jan...	-1.87%	Dec 31, 2024	CPSM vs ZJAN
ZOCT	Innovator Equity Defined Protection ETF - 1 Yr Oct...	-1.91%	Oct 1, 2024	CPSM vs ZOCT
ZMAR	Innovator Equity Defined Protection ETF - 1 Yr Mar...	-1.92%	Mar 3, 2025	CPSM vs ZMAR

Other ETFs from Calamos

Most popular Calamos ETFs on PortfoliosLab, across asset classes.

Symbol	Name	Category	Risk / Return Rank	YTD Return	Inception
CAIE	Calamos Autocallable Income ETF	Derivative Income	—	-3.69%	Jun 25, 2025	CPSM vs CAIE
CVRT	Calamos Convertible Equity Alternative ETF	Convertible Bonds	93	9.28%	Oct 4, 2023	CPSM vs CVRT
CANQ	Calamos Alternative Nasdaq & Bond ETF	Diversified Portfolio	40	-5.71%	Feb 13, 2024	CPSM vs CANQ
CAIQ	Calamos Nasdaq Autocallable Income ETF	Derivative Income	—	-4.16%	Nov 20, 2024	CPSM vs CAIQ
SROI	Calamos Antetokounmpo Global Sustainable Equities ...	Global Equities	51	-2.52%	Feb 3, 2023	CPSM vs SROI
CBOJ	Calamos Bitcoin Structured Alt Protection ETF - Ja...	Defined Outcome	8	-1.26%	Jan 22, 2025	CPSM vs CBOJ

Often Compared With CPSM

What investors most often compare with CPSM, based on PortfoliosLab usage data.

Symbol	Name	Category	Risk / Return Rank	YTD Return	Inception
XXXX	MAX S&P 500 4X Leveraged ETN	Leveraged Equities, S&P 500	27	-24.00%	Dec 4, 2023	CPSM vs XXXX
SPY	State Street SPDR S&P 500 ETF	S&P 500	64	-4.37%	Jan 22, 1993	CPSM vs SPY
SPYI	NEOS S&P 500 High Income ETF	Derivative Income, S&P 500	69	-3.13%	Aug 29, 2022	CPSM vs SPYI
ISPY	ProShares S&P 500 High Income ETF	Derivative Income, S&P 500	49	-4.08%	Dec 18, 2023	CPSM vs ISPY
PHDG	Invesco S&P 500 Downside Hedged ETF	Equity Hedged, S&P 500	30	1.32%	Dec 6, 2012	CPSM vs PHDG
VMFXX	Vanguard Federal Money Market Fund	Money Market	—	0.59%	Sep 1, 2010	CPSM vs VMFXX
FNILX	Fidelity ZERO Large Cap Index Fund	Large Cap Blend Equities	45	-7.30%	—	CPSM vs FNILX
QQQ	Invesco QQQ ETF	Large Cap Growth Equities	69	-5.93%	Mar 10, 1999	CPSM vs QQQ
AOA	iShares Core Aggressive Allocation ETF	Diversified Portfolio	79	-1.19%	Nov 4, 2008	CPSM vs AOA
VOO	Vanguard S&P 500 ETF	S&P 500	65	-4.42%	Sep 7, 2010	CPSM vs VOO
BND	Vanguard Total Bond Market ETF	Total Bond Market	59	0.05%	Apr 3, 2007	CPSM vs BND
DMAR	FT Cboe Vest U.S. Equity Deep Buffer ETF - March	Options Trading	87	1.79%	Mar 18, 2021	CPSM vs DMAR
SPLT.TO	Brompton Split Corp. Preferred Share ETF	Preferred Stock/Convertible Bonds	37	0.10%	Jun 12, 2023	CPSM vs SPLT.TO
VOOG	Vanguard S&P 500 Growth ETF	S&P 500, Large Cap Growth Equities	66	-8.17%	Apr 5, 2019	CPSM vs VOOG
QVMT	Invesco S&P S&P 500 Concentrated QVM ETF	S&P 500	59	4.72%	Oct 9, 2015	CPSM vs QVMT
JEPI	JPMorgan Equity Premium Income ETF	Actively Managed, Dividend, Derivative Income	39	0.20%	May 20, 2020	CPSM vs JEPI
KNGZ	First Trust S&P 500 Diversified Dividend Aristocra...	S&P 500, Dividend	46	1.04%	Jun 20, 2017	CPSM vs KNGZ
SPXN	ProShares S&P 500 Ex-Financials ETF	S&P 500	70	-3.95%	Sep 22, 2015	CPSM vs SPXN
SPHD	Invesco S&P 500® High Dividend Low Volatility ETF	S&P 500, Dividend	20	4.64%	Oct 18, 2012	CPSM vs SPHD
JBBB	Janus Henderson B-BBB CLO ETF	CLO	49	-0.81%	Jan 11, 2022	CPSM vs JBBB

Compare CPSM with Any Fund or Stock

Compare CPSM with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

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Calamos S&P 500 Structured Alt Protection ETF - May

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