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CPSO vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF – October

CPSOBNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.16pt a year

CPSO0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 9.4×the volume

CPSO4.01KMAXJ37.6K

CPSO vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+5.7%CPSO+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. CPSO +5.7%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
CPSO 0.69%
MAXJ 0.53%, better
Fund size
CPSO $34M
MAXJ $163M
1Y total return
CPSO +5.7%
MAXJ +5.8%, better
Yield (12M)
CPSO No data
MAXJ 0.96%
Holdings
CPSO 3
MAXJ 5
Avg volume (30D)
CPSO 4.01K sh
MAXJ 37.6K sh, better
NAV per share
CPSO $28.52
MAXJ $29.54
52W range

ETF.net Grade

CPSO: Cost 62, Risk 51, Mission 86, Tradability 52, Holdings not scored, Durability 55. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for CPSO, MAXJ, with each pillar’s weight
PillarCPSOMAXJ
Cost30% weightB62A83Higher
Mission25% weightA86Not scored
Risk15% weightC51C51
Tradability15% weightC52A82Higher
Holdings10% weightNot scoredB58
Durability5% weightB55A88Higher

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. CPSO 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 CPSO 5th 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
  6. Rank 5BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberScore 56
  7. Rank 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56

Our read on each fund

ETF.net Research

CPSOBCalamos S&P 500 Structured Alt Protection ETF – October

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPSO One of twelve monthly doors into the same idea: S&P 500 price exposure with 100% downside protection over a one-year stretch, reset every October 1. The floor is the product, and a capped upside is the price of it.

MAXJ No data

Stated mandate

CPSO The fund seeks to match the positive price return of the S&P 500 reference asset up to a predetermined cap while protecting against 100% of losses over the one-year outcome period, before fees and expenses.

MAXJ No data

Why people hold it

  • CPSO Over each one-year outcome period the fund aims to shield 100% of S&P 500 price losses, before fees and expenses, for shareholders who hold start to finish.calamos.com
  • Runs on a calendar, not a forecast: a new 12-month period starts each October 1 with a fresh cap and reset protection, so the terms are set before you step in.calamos.com
  • 0.69% a year, right at the median for its 100%-protection S&P 500 peer group and the same fee Calamos charges on sibling months like CPSM and CPSJ.
  • A 1940 Act ETF built on options tied to SPY rather than a bank-issued structured note, and it trades any day the market is open.

MAXJ No data

Worth knowing

  • CPSO Upside is capped and tied to SPY's price return, so the index's dividends sit outside the deal.calamos.com
  • The headline terms belong to the full period. Buy mid-period and your remaining cap and remaining protection are whatever the market prices that day.calamos.com
  • It has stayed one of the smaller, lighter-traded months in the lineup, so spreads can be wider than on mainstream index funds. Limit orders help.

MAXJ No data

Full CPSO profile⁠

Full MAXJ profile⁠

CPSO 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.

CPSO vs MAXJ Cost

Overpaying CPSO vs MAXJ

$2,893

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

  • CPSO 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSO 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$15K051015202530CPSO $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPSO 8th cheapest of 27 funds

CPSO vs MAXJ Dividends

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

Distribution history

Per share, 2024 to 2026, same scale for both

CPSOAll CPSO 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

CPSO vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSO 2.4%since Nov 2024MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSO 0.84since Nov 2024MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
CPSO −3.3%since Oct 2024MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPSO 0.17MAXJ 0.30

CPSO and MAXJ in the news

All news⁠

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