At a glance
CPSM charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $56.6M in assets, the 8th largest of that group. Over the past year it returned +4.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos S&P 500 Structured Alt Protection ETF – May (CPSM) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each one-year period starting May 1, it aims to protect against 100% of SPY's price losses, in exchange for a cap on gains. From May 2025 to April 2026, that cap was 7.00% before fees. Its 0.69% expense ratio was the lowest of eight similar defined-outcome funds, but its returns trailed all of them.
Price history
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CPSM +4.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CPSM price data to Oct 27, 2026 | +3.8% | +4.6% | — | — | — | +7.1% |
- Over the year to Oct 27, 2026, CPSM returned +4.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.2%); its best was 2025 (+7.2%).
- The deepest fall in its price history was 5.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Apr 28, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.8% |
| 2025 | +7.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $2.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.00%, -0.20%, +0.41%.
How it works
CPSM is an actively managed ETF from Calamos. It puts substantially all of its assets in FLEX options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. The options track SPY, an ETF organized as a unit investment trust that holds the stocks in the S&P 500 Index. CPSM owns no stocks directly. Its July 31, 2026 holdings report showed just three option positions on SPY, all expiring in April 2027.
The options are combined so that, over an outcome period of about one year, the fund matches SPY's price gains up to a cap and absorbs 100% of SPY's price losses. For May 1, 2025 through April 30, 2026, the cap was 7.00% and the protection was 100%. After fees, those figures were 6.31% and 99.31%. Returns follow SPY's price only, so the fund does not capture the dividends SPY pays.
When each period ends, the fund buys a new set of options. The protection level stays the same, but the cap changes with market conditions. Outcomes are measured from the fund's net asset value (NAV, the per-share value of its holdings) on the first day of the period. Investors who buy after that day or sell before the period ends may get very different results. The protection applies only at the end of the period. About a week before each period ends, the fund's website posts the expected cap range for the next one.
What it really costs
- CPSM charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CPSM | $70 | $221 | $384 | $859 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to give back 100% of its starting value, before fees, at the end of each one-year period, and gives up most stock-market gains to do so.
CPSM launched May 1, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 5.2%, from February 19 to April 8, 2025. It recovered by April 28, 2025, in less than a month. That drop shows the protection is measured only at the end of each outcome period, so someone who sells partway through can still take a loss. Its only full calendar year, 2025, returned 7.21%. The fund recorded no distributions, so it offers no regular income. It costs 0.69% a year. In the SEC's standard $10,000 example, that comes to $70 after one year and $859 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who care more about protecting their starting value over a full year, before fees, than about keeping up with S&P 500 gains.
- Investors who can buy near the May 1 reset and hold until April 30, the window in which the cap and protection are designed to apply.
- Cost-conscious buyers of defined-outcome funds: its 0.69% expense ratio compares with a 0.86% average for similar funds.
Look elsewhere if
- Investors who need regular income: the fund recorded no distributions, and it does not capture SPY's dividends.
- Investors who want most of the market's upside: its one-year return of 4.6% ranked last of eight similar funds as of October 27, 2026.
- Investors who may need to sell partway through a period: protection applies only at the period's end, and the fund fell 5.2% in early 2025.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSM this fund | 0.69% | $56.6M | +4.6% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Can you lose money in CPSM?
Yes. The 100% protection covers only SPY's price losses, before fees, from the start to the end of an outcome period. After the fund's 0.69% fee, protection for May 2025 to April 2026 was 99.31%. Investors who buy after a period starts or sell before it ends can lose money. The fund fell 5.2% between February 19 and April 8, 2025. It is not FDIC insured or guaranteed by any government agency.
What is the CPSM cap for 2025-2026?
For the outcome period from May 1, 2025 through April 30, 2026, the cap was 7.00% before fees and 6.31% after fees. If SPY's price rose more than that, the fund's gain stopped at the cap. A new cap is set at the start of each period based on market conditions, so it can rise or fall from year to year. About a week before each reset, the fund's website posts the expected cap range for the next period.
Does CPSM pay dividends?
No distributions were recorded for the fund. CPSM holds options on SPY, not the stocks themselves. Its returns reflect only changes in SPY's price, not the dividends SPY pays. Giving up those dividends is part of the cost of the protection, along with the cap on gains. Investors who want dividend income from S&P 500 companies may find funds that hold the stocks directly a closer fit.
CPSM vs BUFR: what's the difference?
CPSM costs less but has returned less. CPSM charges 0.69%, compared with 0.95% for FT Vest Laddered Buffer ETF (BUFR). BUFR is the largest similar fund, with about $10.5 billion in net assets as of August 31, 2026, against about $56.6 million for CPSM as of July 31, 2026. In the year to October 27, 2026, BUFR returned 11.6% and CPSM returned 4.6%. CPSM aims to absorb 100% of SPY's losses. Buffer funds generally absorb only a set share of losses in exchange for more room to gain.
How has CPSM performed?
Its returns have been modest and steady. CPSM returned 7.21% in 2025, its only full calendar year. In 2026 it returned 3.83% through October 27. Its one-year return was 4.6% as of October 27, 2026, with volatility of just 1.7% over that year. Over one year it trailed all seven similar defined-outcome funds. That is the trade-off for its full protection against losses and its cap on gains.