# CPSM (Calamos S&P 500 ® Structured Alt Protection ETF - May)

Calamos · Buffer ETFs · data as of Sep 12, 2026

As of Sep 12, 2026, CPSM sits between its buffer and its cap, with SPY up 6.1% since the period began.

## Key facts

- CPSM, fall before the buffer: 1.9%, as of Sep 12, 2026.
- CPSM, protection left, index points: 99.8%, as of Sep 12, 2026.
- CPSM, days to reset: 231, as of Sep 12, 2026.
- CPSM, net assets: $53m (source, as filed for Apr 30, 2026).
- CPSM, expense ratio: 0.69% (issuer page, Sep 12, 2026).
- CPSM, reference index: SPY, as of Sep 12, 2026.

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 0% to 100% | ETFIQ |
| Outcome period | May 1, 2026 to May 1, 2027 | ETFIQ |
| Starting cap | +6.5% | ETFIQ |
| SPY return since period start | +6.1% | ETFIQ |
| Fund return since period start | +1.7% | ETFIQ |
| Net assets | $53m | source, as filed for Apr 30, 2026 |
| Band state today | Open | ETFIQ |
| Can still gain | not published | issuer, fund price |
| Fall before buffer | 1.9% | issuer, fund price |
| Fall to the buffer in index terms | 5.9% | ETFIQ |
| Protection left in index points | 99.8% of 99.8% | ETFIQ |
| Days left in period | 231 | ETFIQ |
| Expense ratio | 0.69% | issuer page, Sep 12, 2026 |

## Questions

### How far can CPSM fall before the buffer helps?

1.9% in fund-price terms on Sep 12, 2026, by the issuer's figure. In index terms SPY can fall 5.9% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the CPSM buffer is left?

99.8% of the 99.8% buffer sat below the SPY level on Sep 12, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does CPSM reset?

The outcome period ends on May 1, 2027, 231 days from the data on Sep 12, 2026. A new cap is set the next day and the buffer starts again.

### What does CPSM cost?

The prospectus expense ratio is 0.69% a year.


## Cite this page

ETFIQ, CPSM, data as of Sep 12, 2026. https://etfiq.com/funds/CPSM
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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