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Launched

Calamos S&P 500 Structured Alt Protection ETF – July

CPSJNYSE ArcaCalamosC

$27.98−0.04 (−0.15%)

As of Nov 2, 2026, 3:59 PM ET

C53/ 100

Rank 10 of 39 in S&P 500 Full Protection

C53/100Rank 10 of 39inS&P 500 Full Protection
Intraday session: down, 78 prints from 28.02 to 27.98. Range 27.98 to 28.07. Use the arrow keys to read each point.28.0028.0428.0610 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$51M
1Y total return
+4.9%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
7.09K sh
52W range
low $26.54high $28.14
Launched

The ETF.net CPSJ Grade

Based on 4 of 6 pillars

C

Score 53 out of 100

Category
S&P 500 Full Protection⁠
Rank
10 of 39
Six-pillar profile for CPSJ. Scores out of 100: Cost 62, Risk 47, Mission not scored, Tradability 44, Holdings not scored, Durability 56. Strongest: Cost (62). Weakest: Tradability (44). Based on 4 of 6 pillars.

Score 53 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B62 out of 100
    Rank 9 of 39

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C47 out of 100
    Rank 26 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C44 out of 100
    Rank 21 of 39

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B56 out of 100
    Rank 19 of 39

Our read on CPSJ

ETF.net Research

In short

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

  • The 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
  • At 0.69%, the fee sits at the median of the full-protection group and under JAJL's 0.79% on the same index.
  • Calamos staggers these by start month (April, May, July, August, September and more), so a fresh outcome period is never a year away.
  • Rates as one of the stronger implementations in its peer group of 100% protected S&P 500 funds.

Worth knowing

  • Upside follows the S&P 500 price only, so dividends sit outside the deal, and gains stop at the cap for that period.
  • The 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
  • A 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

Asset class
Stocks
Holdings
3
Top-10 weight
104%
Largest holding
SPDR S&P 500 ETF Trust (SPY) Long Call Option100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSPDR S&P 500 ETF Trust (SPY) Long Call Option100.03%667$50.6M11
2No dataSPDR S&P 500 ETF Trust (SPY) Long Put Option3.45%667$1.74M11
3No dataUs Dollar0.56%283,868$284K228

Showing 1–3 of 3 holdings

CPSJ Performance

Launched Jun 30, 2024

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

Not enough history yet.Not enough history yet.Not enough history yet.
CPSJ$10,487
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPSJ $10,487. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+4.2%
1 month+0.2%
3 months+0.9%
1 year+4.9%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+4.2%
2025+7.4%
2024+4.2%

History from Jul 1, 2024

CPSJ in the news

CPSJ Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPSJ Risk

Risk pillarC47 out of 100Rank 26 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
3.1%
Annualised · 27 months to Oct 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.
0.78
vs 3-month T-bills · 27 months to Oct 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%
27 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.

FMP measures it over up to five years of monthly returns.

CPSJ Cost

Compare CPSJ and CPSL

Overpaying vs CPSL, cheapest in S&P 500 Full Protection

$11,323

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPSJ 0.69%

    $13,429

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • CPSJ 0.69%
  • CPSL 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSJ $13,429CPSL $2,106

Year by year

YearCPSJCPSLOverpaying
10$1,232$183$1,049
20$4,697$717$3,980
30$13,429$2,106$11,323

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