Calamos S&P 500 Structured Alt Protection ETF – July
$28.110.00 (+0.02%)
- 0.69%
- $50M
- +5.8%
- 0M sh
- $28.20
- low $26.54high $28.14
The ETF.net CPSJ Grade
C
Score 52 out of 100
- 11 of 39
Score 52 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 100Rank 9 of 39Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C46 out of 100Rank 26 of 38Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C42 out of 100Rank 23 of 39Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B56 out of 100Rank 19 of 39
Our read on CPSJ
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.
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
- Stocks
- 3
- 105%
- SPDR S&P 500 ETF Trust (SPY) Long Call Option
CPSJ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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CPSJ$10,581
Returns run to the Oct 12, 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.
| Period | CPSJ |
|---|---|
| Year to date | +4.6% |
| 1 month | +0.6% |
| 3 months | +1.4% |
| 1 year | +5.8% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CPSJ |
|---|---|---|
| 2026 YTD | +4.6% | |
| 2025 | +7.4% | |
| 2024 | +4.2% |
CPSJ in the news
CPSJ Dividends
No distributions in the last 12 months.
CPSJ Risk
- 3.2%
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.
- 0.82
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.
- −5.4%
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.
- 0.23
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
0.69%
CPSJ0.69%
- The middle half of S&P 500 Full Protection funds
- Median 0.69%
7 of the 27 S&P 500 Full Protection funds charge less.
Other funds in S&P 500 Full Protection
- CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberExpense ratio 0.69%1 year return +5.8%
- CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayExpense ratio 0.69%1 year return +5.1%
- CCPSDCalamos ETF Trust - Calamos S&P 500 Structured Alt Protection ETF - DecemberExpense ratio 0.69%1 year return +7.0%
- CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneExpense ratio 0.69%1 year return +5.2%
- CJAJLInnovator Equity Defined Protection ETFExpense ratio 0.79%1 year return +6.2%