CPSJ vs CPSN

CPSJCCalamos S&P 500 Structured Alt Protection ETF – July

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

In short

CPSJ One 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.

CPSN A one-year airbag strapped to the S&P 500: CPSN aims to shield 100% of index price losses over its outcome period, before fees, in exchange for a hard cap on the upside that resets every November.

Stated mandate

CPSJ 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.

CPSN The fund seeks positive S&P 500 price-return exposure up to a defined cap while protecting against 100% of losses over its one-year outcome period, before fees and expenses.

Why people hold it

• CPSJ 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.

• CPSN Aims to protect against 100% of S&P 500 price losses over its one-year outcome period, before fees and expenses. Not a partial buffer that can be used up.calamos.com
• 0.69% expense ratio, level with the median for S&P 500 full-protection funds, and it sits in the upper half of that peer group overall.
• Calamos runs the same structure across the calendar (CPSJ, CPSM, CPSP, CPSA), so a November start is one entry point among many rather than a single make-or-break date.
• Every November a fresh one-year period opens with a newly set cap, so the terms re-price to current market conditions instead of locking in indefinitely.

Worth knowing

• CPSJ 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.

• CPSN The upside is capped, and the cap is reset each period from options pricing. Exposure is to S&P 500 price return, so index dividends are not part of the deal.calamos.com
• The protection is stated before fees and expenses and applies to a full period held start to finish. Buy mid-period and your own cap and protection look different.calamos.com
• A small, thinly traded fund inside a crowded family of monthly siblings. Spreads can be wider than at the household-name outcome ETFs, so limit orders matter.

Full CPSJ profile⁠

Full CPSN profile⁠