CPSM Alternatives & Similar ETFs

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 a closer substitute for your current allocation.

Cheapest Alternatives to CPSM

CPSM charges 0.69% annually. There are 41 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.

Symbol	Name	Expense Ratio	AUM	Inception
OCTB	Aptus October Buffer ETF	0.25%	—	Oct 2025	CPSM vs OCTB
JANB	Aptus January Buffer ETF	0.25%	—	Oct 2025	CPSM vs JANB
APRB	Aptus April Buffer ETF	0.25%	—	Oct 2025	CPSM vs APRB
JULB	Aptus July Buffer ETF	0.25%	—	Oct 2025	CPSM vs JULB
FBUF	Fidelity Dynamic Buffered Equity ETF	0.48%	—	Apr 2024	CPSM vs FBUF

Best Risk-Adjusted Alternatives to CPSM

CPSM has a PortfoliosLab risk / return rank of 96. There are 22 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.

Symbol	Name	Risk / Return Rank	AUM	Inception
PMAP	PGIM S&P 500 Max Buffer ETF - April	99	—	Mar 2025	CPSM vs PMAP
CPSP	Calamos S&P 500 Structured Alt Protection ETF - Ap...	98	19.60M	Apr 2025	CPSM vs CPSP
MMAX	iShares Large Cap Max Buffer Mar ETF	98	—	Mar 2025	CPSM vs MMAX
ZAPR	Innovator Equity Defined Protection ETF - 1 Yr Apr...	98	—	Apr 2025	CPSM vs ZAPR
XBAP	Innovator U.S. Equity Accelerated 9 Buffer ETF - A...	98	133.76M	Mar 2021	CPSM vs XBAP

Top Performing CPSM Alternatives (YTD)

CPSM is at 1.94% YTD. There are 239 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.

Symbol	Name	YTD Return	AUM	Inception
NVDO	Leverage Shares 2x Capped Accelerated NVDA Monthly...	16.35%	—	Aug 2025	CPSM vs NVDO
KFEB	Innovator U.S. Small Cap Power Buffer ETF - Februa...	13.02%	—	Jan 2025	CPSM vs KFEB
TMAR	FT Vest Emerging Markets Buffer ETF - March	12.46%	—	Mar 2025	CPSM vs TMAR
KAPR	Innovator Russell 2000 Power Buffer ETF - April	12.34%	216.78M	Mar 2020	CPSM vs KAPR
QMAR	FT Cboe Vest Nasdaq-100 Buffer ETF - March	11.40%	563.55M	Mar 2021	CPSM vs QMAR

Lowest Volatility Alternatives to CPSM

CPSM has 1.65% 1-year volatility. There are 8 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.

Symbol	Name	Volatility 1Y	AUM	Inception
PMAP	PGIM S&P 500 Max Buffer ETF - April	1.18%	—	Mar 2025	CPSM vs PMAP
APXM	FT Vest U.S. Equity Max Buffer ETF - April	1.22%	—	Apr 2025	CPSM vs APXM
PMMY	PGIM S&P 500 Max Buffer ETF - May	1.30%	—	Apr 2025	CPSM vs PMMY
CPSP	Calamos S&P 500 Structured Alt Protection ETF - Ap...	1.36%	19.60M	Apr 2025	CPSM vs CPSP
MMAX	iShares Large Cap Max Buffer Mar ETF	1.43%	—	Mar 2025	CPSM vs MMAX

Lowest Drawdown Alternatives to CPSM

CPSM has a 1-year max drawdown of -0.49%. There are 4 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.

Symbol	Name	Max Drawdown 1Y	AUM	Inception
PMAP	PGIM S&P 500 Max Buffer ETF - April	-0.35%	—	Mar 2025	CPSM vs PMAP
CPSP	Calamos S&P 500 Structured Alt Protection ETF - Ap...	-0.37%	19.60M	Apr 2025	CPSM vs CPSP
ZAPR	Innovator Equity Defined Protection ETF - 1 Yr Apr...	-0.40%	—	Apr 2025	CPSM vs ZAPR
MMAX	iShares Large Cap Max Buffer Mar ETF	-0.46%	—	Mar 2025	CPSM vs MMAX
LJUL	Innovator Premium Income 15 Buffer ETF - July	-0.52%	—	Jun 2024	CPSM vs LJUL

Other ETFs from Calamos

The 10 most viewed Calamos ETFs shown here include CAIE, CVRT, CAIQ and span 7 categories. AUM among these funds goes as high as $999M.

