CPSMCalamos S&P 500 Structured Alt Protection ETF - May
Seeks to match the positive price return of the SPDR S&P 500 ETF Trust up to a cap of 6.74% while protecting against 100% of negative price return.
By Calamos · Launched 2024
0.69%
#3,611 of 5,861 · average
$56M
#3,532 of 5,861 · mid-size
+5.0%
2 years
#3,455 of 5,861 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 3 holdings = 99.9% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Listing
- Exchange
- NYSE Arca
Full fund details
- Objective
- Seeks to match the positive price return of the SPDR S&P 500 ETF Trust up to a cap of 6.74% while protecting against 100% of negative price return.
- Strategy
- Actively managed ETF designed to provide capital protection against 100% of losses in the Underlying ETF while allowing for upside participation up to a cap of 6.74%. Utilizes FLEX Options to achieve these outcomes over a one-year Outcome Period.
- Inception date
- April 30, 2024
- Fund family
- Calamos
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
You can build this cheaper yourself
Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.
Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
What's next?
You've looked at CPSM. Save it to your watchlist to weigh it against other funds, then turn your shortlist into a portfolio.
Data updated on 2026-08-04