What this ETF is trying to do

The CALAMOS S&P 500 Structured Alt Protection ETF - July (CPSJ) is an exchange-traded fund. Based on its name, it is designed to provide a structured approach to the S&P 500 with a focus on "alt protection."

What the numbers show

As of October 5, 2026, the share price for CPSJ was $28.08.

Looking at the performance data:

• Year-to-Date (YTD): The price return was approximately 4.44%.

• One-Year Performance: The price return was approximately 5.46%.

In this case, the price return (which measures the change in the share price) and the total return (which includes distributions) are the same. This is because no distributions were paid out.

For an example of how price movement works, if an investor had put $10,000 into the fund roughly one year ago at the estimated price of $26.62, the value of those shares would be approximately $10,546.48 today based on the one-year price return.

Income and distribution explanation

This ETF currently has a distribution yield of 0%. There have been no payouts in the last 12 months, and no distributions have been detected. This means the fund does not currently provide cash income to its investors.

NAV erosion explanation

"NAV erosion" happens when the underlying value of a fund's assets drops significantly over time. StockValueFinder uses an erosion-risk score to measure this.

CPSJ has an erosion score of 100, and the erosion severity is labeled as "good." The data indicates that no price erosion has been detected, and the severe erosion-risk flag is false.

Pros

• The fund has shown positive price returns for both the year-to-date and one-year periods.

• There is currently no detected NAV erosion.

Cons

• The fund does not provide any cash distributions or income.

• There is no three-year performance data available.

Beginner takeaway

CPSJ is a fund that has seen its share price grow slightly over the last year. However, it is not an income-generating investment because it does not pay distributions. New investors should remember that a high distribution yield in other funds can sometimes be misleading if the share price is falling; in this case, there is no yield to consider, but the price has remained stable.