Skip to content
etf.net

CPSP vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF – April

CPSPBNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.16pt a year

CPSP0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 20.6×the volume

CPSP1.82KMAXJ37.6K

CPSP vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+6.0%CPSP+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. CPSP +6.0%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Oct 2026
Expense ratio
CPSP 0.69%
MAXJ 0.53%, better
Fund size
CPSP $24M
MAXJ $163M
1Y total return
CPSP +6.0%, better
MAXJ +5.8%
Yield (12M)
CPSP No data
MAXJ 0.96%
Holdings
CPSP 3
MAXJ 5
Avg volume (30D)
CPSP 1.82K sh
MAXJ 37.6K sh, better
NAV per share
CPSP $27.39
MAXJ $29.54
52W range

ETF.net Grade

CPSP: Cost 62, Risk 81, Mission not scored, Tradability 26, Holdings not scored, Durability 42. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for CPSP, MAXJ, with each pillar’s weight
PillarCPSPMAXJ
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightA81HigherC51
Tradability15% weightD26A82Higher
Holdings10% weightNot scoredB58
Durability5% weightC42A88Higher

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. CPSP 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 CPSP 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 5BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberScore 56
  6. Rank 5BCPSPCalamos S&P 500 Structured Alt Protection ETF – AprilScore 56
  7. Rank 8CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustScore 55

Our read on each fund

ETF.net Research

CPSPBCalamos S&P 500 Structured Alt Protection ETF – April

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPSP A one-year S&P 500 bet with a floor bolted underneath: CPSP aims to deliver the index's price return up to a cap while absorbing 100% of losses across its outcome period, before fees. The full floor is the point. The cap is what it costs.

MAXJ No data

Stated mandate

CPSP The fund seeks to provide the positive price return of the S&P 500 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

  • CPSP Full protection, not a partial buffer: the structure is built to absorb 100% of S&P 500 losses over its twelve-month outcome period, before fees and expenses.calamos.com
  • One rung on a monthly ladder. Calamos runs a sibling series (CPSM, CPSJ, CPSA and others), so a fresh outcome period opens in most months of the year.
  • The 0.69% fee sits right at the middle of the full-protection group, so the strongest protection level on offer carries no price premium.
  • Plumbing stays simple: one reference exposure, the SPDR S&P 500 ETF Trust, wrapped in a 1940 Act fund rather than a note with bank credit risk behind it.calamos.com

MAXJ No data

Worth knowing

  • CPSP Protection is paid for in upside. A cap is set each April for the year ahead, and covering the whole downside leaves a lower ceiling than partial-buffer funds carry.
  • The math works for holders across a complete outcome period. Step in or out mid-period and you get whatever the options are worth that day, floor not yet locked.calamos.com
  • The floor is quoted before fees and expenses, and the fund has not been paying distributions, so anything you get back shows up in the share price.

MAXJ No data

Full CPSP profile⁠

Full MAXJ profile⁠

CPSP 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.

CPSP vs MAXJ Cost

Overpaying CPSP vs MAXJ

$2,893

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

  • CPSP 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSP 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$15K051015202530CPSP $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPSP 8th cheapest of 27 funds

CPSP vs MAXJ Dividends

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

Distribution history

Per share, 2024 to 2026, same scale for both

CPSPAll CPSP 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

CPSP vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSP 1.1%since May 2025MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSP 2.39since May 2025MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
CPSP −1.7%since Apr 2025MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPSP 0.07MAXJ 0.30

CPSP and MAXJ in the news

All news⁠

Popular comparisons

  • CPSPBvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF – April · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MAXJAvsCPSLA

    iShares Large Cap Max Buffer Jun ETF · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.53% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSPBvsMMAXA

    Calamos S&P 500 Structured Alt Protection ETF – April · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MAXJAvsMMAXA

    iShares Large Cap Max Buffer Jun ETF · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
    0.53% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSPBvsCPSNB

    Calamos S&P 500 Structured Alt Protection ETF – April · Calamos S&P 500 Structured Alt Protection ETF – November

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MAXJAvsCPSNB

    iShares Large Cap Max Buffer Jun ETF · Calamos S&P 500 Structured Alt Protection ETF – November

    Expense ratio
    0.53% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.