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CPST vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF - September

CPSTCNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.16pt a year

CPST0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 5.9×the volume

CPST6.38KMAXJ37.6K

CPST vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CPST+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. CPST +4.8%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPST 0.69%
MAXJ 0.53%, better
Fund size
CPST $41M
MAXJ $163M
1Y total return
CPST +4.8%
MAXJ +5.8%, better
Yield (12M)
CPST No data
MAXJ 0.96%
Holdings
CPST 3
MAXJ 5
Avg volume (30D)
CPST 6.38K sh
MAXJ 37.6K sh, better
NAV per share
CPST $28.24
MAXJ $29.54
52W range

ETF.net Grade

CPST: Cost 62, Risk 47, Mission 91, Tradability 44, Holdings not scored, Durability 61. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for CPST, MAXJ, with each pillar’s weight
PillarCPSTMAXJ
Cost30% weightB62A83Higher
Mission25% weightA91Not scored
Risk15% weightC47C51Higher
Tradability15% weightC44A82Higher
Holdings10% weightNot scoredB58
Durability5% weightB61A88Higher

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. CPST 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 CPST 9th 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 8CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustScore 55
  6. Rank 9CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberScore 54
  7. Rank 10CCPSJCalamos S&P 500 Structured Alt Protection ETF – JulyScore 53

Our read on each fund

ETF.net Research

CPSTCCalamos S&P 500 Structured Alt Protection ETF - September

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPST The September rung of Calamos's 100%-protection ladder: one year of S&P 500 price upside to a preset cap, with the full downside hedged by options before fees. Skip the drawdown, cap the rally.

MAXJ No data

Stated mandate

CPST The fund seeks point-to-point exposure to the positive price return of the S&P 500 through SPY, with 100% downside protection over a one-year outcome period and gains limited by a predetermined cap.

MAXJ No data

Why people hold it

  • CPST The floor is built from exchange-traded FLEX options inside a 1940 Act ETF, not a bank's IOU, and the terms reset with a fresh cap each September.sec.govcalamos.com
  • At 0.69% a year, it costs exactly the median of its 100%-protection peer group. Middle of the road, no premium for the Calamos name.
  • One of the stronger builds in its protection cohort, and part of a monthly ladder (CPSM, CPSA, CPSJ and siblings) all priced at 0.69%, so the start month is yours to pick.calamos.com

MAXJ No data

Worth knowing

  • CPST Protection is point-to-point, start of the outcome period to the end. Buy mid-period and your own cap and remaining cushion differ from the headline terms.calamos.com
  • Upside stops at a cap set each September, and both cap and protection are quoted before the 0.69% fee comes out.calamos.com
  • Exposure follows SPY's price return, so index dividends sit outside the deal and the fund isn't built to pay income.

MAXJ No data

Full CPST profile⁠

Full MAXJ profile⁠

CPST 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.

CPST vs MAXJ Cost

Overpaying CPST vs MAXJ

$2,893

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

  • CPST 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPST 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$15K051015202530CPST $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPST 8th cheapest of 27 funds

CPST vs MAXJ Dividends

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

Distribution history

Per share, 2024 to 2026, same scale for both

CPSTAll CPST 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

CPST vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPST 2.5%since Oct 2024MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPST 0.62since Oct 2024MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
CPST −3.8%since Sep 2024MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPST 0.18MAXJ 0.30

CPST and MAXJ in the news

All news⁠

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