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CPSN vs MMAX

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

Expense ratio

MMAX −0.16pt a year

CPSN0.69%MMAX0.53%

Avg volume · 30D

MMAX 2.0×the volume

CPSN2.03KMMAX4.12K

CPSN vs MMAX Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%CPSN+6.5%MMAX

Oct 31, 2025 to Oct 30, 2026. CPSN +6.1%. MMAX +6.5%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
CPSN 0.69%
MMAX 0.53%, better
Fund size
CPSN $34M
MMAX $74M
1Y total return
CPSN +6.1%
MMAX +6.5%, better
Holdings
CPSN 3
MMAX 4
Avg volume (30D)
CPSN 2.03K sh
MMAX 4.12K sh, better
NAV per share
CPSN $28.37
MMAX $27.58
52W range

ETF.net Grade

CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54. MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPSN, MMAX, with each pillar’s weight
PillarCPSNMMAX
Cost30% weightB62A83Higher
Mission25% weightA88Not scored
Risk15% weightB58A81Higher
Tradability15% weightB59B64Higher
Holdings10% weightNot scoredC50
Durability5% weightC54B62Higher

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 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 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

MMAXAiShares Large Cap Max Buffer Mar 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.

MMAX 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.

MMAX 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.

MMAX 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.

MMAX No data

Full CPSN profile⁠

Full MMAX profile⁠

CPSN 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.

CPSN vs MMAX Cost

Overpaying CPSN vs MMAX

$2,893

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

  • CPSN 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

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

Year by year

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

MMAX 6th cheapest of 27 funds

CPSN 8th cheapest of 27 funds

CPSN vs MMAX Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

CPSNAll CPSN 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

CPSN vs MMAX 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 2024MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSN 0.82since Dec 2024MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPSN −3.2%since Nov 2024MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPSN 0.18MMAX 0.08

CPSN and MMAX in the news

All news⁠

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