Calamos S&P 500 Structured Alt Protection ETF – May
$29.700.00 (0.00%)
- 0.69%
- $59M
- +5.1%
- 0M sh
- $29.82
- low $27.75high $29.71
The ETF.net CPSM Grade
C
Score 53 out of 100
- 10 of 39
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 100Rank 9 of 39Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B61 out of 100Rank 6 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D28 out of 100Rank 28 of 39Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B63 out of 100Rank 14 of 39
Our read on CPSM
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.
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
- 3
- 107%
- 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.
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CPSM$10,506
Returns run to the Oct 12, 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 | +3.7% |
| 1 month | +0.5% |
| 3 months | +1.3% |
| 1 year | +5.1% |
| 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 | +3.7% | |
| 2025 | +7.2% | |
| 2024 | +6.7% |
CPSM in the news
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.
- 1.47
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
0.69%
CPSM0.69%
- The middle half of S&P 500 Full Protection funds
- Median 0.69%
7 of the 27 S&P 500 Full Protection funds charge less.
Other funds in S&P 500 Full Protection
- CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustExpense ratio 0.69%1 year return +6.3%
- CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberExpense ratio 0.69%1 year return +5.8%
- CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyExpense ratio 0.69%1 year return +5.8%
- CCPSDCalamos ETF Trust - Calamos S&P 500 Structured Alt Protection ETF - DecemberExpense ratio 0.69%1 year return +7.0%
- CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneExpense ratio 0.69%1 year return +5.2%