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CPSM vs MMAX

Calamos S&P 500 Structured Alt Protection ETF – May

CPSMCNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

Expense ratio

MMAX −0.16pt a year

CPSM0.69%MMAX0.53%

Avg volume · 30D

MMAX 1.8×the volume

CPSM2.32KMMAX4.12K

CPSM vs MMAX Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPSM+6.5%MMAX

Oct 31, 2025 to Oct 30, 2026. CPSM +4.5%. MMAX +6.5%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSM 0.69%
MMAX 0.53%, better
Fund size
CPSM $59M
MMAX $74M
1Y total return
CPSM +4.5%
MMAX +6.5%, better
Holdings
CPSM 3
MMAX 4
Avg volume (30D)
CPSM 2.32K sh
MMAX 4.12K sh, better
NAV per share
CPSM $29.74
MMAX $27.58
52W range

ETF.net Grade

CPSM: Cost 62, Risk 62, Mission not scored, Tradability 25, Holdings not scored, Durability 64. MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPSM, MMAX, with each pillar’s weight
PillarCPSMMMAX
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightB62A81Higher
Tradability15% weightD25B64Higher
Holdings10% weightNot scoredC50
Durability5% weightB64HigherB62

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 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 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 10CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyScore 53
  5. Rank 10CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 53
  6. 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

MMAXAiShares Large Cap Max Buffer Mar 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.

MMAX 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.

MMAX 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.

MMAX 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.

MMAX No data

Full CPSM profile⁠

Full MMAX profile⁠

CPSM 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.

CPSM vs MMAX Cost

Overpaying CPSM vs MMAX

$2,893

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

  • CPSM 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

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

Year by year

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

MMAX 6th cheapest of 27 funds

CPSM 8th cheapest of 27 funds

CPSM vs MMAX Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

CPSMAll CPSM 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

CPSM vs MMAX 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 2024MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSM 1.38since Jun 2024MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPSM −5.2%since May 2024MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPSM 0.08MMAX 0.08Same figure. Both funds show the same value, so neither comes out ahead.

CPSM and MMAX in the news

All news⁠

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