Calamos S&P 500 Structured Alt Protection ETF – May
$29.59−0.03 (−0.10%)
- Expense ratio
- 0.69%
- Fund size
- $59M
- 1Y return
- +4.7%
- Yield · Last 12 months
- —
- Holdings
- 5
- Volume · 30D
- 0M sh
- NAV per share
- $29.72
- 52W range
The ETF.net CPSM Grade
Score 55 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 62Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 57Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 40Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 63Category rank
Our read on CPSM
BCalamos' 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.
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
- Stocks
- 5
- 106%
- SPDR S&P 500 ETF Trust (SPY) Long Call Option
CPSM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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.
| Period | CPSM |
|---|---|
| Year to date | +3.4% |
| 1 month | +0.5% |
| 3 months | +1.4% |
| 1 year | +4.7% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CPSM |
|---|---|---|
| 2026 YTD | +3.4% | |
| 2025 | +7.2% | |
| 2024 | +6.7% |
CPSM in the news
ETF.net Research hasn’t filed on CPSM yet — coverage lands here as it’s written.
CPSM Dividends
No distributions in the last 12 months.
CPSM Risk
- 1.6%
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.
- 1.54
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.
- −5.2%
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.
- 0.08
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CPSM Cost
- The middle half of S&P 500 Full Protection funds
- Median 0.69%
6 of the 26 S&P 500 Full Protection funds charge less.