Symbol	Name	Category	Risk / Return Rank	YTD Return	AUM	Inception
CAIE	Calamos Autocallable Income ETF	Derivative Income	—	6.84%	998.70M	Jun 2025	CPSM vs CAIE
CVRT	Calamos Convertible Equity Alternative ETF	Convertible Bonds	92	36.17%	28.70M	Oct 2023	CPSM vs CVRT
CAIQ	Calamos Nasdaq Autocallable Income ETF	Nasdaq-100, Derivative Income	—	11.87%	229.00M	Nov 2024	CPSM vs CAIQ
CANQ	Calamos Alternative Nasdaq & Bond ETF	Nasdaq-100, Diversified Portfolio	32	3.74%	21.70M	Feb 2024	CPSM vs CANQ
CPSL	Calamos Laddered S&P 500 Structured Alt Protection...	Defined Outcome, S&P 500	94	2.52%	—	Sep 2024	CPSM vs CPSL
CPSA	Calamos S&P 500 Structured Alt Protection ETF - Au...	Defined Outcome	95	2.88%	42.30M	Aug 2024	CPSM vs CPSA
SROI	Calamos Antetokounmpo Global Sustainable Equities ...	Global Equities	41	8.60%	18.60M	Feb 2023	CPSM vs SROI
CPST	Calamos S&P 500 Structured Alt Protection ETF - Se...	Defined Outcome, S&P 500	94	2.69%	32.00M	Sep 2024	CPSM vs CPST
CPSD	Calamos S&P 500 Structured Alt Protection ETF - De...	Defined Outcome, S&P 500	94	2.38%	44.50M	Dec 2024	CPSM vs CPSD
CPNS	Calamos Nasdaq-100 Structured Alt Protection ETF -...	Defined Outcome	95	3.05%	21.80M	Sep 2024	CPSM vs CPNS

Often Compared With CPSM

Investors most often compare CPSM with XXXX, SPY, SPYI. These 20 comparison targets span 15 categories, based on PortfoliosLab usage data.

Symbol	Name	Category	Risk / Return Rank	YTD Return	AUM	Inception
XXXX	MAX S&P 500 4X Leveraged ETN	Leveraged Equities, S&P 500	36	13.89%	148.89M	Dec 2023	CPSM vs XXXX
SPY	State Street SPDR S&P 500 ETF	S&P 500	59	8.15%	765.27B	Jan 1993	CPSM vs SPY
SPYI	NEOS S&P 500 High Income ETF	Derivative Income, S&P 500	58	5.56%	10.27B	Aug 2022	CPSM vs SPYI
PHDG	Invesco S&P 500 Downside Hedged ETF	Equity Hedged, S&P 500	65	9.81%	76.65M	Dec 2012	CPSM vs PHDG
VMFXX	Vanguard Federal Money Market Fund	Money Market	—	1.50%	0.00	Jul 1981	CPSM vs VMFXX
ISPY	ProShares S&P 500 High Income ETF	Derivative Income, S&P 500	52	6.70%	1.28B	Dec 2023	CPSM vs ISPY
VOO	Vanguard S&P 500 ETF	S&P 500	59	8.19%	1.70T	Sep 2010	CPSM vs VOO
QQQ	Invesco QQQ ETF	Nasdaq-100	59	16.45%	493.17B	Mar 1999	CPSM vs QQQ
AOA	iShares Core 80/20 Aggressive Allocation ETF	Diversified Portfolio	60	8.19%	3.20B	Nov 2008	CPSM vs AOA
FNILX	Fidelity ZERO Large Cap Index Fund	Large Cap Blend Equities	62	9.63%	—	—	CPSM vs FNILX
SPMO	Invesco S&P 500 Momentum ETF	Momentum, S&P 500	68	29.91%	21.99B	Oct 2015	CPSM vs SPMO
QVMT	Invesco S&P S&P 500 Concentrated QVM ETF	S&P 500	88	19.11%	137.13M	Oct 2015	CPSM vs QVMT
BND	Vanguard Total Bond Market ETF	Total Bond Market	32	0.49%	394.40B	Apr 2007	CPSM vs BND
SPYD	State Street SPDR Portfolio S&P 500 High Dividend ...	S&P 500, Dividend	47	12.56%	7.30B	Oct 2015	CPSM vs SPYD
RSDE	FT Vest U.S. Equity Equal Weight Buffer ETF - Dece...	Defined Outcome	55	6.44%	80.67M	Dec 2024	CPSM vs RSDE
SPXV	ProShares S&P 500 Ex-Health Care ETF	S&P 500	59	9.08%	39.74M	Sep 2015	CPSM vs SPXV
DMAR	FT Cboe Vest U.S. Equity Deep Buffer ETF - March	Options Trading	97	6.84%	420.08M	Mar 2021	CPSM vs DMAR
PMJA	PGIM S&P 500 Max Buffer ETF - January	Defined Outcome, S&P 500	94	2.26%	4.58M	Dec 2024	CPSM vs PMJA
SPLT.TO	Brompton Split Corp. Preferred Share ETF	Preferred Stock/Convertible Bonds	70	3.86%	410.95M	Jun 2023	CPSM vs SPLT.TO
SPYG	State Street SPDR Portfolio S&P 500 Growth ETF	S&P 500, Large Cap Growth Equities	45	8.70%	52.13B	Sep 2000	CPSM vs SPYG

Compare CPSM with Any Fund or Stock

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

Symbol name

Diversifiers

Pair CPSM with funds that move differently

Calamos S&P 500 Structured Alt Protection ETF - May alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to CPSM.

Explore CPSM Diversifiers

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