Skip to content
etf.net

CPSJ vs MMAX

Calamos S&P 500 Structured Alt Protection ETF – July

CPSJCNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

Expense ratio

MMAX −0.16pt a year

CPSJ0.69%MMAX0.53%

Avg volume · 30D

CPSJ 1.7×the volume

CPSJ7.09KMMAX4.12K

CPSJ vs MMAX Performance

Oct 31, 2025 – Oct 30, 2026

+4.9%CPSJ+6.5%MMAX

Oct 31, 2025 to Oct 30, 2026. CPSJ +4.9%. MMAX +6.5%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
CPSJ 0.69%
MMAX 0.53%, better
Fund size
CPSJ $51M
MMAX $74M
1Y total return
CPSJ +4.9%
MMAX +6.5%, better
Holdings
CPSJ 3
MMAX 4
Avg volume (30D)
CPSJ 7.09K sh, better
MMAX 4.12K sh
NAV per share
CPSJ $28.09
MMAX $27.58
52W range

ETF.net Grade

CPSJ: Cost 62, Risk 47, Mission not scored, Tradability 44, Holdings not scored, Durability 56. MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPSJ, MMAX, with each pillar’s weight
PillarCPSJMMAX
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightC47A81Higher
Tradability15% weightC44B64Higher
Holdings10% weightNot scoredC50
Durability5% weightB56B62Higher

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. CPSJ 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 CPSJ 10th 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 9CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberScore 54
  5. Rank 10CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyScore 53
  6. Rank 10CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 53

Our read on each fund

ETF.net Research

CPSJCCalamos S&P 500 Structured Alt Protection ETF – July

MMAXAiShares Large Cap Max Buffer Mar ETF

In short

CPSJ One rung on Calamos' monthly ladder of S&P 500 funds built to shield 100% of index price losses across a one-year outcome period, in exchange for a cap set each July. Full armor, ceiling included.

MMAX No data

Stated mandate

CPSJ The fund seeks to provide the positive price return of the S&P 500 up to a defined cap while protecting against 100% of losses during a one-year outcome period.

MMAX No data

Why people hold it

  • CPSJ The trade is spelled out up front: protection against 100% of S&P 500 price losses over the one-year outcome period, with upside capped at a level fixed when the period starts.calamos.com
  • At 0.69%, the fee sits at the median of the full-protection group and under JAJL's 0.79% on the same index.
  • Calamos staggers these by start month (April, May, July, August, September and more), so a fresh outcome period is never a year away.
  • Rates as one of the stronger implementations in its peer group of 100% protected S&P 500 funds.

MMAX No data

Worth knowing

  • CPSJ Upside follows the S&P 500 price only, so dividends sit outside the deal, and gains stop at the cap for that period.
  • The protection is a full-period contract. Buy mid-period or sell before it ends and your effective cap and downside cushion differ from the stated terms.calamos.com
  • A smaller, thinly traded member of the family, so spreads can run wider than the busiest protection funds. It also isn't structured as an income payer.

MMAX No data

Full CPSJ profile⁠

Full MMAX profile⁠

CPSJ 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.

CPSJ vs MMAX Cost

Overpaying CPSJ vs MMAX

$2,893

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

  • CPSJ 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSJ 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$15K051015202530CPSJ $13,429MMAX $10,536

Year by year

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

Expense ratio

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

MMAX 6th cheapest of 27 funds

CPSJ 8th cheapest of 27 funds

CPSJ vs MMAX Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

CPSJAll CPSJ 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

CPSJ vs MMAX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSJ 3.1%since Aug 2024MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSJ 0.78since Aug 2024MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPSJ −5.4%since Jul 2024MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPSJ 0.23MMAX 0.08

CPSJ and MMAX in the news

All news⁠

Popular comparisons

  • CPSJCvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF – July · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MMAXAvsCPSLA

    iShares Large Cap Max Buffer Mar ETF · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.53% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSJCvsMAXJA

    Calamos S&P 500 Structured Alt Protection ETF – July · iShares Large Cap Max Buffer Jun ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MMAXAvsMAXJA

    iShares Large Cap Max Buffer Mar ETF · iShares Large Cap Max Buffer Jun ETF

    Expense ratio
    0.53% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSJCvsCPSNB

    Calamos S&P 500 Structured Alt Protection ETF – July · Calamos S&P 500 Structured Alt Protection ETF – November

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MMAXAvsCPSNB

    iShares Large Cap Max Buffer Mar ETF · Calamos S&P 500 Structured Alt Protection ETF – November

    Expense ratio
    0.53% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.