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CPSN vs ZJUL

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Innovator Equity Defined Protection ETF - 1 Yr July

ZJULCCboe

Overlap

Expense ratio

CPSN −0.10pt a year

CPSN0.69%ZJUL0.79%

Avg volume · 30D

ZJUL 23.3×the volume

CPSN2.03KZJUL47.2K

CPSN vs ZJUL Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%CPSN+5.0%ZJUL

Oct 31, 2025 to Oct 30, 2026. CPSN +6.1%. ZJUL +5.0%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
CPSN 0.69%, better
ZJUL 0.79%
Fund size
CPSN $34M
ZJUL $193M
1Y total return
CPSN +6.1%, better
ZJUL +5.0%
Holdings
CPSN 3
ZJUL 4
Avg volume (30D)
CPSN 2.03K sh
ZJUL 47.2K sh, better
NAV per share
CPSN $28.37
ZJUL $30.36
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. ZJUL: Cost 21, Risk 47, Mission not scored, Tradability 86, Holdings 58, Durability 86.
Pillar letters and Scores for CPSN, ZJUL, with each pillar’s weight
PillarCPSNZJUL
Cost30% weightB62HigherF21
Mission25% weightA88Not scored
Risk15% weightB58HigherC47
Tradability15% weightB59A86Higher
Holdings10% weightNot scoredB58
Durability5% weightC54A86Higher

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. CPSN and ZJUL 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 ›

CPSN ranks 4th and ZJUL 17th 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 3AMAXJiShares Large Cap Max Buffer Jun ETFScore 75
  4. Rank 4BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberScore 59
  5. Rank 5BCPNQCalamos Nasdaq-100 Structured Alt Protection ETF - DecemberScore 56
  6. Rank 17CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneScore 46
  7. Rank 17CZJULInnovator Equity Defined Protection ETF - 1 Yr JulyScore 46
  8. Rank 19CTJULInnovator Equity Defined Protection ETFScore 44

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

ZJULCInnovator Equity Defined Protection ETF - 1 Yr July

In short

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.

ZJUL No data

Stated mandate

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.

ZJUL No data

Why people hold it

  • 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.

ZJUL No data

Worth knowing

  • 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.

ZJUL No data

Full CPSN profile⁠

Full ZJUL profile⁠

CPSN vs ZJUL 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.

CPSN vs ZJUL Cost

Overpaying ZJUL vs CPSN

$1,745

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

  • CPSN 0.69%

    $13,429

  • ZJUL 0.79%

    $15,174

$10,000
30 years

Cost over time

  • CPSN 0.69%
  • ZJUL 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$20K051015202530ZJUL $15,174CPSN $13,429

Year by year

YearCPSNZJULOverpaying
10$1,232$1,405$173
20$4,697$5,331$634
30$13,429$15,174$1,745

Expense ratio

  • 0.69%CPSN, cheaper
  • 0.79%ZJUL
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSN 8th cheapest of 27 funds

ZJUL 21st cheapest of 27 funds

CPSN vs ZJUL Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPSN None
ZJUL None

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

ZJULAll ZJUL payments⁠

No distribution history available.

CPSN vs ZJUL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSN 2.4%since Dec 2024ZJUL 3.3%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024ZJUL 0.73since Aug 2024
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024ZJUL −5.5%since Jul 2024
Market sensitivityBeta, 5 years
CPSN 0.18ZJUL 0.24

CPSN and ZJUL in the news

All news⁠

Popular comparisons

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    Calamos S&P 500 Structured Alt Protection ETF – November · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
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    Category
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