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CPSN vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.16pt a year

CPSN0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 18.5×the volume

CPSN2.03KMAXJ37.6K

CPSN vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%CPSN+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. CPSN +6.1%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
CPSN 0.69%
MAXJ 0.53%, better
Fund size
CPSN $34M
MAXJ $163M
1Y total return
CPSN +6.1%, better
MAXJ +5.8%
Yield (12M)
CPSN No data
MAXJ 0.96%
Holdings
CPSN 3
MAXJ 5
Avg volume (30D)
CPSN 2.03K sh
MAXJ 37.6K sh, better
NAV per share
CPSN $28.37
MAXJ $29.54
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for CPSN, MAXJ, with each pillar’s weight
PillarCPSNMAXJ
Cost30% weightB62A83Higher
Mission25% weightA88Not scored
Risk15% weightB58HigherC51
Tradability15% weightB59A82Higher
Holdings10% weightNot scoredB58
Durability5% weightC54A88Higher

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. CPSN 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 CPSN 4th 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 5BCPNQCalamos Nasdaq-100 Structured Alt Protection ETF - DecemberScore 56

Our read on each fund

ETF.net Research

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPSN A one-year airbag strapped to the S&P 500: CPSN aims to shield 100% of index price losses over its outcome period, before fees, in exchange for a hard cap on the upside that resets every November.

MAXJ No data

Stated mandate

CPSN The fund seeks positive S&P 500 price-return exposure up to a defined cap while protecting against 100% of losses over its one-year outcome period, before fees and expenses.

MAXJ No data

Why people hold it

  • CPSN Aims to protect against 100% of S&P 500 price losses over its one-year outcome period, before fees and expenses. Not a partial buffer that can be used up.calamos.com
  • 0.69% expense ratio, level with the median for S&P 500 full-protection funds, and it sits in the upper half of that peer group overall.
  • Calamos runs the same structure across the calendar (CPSJ, CPSM, CPSP, CPSA), so a November start is one entry point among many rather than a single make-or-break date.
  • Every November a fresh one-year period opens with a newly set cap, so the terms re-price to current market conditions instead of locking in indefinitely.

MAXJ No data

Worth knowing

  • CPSN The upside is capped, and the cap is reset each period from options pricing. Exposure is to S&P 500 price return, so index dividends are not part of the deal.calamos.com
  • The protection is stated before fees and expenses and applies to a full period held start to finish. Buy mid-period and your own cap and protection look different.calamos.com
  • A small, thinly traded fund inside a crowded family of monthly siblings. Spreads can be wider than at the household-name outcome ETFs, so limit orders matter.

MAXJ No data

Full CPSN profile⁠

Full MAXJ profile⁠

CPSN 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.

CPSN vs MAXJ Cost

Overpaying CPSN vs MAXJ

$2,893

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

  • CPSN 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSN 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$15K051015202530CPSN $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPSN 8th cheapest of 27 funds

CPSN vs MAXJ Dividends

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

Distribution history

Per share, 2024 to 2026, same scale for both

CPSNAll CPSN 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

CPSN vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSN 2.4%since Dec 2024MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPSN 0.18MAXJ 0.30

CPSN and MAXJ in the news

All news⁠

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