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CPSN vs ZJUN

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Innovator Equity Defined Protection ETF - 1 Yr June

ZJUNCCboe

Overlap

Expense ratio

CPSN −0.10pt a year

CPSN0.69%ZJUN0.79%

Avg volume · 30D

ZJUN 19.1×the volume

CPSN2.03KZJUN38.7K

CPSN vs ZJUN Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%CPSN+4.3%ZJUN

Oct 31, 2025 to Oct 30, 2026. CPSN +6.1%. ZJUN +4.3%. Use the arrow keys to read each point.0%1%2%3%Oct 2025May 2026Oct 2026
Expense ratio
CPSN 0.69%, better
ZJUN 0.79%
Fund size
CPSN $34M
ZJUN $154M
1Y total return
CPSN +6.1%, better
ZJUN +4.3%
Holdings
CPSN 3
ZJUN 4
Avg volume (30D)
CPSN 2.03K sh
ZJUN 38.7K sh, better
NAV per share
CPSN $28.37
ZJUN $27.76
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. ZJUN: Cost 21, Risk 36, Mission not scored, Tradability 79, Holdings 58, Durability 64.
Pillar letters and Scores for CPSN, ZJUN, with each pillar’s weight
PillarCPSNZJUN
Cost30% weightB62HigherF21
Mission25% weightA88Not scored
Risk15% weightB58HigherD36
Tradability15% weightB59A79Higher
Holdings10% weightNot scoredB58
Durability5% weightC54B64Higher

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 ZJUN 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 ZJUN 21st 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 19CZFEBInnovator Equity Defined Protection ETF - 1 Yr FebruaryScore 44
  7. Rank 21CZJUNInnovator Equity Defined Protection ETF - 1 Yr JuneScore 41
  8. Rank 22CHAUGCorgi U.S. Equities 100% Structured Buffer ETF - August SeriesScore 40

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

ZJUNCInnovator Equity Defined Protection ETF - 1 Yr June

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.

ZJUN 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.

ZJUN 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.

ZJUN 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.

ZJUN No data

Full CPSN profile⁠

Full ZJUN profile⁠

CPSN vs ZJUN 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 ZJUN Cost

Overpaying ZJUN vs CPSN

$1,745

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

  • CPSN 0.69%

    $13,429

  • ZJUN 0.79%

    $15,174

$10,000
30 years

Cost over time

  • CPSN 0.69%
  • ZJUN 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$20K051015202530ZJUN $15,174CPSN $13,429

Year by year

YearCPSNZJUNOverpaying
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%ZJUN
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPSN 8th cheapest of 27 funds

ZJUN 21st cheapest of 27 funds

CPSN vs ZJUN Dividends

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

Distribution history

CPSNAll CPSN payments⁠

No distribution history available.

ZJUNAll ZJUN payments⁠

No distribution history available.

CPSN vs ZJUN 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 2024ZJUN 1.4%since Jul 2025
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024ZJUN 0.55since Jul 2025
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024ZJUN −1.1%since Jun 2025
Market sensitivityBeta, 5 years
CPSN 0.18ZJUN 0.11

CPSN and ZJUN in the news

All news⁠

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