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CPSM vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF – May

CPSMCNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.16pt a year

CPSM0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 16.2×the volume

CPSM2.32KMAXJ37.6K

CPSM vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPSM+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. CPSM +4.5%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSM 0.69%
MAXJ 0.53%, better
Fund size
CPSM $59M
MAXJ $163M
1Y total return
CPSM +4.5%
MAXJ +5.8%, better
Yield (12M)
CPSM No data
MAXJ 0.96%
Holdings
CPSM 3
MAXJ 5
Avg volume (30D)
CPSM 2.32K sh
MAXJ 37.6K sh, better
NAV per share
CPSM $29.74
MAXJ $29.54
52W range

ETF.net Grade

CPSM: Cost 62, Risk 62, Mission not scored, Tradability 25, Holdings not scored, Durability 64. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for CPSM, MAXJ, with each pillar’s weight
PillarCPSMMAXJ
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightB62HigherC51
Tradability15% weightD25A82Higher
Holdings10% weightNot scoredB58
Durability5% weightB64A88Higher

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. CPSM 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 CPSM 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 4BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberScore 59
  5. Rank 10CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyScore 53
  6. Rank 10CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 53
  7. Rank 12CCPSDCalamos S&P 500 Structured Alt Protection ETF - DecemberScore 50

Our read on each fund

ETF.net Research

CPSMCCalamos S&P 500 Structured Alt Protection ETF – May

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPSM Calamos' May-dated entry in a full-protection series: hold the complete one-year outcome period and the fund aims to absorb 100% of the S&P 500's price decline, before fees, in exchange for a cap on the upside that resets each May 1.

MAXJ No data

Stated mandate

CPSM The fund seeks capped participation in the positive price return of the S&P 500 while protecting against 100% of losses over a one-year outcome period, before fees and expenses.

MAXJ No data

Why people hold it

  • CPSM Full protection, not a cushion. Held across a complete outcome period, the design targets zero loss from the index's price decline, before fees and expenses.calamos.com
  • At 0.69%, the fee sits right at the median for full-protection funds, so the floor does not cost extra against the peer group.
  • One of a monthly Calamos series (CPSP in April, CPSJ in July, CPSA in August, CPST in September), so you can pick a reset month or ladder several start dates.
  • Launched in 2024 and rates in the upper tier of the 100%-protection group we track on cost, resilience and staying power.

MAXJ No data

Worth knowing

  • CPSM The cap is what pays for the floor. It is reset for each new one-year period and is not known in advance, so gains above it stay with the option counterparty.
  • The terms belong to the full outcome period. Buy mid-period and the upside and protection you actually get differ from the headline terms.calamos.com
  • Protection is stated before fees, and the payoff follows S&P 500 price return, so the 0.69% expense and the index's dividends both sit outside it.

MAXJ No data

Full CPSM profile⁠

Full MAXJ profile⁠

CPSM 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.

CPSM vs MAXJ Cost

Overpaying CPSM vs MAXJ

$2,893

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

  • CPSM 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSM 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$15K051015202530CPSM $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPSM 8th cheapest of 27 funds

CPSM vs MAXJ Dividends

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

Distribution history

Per share, 2024 to 2026, same scale for both

CPSMAll CPSM 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

CPSM vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSM 1.6%since Jun 2024MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSM 1.38since Jun 2024MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
CPSM −5.2%since May 2024MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPSM 0.08MAXJ 0.30

CPSM and MAXJ in the news

All news⁠

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