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CPSJ

GradeCNew York Stock Exchange Arca

Calamos S&P 500 Structured Alt Protection ETF – July

Floor Protected · Calamos · Inception 2024-07-01

$27.97−0.02 (−0.08%)

As of Sep 23, 2026, 2:02 PM EDT

History starts Jul 1, 2024.
Intraday session: down, 27 prints from 27.99 to 27.97. Range 27.97 to 28.01. Use the arrow keys to read each point.$27.98$27.99$28.00$28.0110 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$50M
1Y return
+5.4%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$28.10
52W range
low $26.50high $28.05

The ETF.net CPSJ Grade

C

53/ 100

Rank 11 of 39 in S&P 500 Full Protection⁠

Confidence Medium

Six-pillar profile for CPSJ. Scores out of 100: Cost 62, Risk 49, Mission not scored, Tradability 43, Holdings not scored, Durability 56. Strongest: Cost (62). Weakest: Tradability (43). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 53 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 62
    Category rank14/39 · top 36%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 49
    Category rank21/37 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 43
    Category rank24/39 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 56
    Category rank19/39 · top 49%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on CPSJ

ETF.net Research

COne rung on Calamos' monthly ladder of S&P 500 funds built to shield 100% of index price losses across a one-year outcome period, in exchange for a cap set each July. Full armor, ceiling included.

Stated mandate

The fund seeks to provide the positive price return of the S&P 500 up to a defined cap while protecting against 100% of losses during a one-year outcome period.

Why people hold it

  1. 01The trade is spelled out up front: protection against 100% of S&P 500 price losses over the one-year outcome period, with upside capped at a level fixed when the period starts.calamos.com
  2. 02At 0.69%, the fee sits at the median of the full-protection group and under JAJL's 0.79% on the same index.
  3. 03Calamos staggers these by start month (April, May, July, August, September and more), so a fresh outcome period is never a year away.
  4. 04Rates as one of the stronger implementations in its peer group of 100% protected S&P 500 funds.

Worth knowing

  1. 01Upside follows the S&P 500 price only, so dividends sit outside the deal, and gains stop at the cap for that period.
  2. 02The protection is a full-period contract. Buy mid-period or sell before it ends and your effective cap and downside cushion differ from the stated terms.calamos.com
  3. 03A smaller, thinly traded member of the family, so spreads can run wider than the busiest protection funds. It also isn't structured as an income payer.

CPSJ Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
104%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option99.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPDR S&P 500 ETF Trust (SPY) Long Call Option99.49%657$49M11
002—SPDR S&P 500 ETF Trust (SPY) Long Put Option3.92%657$2M11
003—US DOLLAR0.84%417,135$417K231

Showing 1–3 of 3 holdings

CPSJ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

CPSJ$10,536
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CPSJ $10,536. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CPSJ. Periods over one year show the average yearly return.
PeriodCPSJ
Year to date+4.1%
1 month+0.2%
3 months+1.3%
1 year+5.4%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPSJ
YearReturn barCPSJ
2026 YTD+4.1%
2025+7.4%
2024+4.2%

Since listing, Jul 1, 2024

CPSJ in the news

ETF.net Research hasn’t filed on CPSJ yet — coverage lands here as it’s written.

CPSJ Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CPSJ Risk

How much the fund’s monthly returns vary, scaled to a year.
3.2%
Annualised · 25 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.88
vs 3-month T-bills · 25 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−5.4%
26 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.23
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

CPSJ Cost

Expense ratio0.69%
  • The middle half of S&P 500 Full Protection funds
  • Median 0.69%

6 of the 26 S&P 500 Full Protection funds charge less.

CPSJ costs $69.00 a year on $10,000. The median S&P 500 Full Protection fund costs $69.00.