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CPSA vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF – August

CPSACNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.16pt a year

CPSA0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 5.4×the volume

CPSA6.98KMAXJ37.6K

CPSA vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+5.3%CPSA+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. CPSA +5.3%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSA 0.69%
MAXJ 0.53%, better
Fund size
CPSA $50M
MAXJ $163M
1Y total return
CPSA +5.3%
MAXJ +5.8%, better
Yield (12M)
CPSA No data
MAXJ 0.96%
Holdings
CPSA 2
MAXJ 5
Avg volume (30D)
CPSA 6.98K sh
MAXJ 37.6K sh, better
NAV per share
CPSA $28.26
MAXJ $29.54
52W range

ETF.net Grade

CPSA: Cost 62, Risk 56, Mission 87, Tradability 40, Holdings not scored, Durability 62. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for CPSA, MAXJ, with each pillar’s weight
PillarCPSAMAXJ
Cost30% weightB62A83Higher
Mission25% weightA87Not scored
Risk15% weightB56HigherC51
Tradability15% weightC40A82Higher
Holdings10% weightNot scoredB58
Durability5% weightB62A88Higher

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. CPSA and MAXJ 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 ›

MAXJ ranks 3rd and CPSA 8th 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 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56
  6. Rank 8CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustScore 55
  7. Rank 9CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberScore 54

Our read on each fund

ETF.net Research

CPSACCalamos S&P 500 Structured Alt Protection ETF – August

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPSA The August start line in Calamos's laddered protection series: hold the full one-year outcome period and the structure aims to return 100% of capital before fees even if the S&P 500 ETF it references falls. The trade is a hard cap on the upside.

MAXJ No data

Stated mandate

CPSA The fund seeks point-to-point participation in the positive price return of the SPDR S&P 500 ETF Trust up to a predetermined cap, while providing 100% capital protection over the one-year outcome period before fees and expenses.

MAXJ No data

Why people hold it

  • CPSA A full floor, not a partial buffer: the structure targets 100% of capital back before fees if the SPDR S&P 500 ETF Trust is down over the one-year outcome period.calamos.com
  • 0.69% a year, right at the median for its protection cohort and below the 0.79% charged by older defined-outcome names like TJUL and TAPR.
  • Part of a monthly ladder (CPSJ for July, CPST for September), so a fresh one-year period opens somewhere in the lineup every month rather than once a year.calamos.com
  • Sits in the upper half of a 16-fund protection cohort, and has stuck closely to the outcome its own documents describe.

MAXJ No data

Worth knowing

  • CPSA The floor buys a ceiling. Upside stops at a cap reset each August, and the payoff follows price return only, so the index fund's dividends sit outside the deal.
  • Protection is point-to-point. Step in mid-period and your personal floor and cap land at different levels than the ones struck on August 1.
  • Small and thinly traded, so the spread can matter as much as the fee, and the 100% figure is stated before that 0.69% expense ratio.

MAXJ No data

Full CPSA profile⁠

Full MAXJ profile⁠

CPSA vs MAXJ 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.

CPSA vs MAXJ Cost

Overpaying CPSA vs MAXJ

$2,893

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

  • CPSA 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSA 0.69%
  • MAXJ 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPSA $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPSA 8th cheapest of 27 funds

CPSA vs MAXJ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CPSA No data
MAXJ 0.96%
Payout (12M)
CPSA None
MAXJ $0.28
Last payment
CPSA No data
MAXJ $0.28
Ex-dividend
CPSA No data
MAXJ Dec 23, 2025
Paid on
CPSA No data
MAXJ Dec 29, 2025
Frequency
CPSA No data
MAXJ Annual

Distribution history

Per share, 2024 to 2026, same scale for both

CPSAAll CPSA payments⁠

No distribution history available.

MAXJAnnual · 2 paymentsAll MAXJ payments⁠
One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 30, 2024 $0.21; Dec 23, 2025 $0.28. Use the arrow keys to read each point.$0$0.252026YTD

CPSA vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSA 2.8%since Sep 2024MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSA 0.79since Sep 2024MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
CPSA −4.7%since Aug 2024MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPSA 0.21MAXJ 0.30

CPSA and MAXJ in the news

All news⁠

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