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CPSF vs MMAX

Calamos S&P 500 Structured Alt Protection ETF – February

CPSFCNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

Expense ratio

MMAX −0.16pt a year

CPSF0.69%MMAX0.53%

Avg volume · 30D

MMAX 2.8×the volume

CPSF1.47KMMAX4.16K

CPSF vs MMAX Performance

Nov 7, 2025 – Nov 9, 2026

+5.7%CPSF+6.6%MMAX

Nov 7, 2025 to Nov 9, 2026. CPSF +5.7%. MMAX +6.6%. Use the arrow keys to read each point.0%2%4%Nov 2025May 2026Nov 2026
Expense ratio
CPSF 0.69%
MMAX 0.53%, better
Fund size
CPSF $37M
MMAX $74M
1Y total return
CPSF +5.7%
MMAX +6.6%, better
Holdings
CPSF 3
MMAX 4
Avg volume (30D)
CPSF 1.47K sh
MMAX 4.16K sh, better
NAV per share
CPSF $26.58
MMAX $27.52
52W range

ETF.net Grade

CPSF: Cost 62, Risk 51, Mission not scored, Tradability 20, Holdings not scored, Durability 50. MMAX: Cost 83, Risk 82, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPSF, MMAX, with each pillar’s weight
PillarCPSFMMAX
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightC51A82Higher
Tradability15% weightF20B64Higher
Holdings10% weightNot scoredC50
Durability5% weightC50B62Higher

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 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 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 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  5. Rank 14CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48
  6. 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

MMAXAiShares Large Cap Max Buffer Mar 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.

MMAX 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.

MMAX 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

MMAX 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.

MMAX No data

Full CPSF profile⁠

Full MMAX profile⁠

CPSF vs 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.

CPSF vs MMAX Cost

Overpaying CPSF vs MMAX

$2,893

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

  • CPSF 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

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

Year by year

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

MMAX 6th cheapest of 27 funds

CPSF 8th cheapest of 27 funds

CPSF vs MMAX Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
CPSF None
MMAX No data
Last payment
CPSF No data
MMAX $0.35
Ex-dividend
CPSF No data
MMAX Dec 23, 2025
Paid on
CPSF No data
MMAX Dec 29, 2025
Frequency
CPSF No data
MMAX Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

CPSFAll CPSF 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

CPSF vs MMAX 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 2025MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSF 0.98since Mar 2025MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPSF −2.9%since Feb 2025MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPSF 0.15MMAX 0.08

CPSF and MMAX in the news

All news⁠

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