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CPSR vs MMAX

Calamos S&P 500 Structured Alt Protection ETF – March

CPSRCNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

0.0%by weight

Expense ratio

MMAX −0.16pt a year

CPSR0.69%MMAX0.53%

Avg volume · 30D

MMAX 3.3×the volume

CPSR1.26KMMAX4.16K

CPSR vs MMAX Performance

Nov 7, 2025 – Nov 9, 2026

+5.7%CPSR+6.6%MMAX

Nov 7, 2025 to Nov 9, 2026. CPSR +5.7%. MMAX +6.6%. Use the arrow keys to read each point.0%2%4%Nov 2025May 2026Nov 2026
Expense ratio
CPSR 0.69%
MMAX 0.53%, better
Fund size
CPSR $34M
MMAX $74M
1Y total return
CPSR +5.7%
MMAX +6.6%, better
Holdings
CPSR 3
MMAX 4
Avg volume (30D)
CPSR 1.26K sh
MMAX 4.16K sh, better
NAV per share
CPSR $26.21
MMAX $27.52
52W range

ETF.net Grade

CPSR: Cost 62, Risk 55, Mission not scored, Tradability 18, Holdings not scored, Durability 48. MMAX: Cost 83, Risk 82, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPSR, MMAX, with each pillar’s weight
PillarCPSRMMAX
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightB55A82Higher
Tradability15% weightF18B64Higher
Holdings10% weightNot scoredC50
Durability5% weightC48B62Higher

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. CPSR 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 CPSR 13th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 79
  2. Rank 2AMMAXiShares Large Cap Max Buffer Mar ETFScore 76
  3. Rank 3AMAXJiShares Large Cap Max Buffer Jun ETFScore 75
  4. Rank 12CCPSMCalamos S&P 500 Structured Alt Protection ETF – MayScore 51
  5. Rank 13CCPSRCalamos S&P 500 Structured Alt Protection ETF – MarchScore 49
  6. Rank 14CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48

Our read on each fund

ETF.net Research

CPSRCCalamos S&P 500 Structured Alt Protection ETF – March

MMAXAiShares Large Cap Max Buffer Mar ETF

In short

CPSR Calamos's March gate into fully protected S&P 500 exposure: a one-year outcome period built to absorb every index loss, before fees, in exchange for a firm ceiling on the upside.

MMAX No data

Stated mandate

CPSR The fund seeks to provide the positive price return of the S&P 500 up to a defined cap while protecting against all losses during a one-year outcome period, before fees and expenses.

MMAX No data

Why people hold it

  • CPSR Protection is the whole point. Each one-year outcome period targets none of the S&P 500's losses, before fees and expenses, rather than a 10% or 15% buffer.calamos.com
  • Part of a series with entry points every month, so a fresh outcome period opens regularly instead of once a year.calamos.com
  • The 0.69% fee sits at the median of its fully protected peer group and matches siblings like CPSM and CPSJ, so month of entry, not cost, is the differentiator.

MMAX No data

Worth knowing

  • CPSR The upside cap is set at each period's start and resets. Buy mid-period and your personal cap and protection level differ from the headline terms.calamos.com
  • Protection is stated before fees and expenses, so the 0.69% expense ratio comes out of whatever the structure delivers.
  • Thinly traded with a small asset base, which can mean wider bid/ask spreads than the giants of the S&P 500 world.

MMAX No data

Full CPSR profile⁠

Full MMAX profile⁠

CPSR vs MMAX Holdings

How CPSR and MMAX differ

Overlap by weight

0.0%

About this figure: CPSR holds other funds. We compare those funds, not the stocks inside them.

MMAX holds other funds. We compare those funds, not the stocks inside them.

Level by level

  • Holdings0 in both0.0%
  • Asset classStocks100%

Sector

No Sector split for CPSR.

Country, concentration and asset class

Country by domicile

No country split for CPSR.

Concentration

Weight in the 10 largest Holdings

  • CPSR105.8%
  • MMAX110.0%

Securities held

  • CPSR0
  • MMAX2

Asset class

CPSR
Stocks
MMAX
Stocks

Holdings

  • Only in CPSR0
  • In both0
  • Only in MMAX2

Only in CPSR

0 securities, 0.0% of CPSR by weight

Only in MMAX

2 securities, 100% of MMAX by weight

  • Ishares Core S&P Etf Trust107.03%
  • APR27 Ivv Us P @ 653.211.83%

Weight gaps

CPSR and MMAX share no securities.

All 5 CPSR 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.

CPSR vs MMAX Cost

Overpaying CPSR vs MMAX

$2,893

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

  • CPSR 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSR 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$15K051015202530CPSR $13,429MMAX $10,536

Year by year

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

Expense ratio

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

MMAX 6th cheapest of 27 funds

CPSR 8th cheapest of 27 funds

CPSR vs MMAX Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
CPSR None
MMAX No data
Last payment
CPSR No data
MMAX $0.35
Ex-dividend
CPSR No data
MMAX Dec 23, 2025
Paid on
CPSR No data
MMAX Dec 29, 2025
Frequency
CPSR No data
MMAX Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

CPSRAll CPSR 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

CPSR vs MMAX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSR 1.6%since Apr 2025MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSR 1.77since Apr 2025MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPSR −3.4%since Mar 2025MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPSR 0.11MMAX 0.08

CPSR and MMAX in the news

All news⁠

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