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CPSP vs MMAX

Calamos S&P 500 Structured Alt Protection ETF – April

CPSPBNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

0.0%by weight

Expense ratio

MMAX −0.16pt a year

CPSP0.69%MMAX0.53%

Avg volume · 30D

MMAX 2.3×the volume

CPSP1.82KMMAX4.12K

CPSP vs MMAX Performance

Oct 31, 2025 – Oct 30, 2026

+6.0%CPSP+6.5%MMAX

Oct 31, 2025 to Oct 30, 2026. CPSP +6.0%. MMAX +6.5%. Use the arrow keys to read each point.0%1%2%3%4%5%Oct 2025May 2026Oct 2026
Expense ratio
CPSP 0.69%
MMAX 0.53%, better
Fund size
CPSP $24M
MMAX $74M
1Y total return
CPSP +6.0%
MMAX +6.5%, better
Holdings
CPSP 3
MMAX 4
Avg volume (30D)
CPSP 1.82K sh
MMAX 4.12K sh, better
NAV per share
CPSP $27.39
MMAX $27.58
52W range

ETF.net Grade

CPSP: Cost 62, Risk 81, Mission not scored, Tradability 26, Holdings not scored, Durability 42. MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPSP, MMAX, with each pillar’s weight
PillarCPSPMMAX
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightA81A81
Tradability15% weightD26B64Higher
Holdings10% weightNot scoredC50
Durability5% weightC42B62Higher

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

MMAXAiShares Large Cap Max Buffer Mar 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.

MMAX 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.

MMAX 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

MMAX 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.

MMAX No data

Full CPSP profile⁠

Full MMAX profile⁠

CPSP vs MMAX Holdings

How CPSP and MMAX differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CPSP and 0.0% of MMAX.

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%

Sector

No Sector split for CPSP.

Country, concentration and asset class

Country by domicile

No country split for CPSP.

Concentration

Weight in the 10 largest Holdings

  • CPSP114.2%
  • MMAX112.3%

Securities held

  • CPSP0
  • MMAX2

Asset class

CPSP
Equity
MMAX
Equity

Holdings

  • Only in CPSP0
  • In both0
  • Only in MMAX2

Only in CPSP

0 securities, 0.0% of CPSP by weight

Only in MMAX

2 securities, 100% of MMAX by weight

  • Ishares Core S&P Etf Trust109.74%
  • APR27 Ivv Us P @ 653.211.26%

Weight gaps

CPSP and MMAX share no securities.

All 5 CPSP holdings⁠All 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.

CPSP vs MMAX Cost

Overpaying CPSP vs MMAX

$2,893

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

  • CPSP 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

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

Year by year

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

MMAX 6th cheapest of 27 funds

CPSP 8th cheapest of 27 funds

CPSP vs MMAX Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

CPSPAll CPSP 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

CPSP vs MMAX 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 2025MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSP 2.39since May 2025MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPSP −1.7%since Apr 2025MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPSP 0.07MMAX 0.08

CPSP and MMAX in the news

All news⁠

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