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CPSF vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF – February

CPSFCNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.16pt a year

CPSF0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 25.6×the volume

CPSF1.47KMAXJ37.6K

CPSF vs MAXJ Performance

Nov 7, 2025 – Nov 9, 2026

+5.7%CPSF+5.7%MAXJ

Nov 7, 2025 to Nov 9, 2026. CPSF +5.7%. MAXJ +5.7%. Use the arrow keys to read each point.0%1%2%3%4%Nov 2025May 2026Nov 2026
Expense ratio
CPSF 0.69%
MAXJ 0.53%, better
Fund size
CPSF $37M
MAXJ $161M
1Y total return
CPSF +5.7%
MAXJ +5.7%
Yield (12M)
CPSF No data
MAXJ 0.96%
Holdings
CPSF 3
MAXJ 5
Avg volume (30D)
CPSF 1.47K sh
MAXJ 37.6K sh, better
NAV per share
CPSF $26.58
MAXJ $29.37
52W range

ETF.net Grade

CPSF: Cost 62, Risk 51, Mission not scored, Tradability 20, Holdings not scored, Durability 50. MAXJ: Cost 83, Risk 50, Mission not scored, Tradability 81, Holdings 57, Durability 87.
Pillar letters and Scores for CPSF, MAXJ, with each pillar’s weight
PillarCPSFMAXJ
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightC51HigherC50
Tradability15% weightF20A81Higher
Holdings10% weightNot scoredB57
Durability5% weightC50A87Higher

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. CPSF 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 CPSF 14th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 79
  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 60
  5. Rank 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  6. Rank 14CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48
  7. Rank 14CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryScore 48

Our read on each fund

ETF.net Research

CPSFCCalamos S&P 500 Structured Alt Protection ETF – February

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPSF A full floor, not a buffer: it aims to match the S&P 500's price return up to a set cap while absorbing 100% of losses over its one-year outcome period, before fees. February is one rung of Calamos's monthly protection ladder.

MAXJ No data

Stated mandate

CPSF The fund is designed to match the positive price return of the S&P 500 up to a defined cap while protecting against 100% of losses over the one-year outcome period, before fees and expenses.

MAXJ No data

Why people hold it

  • CPSF The floor is the product: 100% of S&P 500 price losses absorbed across the one-year outcome period, before fees and expenses. The whole drawdown, not a 10% or 20% slice of it.calamos.com
  • Charges 0.69% a year, right at the median for S&P 500 full-protection funds. No surcharge for the structure.
  • One rung of a monthly series (CPSP in April, CPSM in May, CPSJ in July, CPST in September, all at 0.69%), so entry dates can be staggered instead of staked on a single reset.
  • A plain 1940 Act ETF that references SPY, so the protection sits in an options package inside a fund rather than in a bank's promise on a structured note.calamos.com

MAXJ No data

Worth knowing

  • CPSF The price of a full floor is a ceiling. Upside stops at a cap reset each period by options pricing, and the fund follows price return, so index dividends stay behind.
  • The math assumes buying at the reset and holding to the end. Step in mid-period and both the effective cap and the protection left differ from the headline terms.
  • Launched in 2025, no distributions (the return lives in the share price), and not among the category's heavily traded names, so the spread can matter at the ticket.

MAXJ No data

Full CPSF profile⁠

Full MAXJ profile⁠

CPSF 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.

CPSF vs MAXJ Cost

Overpaying CPSF vs MAXJ

$2,893

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

  • CPSF 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSF 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$15K051015202530CPSF $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPSF 8th cheapest of 27 funds

CPSF vs MAXJ Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
CPSF No data
MAXJ 0.96%
Payout (12M)
CPSF None
MAXJ $0.28
Last payment
CPSF No data
MAXJ $0.28
Ex-dividend
CPSF No data
MAXJ Dec 23, 2025
Paid on
CPSF No data
MAXJ Dec 29, 2025
Frequency
CPSF No data
MAXJ Annual

Distribution history

Per share, 2024 to 2026, same scale for both

CPSFAll CPSF 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

CPSF vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSF 2.2%since Mar 2025MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSF 0.98since Mar 2025MAXJ 0.87since Aug 2024
Worst fallMax drawdown, 5 years
CPSF −2.9%since Feb 2025MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPSF 0.15MAXJ 0.30

CPSF and MAXJ in the news

All news⁠

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