At a glance
CPSJ charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $46.7M in assets, the 8th largest of that group. Over the past year it returned +5.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos S&P 500 Structured Alt Protection ETF July (CPSJ) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Over each one-year period starting July 1, it aims to protect against 100% of SPY's price losses (before fees) in exchange for a cap on gains. The cap for July 2025 to June 2026 was 6.82%. Its 0.69% fee is below the 0.86% average of similar buffer funds.
Price history
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CPSJ +5.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CPSJ price data to Oct 27, 2026 | +4.6% | +5.2% | — | — | — | +7.0% |
- Over the year to Oct 27, 2026, CPSJ returned +5.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.4%); its best was 2025 (+7.4%).
- The deepest fall in its price history was 5.4% (Feb 20, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.6% |
| 2025 | +7.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.55%, +0.33%, +0.69%.
How it works
CPSJ is an actively managed ETF. It puts substantially all of its assets in FLEX options, which are exchange-traded option contracts with custom strike prices and expiration dates. All of them are tied to SPY, a unit investment trust that tracks the S&P 500. As of July 31, 2026, three option positions made up 99.2% of net assets, all expiring June 30, 2027. The first is a deep in-the-money call (strike $5.15), about 98% of assets, which moves with SPY's price. The second is a put at $746.77, about 5%, which provides the floor. The third is a sold call at $804.50, about -4%, which sets the cap. Because the fund holds no stocks, its returns leave out SPY's dividends.
Each outcome period runs about one year. For July 1, 2025 to June 30, 2026, the cap was 6.82% and the protection was 100% before fees. After fees, those figures were 6.13% and 99.31%. On each July 1 the fund buys a new set of options. The cap then changes with market conditions, but the protection level stays the same. About a week before a period ends, the fund's website posts the expected cap range for the next one.
The cap and protection are measured from the fund's net asset value on the first day of the period. They apply only to shareholders who hold for the whole period. Buying later or selling early can produce very different results.
What it really costs
- CPSJ charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CPSJ | $70 | $221 | $384 | $859 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to keep SPY-linked value from falling over each one-year period, giving up most stock-market upside in exchange.
CPSJ launched in July 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 5.4%, from February 20 to April 8, 2025, and it recovered by May 13, 2025. That dip shows the share price can fall partway through a period, even though the protection applies only at the end. Someone forced to sell in a slide could lock in a loss. Its 2025 return was 7.43%. Its one-year return through October 27, 2026 was 5.2%, compared with 9.5% to 12.9% for similar buffer funds. It recorded no distributions, so it does not provide income. Under the SEC's standard example, $10,000 would cost about $70 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees wanting S&P 500 exposure with protection against 100% of losses (99.31% after fees) over each one-year outcome period, July 1 to June 30.
- Cost-conscious investors: its 0.69% expense ratio ranked lowest of eight buffer funds compared (0.86% peer average), about $70 in year one on $10,000.
- Cautious savers wanting a smoother ride: one-year volatility was 2.3% and beta (sensitivity to market swings) 0.15 as of October 27, 2026.
Look elsewhere if
- Growth seekers: the cap was 6.82% before fees for July 2025 to June 2026; its 5.2% one-year return trailed peers' 9.5% to 12.9%.
- Income seekers: no distributions were recorded, and returns exclude S&P 500 dividends because the fund holds FLEX options (customized exchange-traded options), not stocks.
- Anyone buying or selling mid-period: full protection applies only start to finish; the fund dropped 5.4% from February to April 2025 before recovering.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPSJ this fund | 0.69% | $46.7M | +5.2% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Can you lose money in CPSJ?
Yes. The 100% protection is measured before fees and applies only to shareholders who hold from the first to the last day of an outcome period. After fees, protection for July 2025 to June 2026 was 99.31%. Prices can also drop partway through a period: shares fell 5.4% between February 20 and April 8, 2025. The protection is not guaranteed, and the fund is not FDIC-insured.
Does CPSJ pay dividends?
No distributions have been recorded for CPSJ. The fund holds options on the SPDR S&P 500 ETF Trust, not the stocks themselves. Its returns track SPY's price only and leave out the dividends SPY pays. That means CPSJ can trail an S&P 500 index fund even in years when its gains stay below the cap. It is not built to produce income.
What is the cap on CPSJ?
For the outcome period from July 1, 2025 to June 30, 2026, the cap was 6.82% before fees and 6.13% after fees. A new cap is set each July 1 based on market conditions. Holdings as of July 31, 2026 showed new options expiring June 30, 2027, so a new period with a new cap had begun. The 100% protection level stays the same each period.
CPSJ vs BUFR: what's the difference?
They pursue different goals, so BUFR is not a like-for-like alternative. CPSJ aims for 100% protection from SPY's price losses over a single July-to-June period, with a low cap. BUFR, the FT Vest Laddered Buffer ETF, is a buffer fund, which limits losses only within a set range. BUFR charges 0.95% versus CPSJ's 0.69%. BUFR returned 11.6% over one year through October 27, 2026, against CPSJ's 5.2%.
Is CPSJ a good fit for a retirement portfolio?
It may suit a defensive slice of a retirement portfolio for investors who value protection over growth and can hold for a full outcome period. CPSJ charges 0.69% a year. In the SEC's $10,000 example, that comes to $70 after one year and $859 after ten. It launched in 2024, so it has no record in a major bear market. Its net assets were $46.7 million as of July 31, 2026.