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CPSL vs TJUL

Calamos Laddered S&P 500 Structured Alt Protection ETF

CPSLACboe

Innovator Equity Defined Protection ETF

TJULCCboe

Overlap

Expense ratio

CPSL −0.69pt a year

CPSL0.10%TJUL0.79%

Avg volume · 30D

CPSL 3.0×the volume

CPSL37.4KTJUL12.4K

CPSL vs TJUL Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSL+4.6%TJUL

Oct 31, 2025 to Oct 30, 2026. CPSL +5.3%. TJUL +4.6%. Use the arrow keys to read each point.−1%0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSL 0.10%, better
TJUL 0.79%
Fund size
CPSL $163M
TJUL $114M
1Y total return
CPSL +5.3%, better
TJUL +4.6%
Holdings
CPSL 13
TJUL 3
Avg volume (30D)
CPSL 37.4K sh, better
TJUL 12.4K sh
NAV per share
CPSL $28.38
TJUL $30.79
52W range

ETF.net Grade

CPSL: Cost 99, Risk 52, Mission not scored, Tradability 75, Holdings 93, Durability 69. TJUL: Cost 21, Risk 52, Mission not scored, Tradability 68, Holdings not scored, Durability 91.
Pillar letters and Scores for CPSL, TJUL, with each pillar’s weight
PillarCPSLTJUL
Cost30% weightA99HigherF21
Mission25% weightNot scoredNot scored
Risk15% weightC52C52
Tradability15% weightA75HigherB68
Holdings10% weightA93Not scored
Durability5% weightB69A91Higher

Rank among S&P 500 Full Protection funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CPSL and TJUL are both graded against the same 27 S&P 500 Full Protection funds, so their Grades compare head to head.

S&P 500 Full Protection⁠

Category · 27 funds
See all 27 ›

CPSL ranks 1st and TJUL 19th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 80
  2. Rank 2AMMAXiShares Large Cap Max Buffer Mar ETFScore 76
  3. Rank 17CZJULInnovator Equity Defined Protection ETF - 1 Yr JulyScore 46
  4. Rank 19CTJULInnovator Equity Defined Protection ETFScore 44
  5. Rank 19CZFEBInnovator Equity Defined Protection ETF - 1 Yr FebruaryScore 44

Our read on each fund

ETF.net Research

CPSLACalamos Laddered S&P 500 Structured Alt Protection ETF

TJULCInnovator Equity Defined Protection ETF

In short

CPSL No data

TJUL TJUL is the S&P 500 with a full airbag: a 100% downside buffer across a two-year outcome period, paid for with a hard ceiling on the upside. Total protection, not the usual thin slice, is the entire pitch.

Stated mandate

CPSL No data

TJUL The Fund seeks to track the return of SPDR S&P 500 ETF Trust over the outcome period, subject to a maximum return cap and a 100% downside buffer before fees and expenses.

Why people hold it

CPSL No data

  • TJUL The buffer goes all the way: the fund aims to absorb 100% of a decline in its S&P 500 reference over the outcome period, before fees and expenses.
  • Upside stays equity shaped. It tracks the SPDR S&P 500 ETF Trust (SPY) over the period up to a cap, so gains follow stocks rather than a fixed rate.
  • Long runway, clear terms: outcome periods run two years, with a new cap set at each reset, so the trade-off is spelled out in the fund's documents before the clock starts.
  • A registered 1940 Act fund holding an options-based defined outcome strategy, so the protection arrives inside a standard ETF wrapper rather than a note or annuity.

Worth knowing

CPSL No data

  • TJUL Costs 0.79% a year, above the 0.69% charged by the Calamos protection series (CPSJ, CPSM), and the 100% buffer is measured before fees and expenses.
  • The cap is the price of the floor: strong S&P 500 stretches get trimmed at the ceiling, and buying mid-period leaves you with different terms than the stated cap and buffer.
  • Smaller and thinly traded next to plain index ETFs, so bid-ask spreads can widen in fast markets.

Full CPSL profile⁠

Full TJUL profile⁠

CPSL vs TJUL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CPSL vs TJUL Cost

Overpaying TJUL vs CPSL

$13,068

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

  • CPSL 0.10%

    $2,106

  • TJUL 0.79%

    $15,174

$10,000
30 years

Cost over time

  • CPSL 0.10%
  • TJUL 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TJUL $15,174CPSL $2,106

Year by year

YearCPSLTJULOverpaying
10$183$1,405$1,222
20$717$5,331$4,614
30$2,106$15,174$13,068

Expense ratio

  • 0.10%CPSL, cheaper
  • 0.79%TJUL
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSL cheapest of 27 funds

TJUL 21st cheapest of 27 funds

CPSL vs TJUL Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPSL None
TJUL None

Distribution history

CPSLAll CPSL payments⁠

No distribution history available.

TJULAll TJUL payments⁠

No distribution history available.

CPSL vs TJUL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSL 2.3%since Oct 2024TJUL 3.1%
Return per unit of riskSharpe ratio, 3 years
CPSL 0.65since Oct 2024TJUL 1.17
Worst fallMax drawdown, 5 years
CPSL −3.7%since Sep 2024TJUL −4.6%since Jul 2023
Market sensitivityBeta, 5 years
CPSL 0.17TJUL 0.24

CPSL and TJUL in the news

All news⁠

Popular comparisons

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    Calamos Laddered S&P 500 Structured Alt Protection ETF · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
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    Category
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  • TJULCvsMMAXA

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    Expense ratio
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    Category
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