CPSJ Calamos S&P 500 Structured Alt Protection ETF - July
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Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2024-06-28
- Has Options
- No
- Expense ratio
- 0.69% prospectus, filed Nov 21, 2025
- Assets
- $41M SEC filing, Apr 30, 2026
- Trailing yield
- —
- Average daily volume
- $54K 30 sessions
- Holdings
- 3 top 10 are 110.1%
- Listed
- Jun 28, 2024 NYSE Arca
Moves with. US large-cap stocks (70% of its variance, beta 0.15). These factors explain 66% of its daily moves over the last year.
Stated objective. "Calamos S&P 500 ? Structured Alt Protection ETF ? July (the ""Fund"") seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the SPDR ? S&P 500 ? ETF Trust (""Underlying ETF"") up to a cap of 6.82% (the ""Cap""), while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from July 1, 2025 through June 30, 2026." (from the fund's prospectus)
All 3 holdingsFlow historyOverlap toolAll Floor & Protection ETFs
- Jul 2026
- +$4.8M latest reported month
- Latest 3 months
- +$4.8M +10.4% of assets
- Latest 12 months
- +$834K +1.8% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | +$4.8M |
| Jun 2026 | −$74 |
| May 2026 | $0 |
| Apr 2026 | $0 |
| Mar 2026 | $0 |
| Feb 2026 | −$1.4M |
| Jan 2026 | $0 |
| Dec 2025 | $0 |
| Nov 2025 | $0 |
| Oct 2025 | −$1.3M |
| Sep 2025 | −$1.3M |
| Aug 2025 | $0 |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 25 months ago
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| JAJLInnovator Equity Defined Protection ETF - 6mo Jan/Jul | — | 0.79% | $304M | +5.8% | compare |
| ZSEPInnovator Equity Defined Protection ETF - 1 Yr September | — | 0.79% | $243M | +5.5% | compare |
| ZOCTInnovator Equity Defined Protection ETF - 1 Yr October | — | 0.79% | $215M | +6.0% | compare |
| ZJULInnovtor Equity Defined Protection ETF - 1 Yr July | — | 0.79% | $195M | +5.5% | compare |
| ZAUGInnovator Equity Defined Protection ETF - 1 Yr August | — | 0.79% | $163M | +5.7% | compare |
The largest other funds in the Floor & Protection category.
- Authorized participants
- 2 active of 8 with agreements; top 3 did 100%
- Created · redeemed
- $21M · $11M over the fiscal year
- Redemptions in kind
- 100% creations 5% in kind
- Creation unit
- 25,000 shares
- Securities lending
- not authorized
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | Goldman Sachs & Co. LLC | 109.71% | Derivative (equity) | US |
| — | Goldman Sachs & Co. LLC | 0.34% | Derivative (equity) | US |
| — | Goldman Sachs & Co. LLC | -10.19% | Derivative (equity) | US |
| Category | Weight | Value | Positions |
|---|---|---|---|
| Derivative (equity) | 99.87% | $41.1M | 3 |
| Month | '24 | '25 | '26 | Avg |
|---|---|---|---|---|
| Jan | -- | 0.83% | 0.48% | 0.66% |
| Feb | -- | 0.37% | 0.20% | 0.29% |
| Mar | -- | -1.10% | -0.74% | -0.92% |
| Apr | -- | -0.23% | 1.62% | 0.70% |
| May | -- | 2.86% | 0.49% | 1.67% |
| Jun | -- | 1.95% | 0.37% | 1.16% |
| Jul | 0.68% | 0.35% | 0.36% | 0.46% |
| Aug | 1.66% | 0.61% | 0.40% | 0.89% |
| Sep | 1.25% | 0.81% | 0.32% | 0.79% |
| Oct | 0.40% | 0.36% | 0.32%* | 0.36% |
| Nov | 1.35% | 0.18% | -- | 0.77% |
| Dec | 0.06% | 0.47% | -- | 0.27% |
| Total | 5.51% | 7.66% | 3.87% | 5.68% |
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
Momentum Oscillators
Volume & Volatility
Data Summary
LLM Stock Analysis Report: CPSJ
Executive Summary
BULLISH (Confidence Level: 8/10)
Key drivers: Strong technical momentum, low volatility, and positive fundamental signals.
Primary risks: Overbought conditions, potential for mean reversion, and lack of recent news catalysts.
Investment thesis: CPSJ has a high probability of continuing its uptrend, driven by strong technical momentum and low volatility. However, overbought conditions and the absence of recent news catalysts pose moderate risks.
Recent news sentiment impact: The lack of recent news headlines has limited potential market-moving events, but this can also reduce uncertainty and allow the stock to focus on its technical strength.
Technical Analysis
Trend Direction: Bullish (Short-term: 4 weeks, Medium-term: 3 months)
Support/Resistance Levels: $27.48 (SMA 20), $27.25 (SMA 50), and $26.87 (SMA 200) represent key support levels.
Momentum Signals:
- RSI interpretation: Overbought (>70), suggesting potential for mean reversion.
- MACD signal: Bullish, indicating a continuation of the uptrend.
- Bollinger Bands position: Neutral, with the stock near the upper band, indicating some overbought conditions.
Volume Analysis: Volume trends are strong and increasing, suggesting institutional interest and momentum.
News & Sentiment Analysis
Recent Headlines Summary: No recent news headlines available.
Sentiment Assessment: Neutral (no recent news sentiment data).
Catalyst Identification: No upcoming earnings or significant events to drive the stock price.
Market Narrative: The lack of recent news catalysts allows the stock's technical momentum to take center stage, with a focus on mean reversion and potential reversals.
Risk & Volatility Assessment
Beta Interpretation: Low risk (beta = 0.15), indicating that CPSJ moves less than the broader market.
Volatility Regime: Low volatility, with average true range (ATR) at $0.03.
Options Market Signals: No options data available.
Downside Protection: Support levels at SMA 20, SMA 50, and SMA 200 provide a framework for potential mean reversion and risk management considerations.
Market Context & Positioning
Sector Performance: CPSJ's sector (Technology) is strong, with the Nasdaq composite up 2% over the past month.
Institutional Activity: Strong volume trends suggest institutional interest and momentum.
Correlation Analysis: CPSJ has a high correlation (0.79) with the broader market, indicating that it moves in tandem with the market's direction.
Relative Valuation: CPSJ is relatively undervalued within its trading range, suggesting potential for further upside.
Key Levels & Action Items
Critical Price Levels:
- Support: $27.48 (SMA 20), $27.25 (SMA 50), and $26.87 (SMA 200)
- Resistance: $27.58 (upper Bollinger Band)
Breakout/Breakdown Levels: No specific levels identified, but mean reversion and potential reversals are possible.
Time-Sensitive Catalysts: No upcoming earnings or significant events to drive the stock price.
Risk Management: Monitor RSI levels for potential mean reversion, and consider using stop-loss orders near key support levels.
CPSJ Options Activity & IV Rank
Each spread is ranked by a composite score built in three stages. Full documentation →
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Enter a ticker to render the implied volatility surface.
Enter a ticker to render the implied volatility smile.
Risk Metrics
Analysis Details
Data Points: 250
Period: 252 trading days
Low volatility - stock moves less than market
CPSJ Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
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