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 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 | CPSM vs JANB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | CPSM vs APRB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | CPSM vs JULB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | CPSM vs OCTB | |
| 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 97. There are 18 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 | CPSM vs PMAP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | CPSM vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 21.00M | Apr 2025 | CPSM vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | CPSM vs ZAPR | |
| Calamos Russell 2000 Structured Alt Protection ETF... | 98 | 13.20M | Apr 2025 | CPSM vs CPRA |
Top Performing CPSM Alternatives (YTD)
CPSM is at 2.72% YTD. There are 253 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 | CPSM vs NVDO | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 14.64% | 2.87M | Jun 2025 | CPSM vs QB | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 14.50% | — | Jan 2025 | CPSM vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 13.86% | 214.27M | Mar 2020 | CPSM vs KAPR | |
| Innovator U.S. Small Cap Power Buffer ETF - March | 12.74% | — | Feb 2025 | CPSM vs KMAR |
Lowest Volatility Alternatives to CPSM
CPSM has 1.67% 1-year volatility. There are 7 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 | CPSM vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.34% | — | Apr 2025 | CPSM vs APXM | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.40% | 21.00M | Apr 2025 | CPSM vs CPSP | |
| PGIM S&P 500 Max Buffer ETF - May | 1.40% | — | Apr 2025 | CPSM vs PMMY | |
| iShares Large Cap Max Buffer Mar ETF | 1.44% | — | 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 | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | CPSM vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 21.00M | Apr 2025 | CPSM vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | CPSM vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | CPSM vs MMAX | |
| 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 9 categories. AUM among these funds goes as high as $1B.
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.
Compare CPSM with Any Fund or Stock
Compare CPSM with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
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