PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan

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

ETF · Currency in USD · Last updated Jul 15, 2026

The Calamos S&P 500 Structured Alt Protection ETF – May aims to provide investors with 100% downside protection over a one-year outcome period, while offering upside participation in the S&P 500® up to a predetermined cap. The fund utilizes a structured options strategy to achieve these objectives.

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%.

SymbolNameExpense RatioAUMInception
OCTB
Aptus October Buffer ETF0.25%—Oct 2025CPSM vs OCTB
APRB
Aptus April Buffer ETF0.25%—Oct 2025CPSM vs APRB
JULB
Aptus July Buffer ETF0.25%—Oct 2025CPSM vs JULB
JANB
Aptus January Buffer ETF0.25%—Oct 2025CPSM vs JANB
FBUF
Fidelity Dynamic Buffered Equity ETF0.48%—Apr 2024CPSM vs FBUF

Best Risk-Adjusted Alternatives to CPSM

CPSM has a PortfoliosLab risk / return rank of 97. There are 16 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.

SymbolNameRisk / Return RankAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April
99
—Mar 2025CPSM vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
98
19.60MApr 2025CPSM vs CPSP
MMAX
iShares Large Cap Max Buffer Mar ETF
98
—Mar 2025CPSM vs MMAX
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
98
—Apr 2025CPSM vs ZAPR
XBAP
Innovator U.S. Equity Accelerated 9 Buffer ETF - A...
98
134.85MMar 2021CPSM vs XBAP

Top Performing CPSM Alternatives (YTD)

CPSM is at 2.48% YTD. There are 249 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.

SymbolNameYTD ReturnAUMInception
NVDO
Leverage Shares 2x Capped Accelerated NVDA Monthly...
16.35%
—Aug 2025CPSM vs NVDO
KFEB
Innovator U.S. Small Cap Power Buffer ETF - Februa...
13.68%
—Jan 2025CPSM vs KFEB
KAPR
Innovator Russell 2000 Power Buffer ETF - April
13.02%
214.51MMar 2020CPSM vs KAPR
QMAR
FT Cboe Vest Nasdaq-100 Buffer ETF - March
12.77%
568.10MMar 2021CPSM vs QMAR
QB
ProShares Nasdaq-100 Dynamic Daily Buffer ETF
12.67%
2.84MJun 2025CPSM vs QB

Lowest Volatility Alternatives to CPSM

CPSM has 1.66% 1-year volatility. There are 7 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.15%.

SymbolNameVolatility 1YAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April1.15%—Mar 2025CPSM vs PMAP
APXM
FT Vest U.S. Equity Max Buffer ETF - April1.24%—Apr 2025CPSM vs APXM
PMMY
PGIM S&P 500 Max Buffer ETF - May1.31%—Apr 2025CPSM vs PMMY
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...1.34%19.60MApr 2025CPSM vs CPSP
MMAX
iShares Large Cap Max Buffer Mar ETF1.42%—Mar 2025CPSM 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%.

SymbolNameMax Drawdown 1YAUMInception
PMAP
PGIM S&P 500 Max Buffer ETF - April
-0.35%
—Mar 2025CPSM vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
-0.37%
19.60MApr 2025CPSM vs CPSP
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
-0.40%
—Apr 2025CPSM vs ZAPR
MMAX
iShares Large Cap Max Buffer Mar ETF
-0.46%
—Mar 2025CPSM vs MMAX
LJUL
Innovator Premium Income 15 Buffer ETF - July
-0.52%
—Jun 2024CPSM 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 $269M.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
CAIE
Calamos Autocallable Income ETFDerivative Income
67
8.83%
1.10MJun 2025CPSM vs CAIE
CVRT
Calamos Convertible Equity Alternative ETFConvertible Bonds
85
29.45%
32.10MOct 2023CPSM vs CVRT
CAIQ
Calamos Nasdaq Autocallable Income ETFNasdaq-100, Derivative Income—
11.65%
269.40MNov 2024CPSM vs CAIQ
CANQ
Calamos Alternative Nasdaq & Bond ETFNasdaq-100, Diversified Portfolio
30
4.80%
21.60MFeb 2024CPSM vs CANQ
CPSL
Calamos Laddered S&P 500 Structured Alt Protection...Defined Outcome, S&P 500
95
3.11%
—Sep 2024CPSM vs CPSL
CPSA
Calamos S&P 500 Structured Alt Protection ETF - Au...Defined Outcome
95
3.36%
42.50MAug 2024CPSM vs CPSA
SROI
Calamos Antetokounmpo Global Sustainable Equities ...Global Equities
43
10.47%
18.70MFeb 2023CPSM vs SROI
CPSD
Calamos S&P 500 Structured Alt Protection ETF - De...Defined Outcome, S&P 500
95
2.98%
44.50MDec 2024CPSM vs CPSD
CPST
Calamos S&P 500 Structured Alt Protection ETF - Se...Defined Outcome, S&P 500
95
3.26%
32.10MSep 2024CPSM vs CPST
CPNS
Calamos Nasdaq-100 Structured Alt Protection ETF -...Defined Outcome
95
3.49%
21.90MSep 2024CPSM vs CPNS

