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CPNQ vs MMAX

Calamos Nasdaq-100 Structured Alt Protection ETF - December

CPNQBNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

0.0%by weight

Expense ratio

MMAX −0.16pt a year

CPNQ0.69%MMAX0.53%

Avg volume · 30D

CPNQ 1.8×the volume

CPNQ7.52KMMAX4.12K

CPNQ vs MMAX Performance

Oct 31, 2025 – Oct 30, 2026

+5.6%CPNQ+6.5%MMAX

Oct 31, 2025 to Oct 30, 2026. CPNQ +5.6%. MMAX +6.5%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNQ 0.69%
MMAX 0.53%, better
Fund size
CPNQ $20M
MMAX $74M
1Y total return
CPNQ +5.6%
MMAX +6.5%, better
Holdings
CPNQ 3
MMAX 4
Avg volume (30D)
CPNQ 7.52K sh, better
MMAX 4.12K sh
NAV per share
CPNQ $27.81
MMAX $27.58
52W range

ETF.net Grade

CPNQ: Cost 62, Risk 47, Mission not scored, Tradability 62, Holdings not scored, Durability 36. MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPNQ, MMAX, with each pillar’s weight
PillarCPNQMMAX
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightC47A81Higher
Tradability15% weightB62B64Higher
Holdings10% weightNot scoredC50
Durability5% weightD36B62Higher

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. CPNQ and MMAX 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 ›

MMAX ranks 2nd and CPNQ 5th 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 5BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberScore 56

CPNQ vs MMAX Holdings

How CPNQ and MMAX differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CPNQ and 0.0% of MMAX.

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%

Sector

No Sector split for CPNQ.

Country, concentration and asset class

Country by domicile

No country split for CPNQ.

Concentration

Weight in the 10 largest Holdings

  • CPNQ109.1%
  • MMAX112.3%

Securities held

  • CPNQ0
  • MMAX2

Asset class

CPNQ
Equity
MMAX
Equity

Holdings

  • Only in CPNQ0
  • In both0
  • Only in MMAX2

Only in CPNQ

0 securities, 0.0% of CPNQ by weight

Only in MMAX

2 securities, 100% of MMAX by weight

  • Ishares Core S&P Etf Trust109.74%
  • APR27 Ivv Us P @ 653.211.26%

Weight gaps

CPNQ and MMAX share no securities.

All CPNQ holdings⁠All MMAX 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.

CPNQ vs MMAX Cost

Overpaying CPNQ vs MMAX

$2,893

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

  • CPNQ 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPNQ 0.69%
  • MMAX 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPNQ $13,429MMAX $10,536

Year by year

YearCPNQMMAXOverpaying
10$1,232$953$279
20$4,697$3,658$1,039
30$13,429$10,536$2,893

Expense ratio

  • 0.69%CPNQ
  • 0.53%MMAX, cheaper
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

MMAX 6th cheapest of 27 funds

CPNQ 8th cheapest of 27 funds

CPNQ vs MMAX Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPNQ None
MMAX No data
Last payment
CPNQ No data
MMAX $0.35
Ex-dividend
CPNQ No data
MMAX Dec 23, 2025
Paid on
CPNQ No data
MMAX Dec 29, 2025
Frequency
CPNQ No data
MMAX Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

CPNQAll CPNQ payments⁠

No distribution history available.

MMAXIrregular · 1 paymentAll MMAX payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.35. Use the arrow keys to read each point.$0$0.252026YTD

CPNQ vs MMAX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPNQ 2.8%since Jan 2025MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPNQ 0.95since Jan 2025MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPNQ −3.5%since Dec 2024MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPNQ 0.20MMAX 0.08

CPNQ and MMAX in the news

All news⁠

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