---
ticker: "CPSM"
name: "Calamos S&P 500 Structured Alt Protection ETF – May"
url: "https://etf.net/etf/CPSM"
grade: "C"
score: 53
graded_at: "2026-10-12"
category: "S&P 500 Full Protection"
category_rank: "10 of 39"
methodology: "https://etf.net/methodology"
---

# CPSM: Calamos S&P 500 Structured Alt Protection ETF – May

Grade **C**, Score 53 of 100. Rank 10 of 39 in S&P 500 Full Protection.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 62 | 9 of 39 |
| Mission | Not scored | — |
| Risk | 61 | 6 of 38 |
| Tradability | 28 | 28 of 39 |
| Holdings | Not scored | — |
| Durability | 63 | 14 of 39 |

## Top holdings

The fund holds 3 positions. These are the largest 3, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | SPDR S&P 500 ETF Trust (SPY) Long Call Option | 104.52% |
| 2 | — | SPDR S&P 500 ETF Trust (SPY) Long Put Option | 1.99% |
| 3 | — | Us Dollar | 0.61% |

Source: etf.net, https://etf.net/etf/CPSM. Please cite the page URL.