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Launched

Calamos S&P 500 Structured Alt Protection ETF – May

CPSMNYSE ArcaCalamosC

$29.63−0.02 (−0.07%)

At close: Nov 2, 2026, 4:00 PM ET

C53/ 100

Rank 10 of 39 in S&P 500 Full Protection

C53/100Rank 10 of 39inS&P 500 Full Protection
Intraday session: down, 79 prints from 29.65 to 29.63. Range 29.63 to 29.73. Use the arrow keys to read each point.29.6829.7029.7210 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$59M
1Y total return
+4.5%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
2.32K sh
52W range
low $28.20high $29.79
Launched

The ETF.net CPSM Grade

Based on 4 of 6 pillars

C

Score 53 out of 100

Category
S&P 500 Full Protection⁠
Rank
10 of 39
Six-pillar profile for CPSM. Scores out of 100: Cost 62, Risk 62, Mission not scored, Tradability 25, Holdings not scored, Durability 64. Strongest: Durability (64). Weakest: Tradability (25). Based on 4 of 6 pillars.

Score 53 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B62 out of 100
    Rank 9 of 39

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B62 out of 100
    Rank 6 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D25 out of 100
    Rank 31 of 39

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B64 out of 100
    Rank 13 of 39

Our read on CPSM

ETF.net Research

In short

CCalamos' May-dated entry in a full-protection series: hold the complete one-year outcome period and the fund aims to absorb 100% of the S&P 500's price decline, before fees, in exchange for a cap on the upside that resets each May 1.

Stated mandate

The fund seeks capped participation in the positive price return of the S&P 500 while protecting against 100% of losses over a one-year outcome period, before fees and expenses.

Why people hold it

  • Full protection, not a cushion. Held across a complete outcome period, the design targets zero loss from the index's price decline, before fees and expenses.calamos.com
  • At 0.69%, the fee sits right at the median for full-protection funds, so the floor does not cost extra against the peer group.
  • One of a monthly Calamos series (CPSP in April, CPSJ in July, CPSA in August, CPST in September), so you can pick a reset month or ladder several start dates.
  • Launched in 2024 and rates in the upper tier of the 100%-protection group we track on cost, resilience and staying power.

Worth knowing

  • The cap is what pays for the floor. It is reset for each new one-year period and is not known in advance, so gains above it stay with the option counterparty.
  • The terms belong to the full outcome period. Buy mid-period and the upside and protection you actually get differ from the headline terms.calamos.com
  • Protection is stated before fees, and the payoff follows S&P 500 price return, so the 0.69% expense and the index's dividends both sit outside it.

CPSM Holdings

Asset class
Stocks
Holdings
3
Top-10 weight
106%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option103.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSPDR S&P 500 ETF Trust (SPY) Long Call Option103.33%798$60.9M11
2No dataSPDR S&P 500 ETF Trust (SPY) Long Put Option2.11%798$1.24M11
3No dataUs Dollar0.61%362,060$362K228

Showing 1–3 of 3 holdings

CPSM Performance

Launched Apr 30, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
CPSM$10,448
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPSM $10,448. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CPSM. Periods over one year show the average yearly return.
PeriodCPSM
Year to date+3.6%
1 month+0.2%
3 months+1.0%
1 year+4.5%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPSM
YearReturn barCPSM
2026 YTD+3.6%
2025+7.2%
2024+6.7%

History from May 1, 2024

CPSM in the news

CPSM Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPSM Risk

Risk pillarB62 out of 100Rank 6 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
1.6%
Annualised · 29 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.38
vs 3-month T-bills · 29 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−5.2%
29 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.08
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CPSM Cost

Compare CPSM and CPSL

Overpaying vs CPSL, cheapest in S&P 500 Full Protection

$11,323

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPSM 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSM 0.69%
  • CPSL 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSM $13,429CPSL $2,106

Year by year

YearCPSMCPSLOverpaying
10$1,232$183$1,049
20$4,697$717$3,980
30$13,429$2,106$11,323

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