PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan

Calamos S&P 500 Structured Alt Protection ETF - October (CPSO) Alternatives

ETF · Currency in USD · Last updated Jul 12, 2026

The Calamos S&P 500 Structured Alt Protection ETF - October (CPSO) is an actively managed defined outcome ETF that seeks to match the price return of the SPDR S&P 500 ETF Trust (SPY) up to an upside cap while providing 100% downside protection before fees and expenses, over a one-year outcome period that resets each October. The fund invests substantially all of its assets in FLEX Options referencing SPY to deliver a fully buffered participation in U.S. large-cap equity performance.

Calamos S&P 500 Structured Alt Protection ETF - October (CPSO) 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 CPSO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to CPSO

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

Best Risk-Adjusted Alternatives to CPSO

CPSO has a PortfoliosLab risk / return rank of 94. There are 50 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 2025CPSO vs PMAP
MMAX
iShares Large Cap Max Buffer Mar ETF
98
—Mar 2025CPSO vs MMAX
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
98
19.60MApr 2025CPSO vs CPSP
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
98
—Apr 2025CPSO vs ZAPR
XBAP
Innovator U.S. Equity Accelerated 9 Buffer ETF - A...
98
134.85MMar 2021CPSO vs XBAP

Top Performing CPSO Alternatives (YTD)

CPSO is at 3.31% YTD. There are 211 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 2025CPSO vs NVDO
KFEB
Innovator U.S. Small Cap Power Buffer ETF - Februa...
13.70%
—Jan 2025CPSO vs KFEB
KAPR
Innovator Russell 2000 Power Buffer ETF - April
13.15%
214.51MMar 2020CPSO vs KAPR
QMAR
FT Cboe Vest Nasdaq-100 Buffer ETF - March
12.87%
568.10MMar 2021CPSO vs QMAR
TMAR
FT Vest Emerging Markets Buffer ETF - March
12.87%
—Mar 2025CPSO vs TMAR

Lowest Volatility Alternatives to CPSO

CPSO has 2.11% 1-year volatility. There are 28 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 2025CPSO vs PMAP
APXM
FT Vest U.S. Equity Max Buffer ETF - April1.24%—Apr 2025CPSO vs APXM
PMMY
PGIM S&P 500 Max Buffer ETF - May1.30%—Apr 2025CPSO vs PMMY
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...1.34%19.60MApr 2025CPSO vs CPSP
MMAX
iShares Large Cap Max Buffer Mar ETF1.41%—Mar 2025CPSO vs MMAX

Lowest Drawdown Alternatives to CPSO

CPSO has a 1-year max drawdown of -1.45%. There are 36 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 2025CPSO vs PMAP
CPSP
Calamos S&P 500 Structured Alt Protection ETF - Ap...
-0.37%
19.60MApr 2025CPSO vs CPSP
ZAPR
Innovator Equity Defined Protection ETF - 1 Yr Apr...
-0.40%
—Apr 2025CPSO vs ZAPR
MMAX
iShares Large Cap Max Buffer Mar ETF
-0.46%
—Mar 2025CPSO vs MMAX
CPSM
Calamos S&P 500 Structured Alt Protection ETF - Ma...
-0.49%
56.60MMay 2024CPSO vs CPSM

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
68
9.03%
1.10MJun 2025CPSO vs CAIE
CVRT
Calamos Convertible Equity Alternative ETFConvertible Bonds
88
30.73%
32.10MOct 2023CPSO vs CVRT
CAIQ
Calamos Nasdaq Autocallable Income ETFNasdaq-100, Derivative Income—
12.40%
269.40MNov 2024CPSO vs CAIQ
CANQ
Calamos Alternative Nasdaq & Bond ETFNasdaq-100, Diversified Portfolio
33
5.46%
21.60MFeb 2024CPSO vs CANQ
CPSL
Calamos Laddered S&P 500 Structured Alt Protection...Defined Outcome, S&P 500
95
3.14%
—Sep 2024CPSO vs CPSL
CPSA
Calamos S&P 500 Structured Alt Protection ETF - Au...Defined Outcome
95
3.31%
42.50MAug 2024CPSO vs CPSA
SROI
Calamos Antetokounmpo Global Sustainable Equities ...Global Equities
43
11.08%
18.70MFeb 2023CPSO vs SROI
CPSD
Calamos S&P 500 Structured Alt Protection ETF - De...Defined Outcome, S&P 500
95
2.94%
44.50MDec 2024CPSO vs CPSD
CPST
Calamos S&P 500 Structured Alt Protection ETF - Se...Defined Outcome, S&P 500
95
3.24%
32.10MSep 2024CPSO vs CPST
CPNS
Calamos Nasdaq-100 Structured Alt Protection ETF -...Defined Outcome
95
3.49%
21.90MSep 2024CPSO vs CPNS