Often Compared With CPSM

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

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
XXXX
MAX S&P 500 4X Leveraged ETNLeveraged Equities, S&P 500
36
23.78%
148.89MDec 2023CPSM vs XXXX
SPY
State Street SPDR S&P 500 ETFS&P 500
66
10.84%
783.21BJan 1993CPSM vs SPY
PHDG
Invesco S&P 500 Downside Hedged ETFEquity Hedged, S&P 500
67
11.19%
74.50MDec 2012CPSM vs PHDG
SPYI
NEOS S&P 500 High Income ETFDerivative Income, S&P 500
71
8.30%
10.67BAug 2022CPSM vs SPYI
VMFXX
Vanguard Federal Money Market FundMoney Market—
1.80%
0.00Jul 1981CPSM vs VMFXX
ISPY
ProShares S&P 500 High Income ETFDerivative Income, S&P 500
55
9.14%
1.26BDec 2023CPSM vs ISPY
VOO
Vanguard S&P 500 ETFS&P 500
67
10.87%
1.70TSep 2010CPSM vs VOO
QQQ
Invesco QQQ ETFNasdaq-100
61
17.43%
481.14BMar 1999CPSM vs QQQ
AOA
iShares Core 80/20 Aggressive Allocation ETFDiversified Portfolio
66
9.52%
3.21BNov 2008CPSM vs AOA
FNILX
Fidelity ZERO Large Cap Index FundLarge Cap Blend Equities
58
10.25%
——CPSM vs FNILX
QVMT
Invesco S&P S&P 500 Concentrated QVM ETFS&P 500
86
18.51%
133.23MOct 2015CPSM vs QVMT
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ...S&P 500, Dividend
52
14.61%
7.40BOct 2015CPSM vs SPYD
SPMO
Invesco S&P 500 Momentum ETFMomentum, S&P 500
65
28.67%
22.01BOct 2015CPSM vs SPMO
RSDE
FT Vest U.S. Equity Equal Weight Buffer ETF - Dece...Defined Outcome
60
7.95%
80.67MDec 2024CPSM vs RSDE
SPXV
ProShares S&P 500 Ex-Health Care ETFS&P 500
62
11.50%
39.81MSep 2015CPSM vs SPXV
PMJA
PGIM S&P 500 Max Buffer ETF - JanuaryDefined Outcome, S&P 500
95
2.77%
4.58MDec 2024CPSM vs PMJA
DMAR
FT Cboe Vest U.S. Equity Deep Buffer ETF - MarchOptions Trading
97
7.84%
451.61MMar 2021CPSM vs DMAR
SPYG
State Street SPDR Portfolio S&P 500 Growth ETFS&P 500, Large Cap Growth Equities
49
12.15%
52.75BSep 2000CPSM vs SPYG
BND
Vanguard Total Bond Market ETFTotal Bond Market
34
0.11%
394.40BApr 2007CPSM vs BND
SPLT.TO
Brompton Split Corp. Preferred Share ETFPreferred Stock/Convertible Bonds
68
3.54%
410.95MJun 2023CPSM vs SPLT.TO

Compare CPSM with Any Fund or Stock

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

 

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