Calamos S&P 500 Structured Alt Protection ETF – May
CPSM
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Global
- Address
- 2020 Calamos Court Naperville IL United States of America 60563
- IPO Date
- May 1, 2024
- Website
- calamos.com
- Similar Companies
- Business
- Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) is an actively managed exchange-traded fund that seeks to provide investors with exposure to the positive price return of the SPDR S&P 500 ETF Trust (SPY), based on the S&P 500 Index, up to a predefined cap while offering 100% downside protection against negative returns of the reference asset if shares are held through the one-year outcome period, before fees and expenses. The ETF achieves these structured outcomes through a portfolio of FLEX options, including long call and put options on SPY combined with short call options; it resets annually on May 1, delivering refreshed upside caps and protection levels for the subsequent 12-month period ending April 30, with shares tradable indefinitely and potential tax efficiency via long-term capital gains treatment on gains held beyond one year. CPSM features an annual expense ratio of 0.69% and is managed by Co-CIO Eli Pars and the Alternatives Team, targeting investors seeking equity risk control, cash alternatives, or derisking strategies such as retirees preserving capital. Launched on May 1, 2024, as the inaugural product in Calamos Investments LLC's suite of monthly S&P 500 Structured Protection ETFs, CPSM operates within the broader alternatives segment, serving financial advisors, wealth platforms, pension funds, endowments, and individual investors focused on large-cap U.S. equity with defined risk parameters. Issuer Calamos Investments LLC, headquartered in the Chicago metropolitan area with additional offices in New York, San Francisco, Milwaukee, Portland (Oregon), and the Miami area, manages over $40 billion in assets, including more than $18 billion in liquid alternatives as of March 31, 2025; the firm offers equity, fixed income, convertible, multi-asset, private credit, sustainable equity, and alternative strategies via ETFs, mutual funds, closed-end funds, interval funds, UCITS, and separately managed accounts. Recent developments for CPSM include the April 2025 announcement of its first reset on May 1, 2025, establishing an estimated upside cap range of 6.88%-7.45% for the outcome period through April 30, 2026, reaffirming 100% protection; this follows the initial period's cap of approximately 7.00%-9.81% at launch. Complementing CPSM, Calamos expanded its Structured Protection ETF series in September 2024 with the launch of the Calamos Laddered S&P 500 Structured Alt Protection ETF (CPSL), providing equal-weighted, single-ticker access across CPSM and other monthly S&P 500 series (CPSJ, CPSA, CPST), with semi-annual rebalancing through June 2025 to enable systematic, continuous protection. In October 2025, Calamos announced plans for a second autocallable income ETF (CAIQ), building on its leadership in structured outcome products amid strong demand for the award-winning CAIE.