Often Compared With CPSO

Investors most often compare CPSO with BWET, PMOC, IBIC. These 20 comparison targets span 10 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
BWET
Breakwave Tanker Shipping ETFCommodities
99
955.56%
22.86MMay 2023CPSO vs BWET
PMOC
PGIM S&P 500 Max Buffer ETF - OctoberDefined Outcome, S&P 500—
3.37%
—Sep 2025CPSO vs PMOC
IBIC
iShares iBonds Oct 2026 Term TIPS ETFInflation-Protected Bonds
98
2.55%
79.20MSep 2023CPSO vs IBIC
PMJN
PGIM S&P 500 Max Buffer ETF - JuneDefined Outcome, S&P 500
95
2.43%
—May 2025CPSO vs PMJN
DMAX
iShares Large Cap Max Buffer December ETFDefined Outcome
95
2.85%
137.28MDec 2024CPSO vs DMAX
DBE
Invesco DB Energy FundOil & Gas
46
55.40%
85.45MJan 2007CPSO vs DBE
BPH
BP p.l.c. ADRhedged ETFEnergy Equities——2.19MJan 2025CPSO vs BPH
BUFP
PGIM Laddered S&P 500 Buffer 12 ETFDefined Outcome, S&P 500
88
7.12%
213.82MJun 2024CPSO vs BUFP
PMFB
PGIM S&P 500 Max Buffer ETF - FebruaryDefined Outcome, S&P 500
96
2.94%
—Jan 2025CPSO vs PMFB
USO
United States Oil Fund LPOil & Gas
34
57.17%
1.92BApr 2006CPSO vs USO
PQAP
PGIM Nasdaq-100 Buffer 12 ETF - AprilDefined Outcome, Nasdaq-100
97
12.04%
25.92MDec 2024CPSO vs PQAP
BNO
United States Brent Oil Fund LPOil & Gas
31
48.83%
883.37MJun 2010CPSO vs BNO
USOY
Defiance Oil Enhanced Options Income ETFDerivative Income
27
32.71%
58.33MMay 2024CPSO vs USOY
UGA
United States Gasoline Fund LPOil & Gas
72
71.80%
118.98MFeb 2008CPSO vs UGA
USL
United States 12 Month Oil Fund LPOil & Gas
33
39.91%
39.62MDec 2007CPSO vs USL
AAA
Alternative Access First Priority CLO Bond ETFCLO
90
2.13%
44.95MSep 2020CPSO vs AAA
BAMU
Brookstone Ultra-Short Bond ETFUltrashort Bond
99
1.36%
67.95MSep 2023CPSO vs BAMU
CBOJ
Calamos Bitcoin Structured Alt Protection ETF - Ja...Defined Outcome
3
-1.50%
—Jan 2025CPSO vs CBOJ
PQJA
PGIM Nasdaq-100 Buffer 12 ETF - JanuaryDefined Outcome, Nasdaq-100
82
8.69%
28.49MDec 2024CPSO vs PQJA
PMJA
PGIM S&P 500 Max Buffer ETF - JanuaryDefined Outcome, S&P 500
95
2.75%
4.58MDec 2024CPSO vs PMJA

Compare CPSO with Any Fund or Stock

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

 

Diversifiers

Pair CPSO with funds that move differently

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

Explore CPSO Diversifiers