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CPST vs MMAX

Calamos S&P 500 Structured Alt Protection ETF - September

CPSTCNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

0.0%by weight

Expense ratio

MMAX −0.16pt a year

CPST0.69%MMAX0.53%

Avg volume · 30D

CPST 1.5×the volume

CPST6.38KMMAX4.12K

CPST vs MMAX Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%CPST+6.5%MMAX

Oct 31, 2025 to Oct 30, 2026. CPST +4.8%. MMAX +6.5%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPST 0.69%
MMAX 0.53%, better
Fund size
CPST $41M
MMAX $74M
1Y total return
CPST +4.8%
MMAX +6.5%, better
Holdings
CPST 3
MMAX 4
Avg volume (30D)
CPST 6.38K sh, better
MMAX 4.12K sh
NAV per share
CPST $28.24
MMAX $27.58
52W range

ETF.net Grade

CPST: Cost 62, Risk 47, Mission 91, Tradability 44, Holdings not scored, Durability 61. MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPST, MMAX, with each pillar’s weight
PillarCPSTMMAX
Cost30% weightB62A83Higher
Mission25% weightA91Not scored
Risk15% weightC47A81Higher
Tradability15% weightC44B64Higher
Holdings10% weightNot scoredC50
Durability5% weightB61B62Higher

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 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 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 8CCPSACalamos S&P 500 Structured Alt Protection ETF – AugustScore 55
  5. Rank 9CCPSTCalamos S&P 500 Structured Alt Protection ETF - SeptemberScore 54
  6. 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

MMAXAiShares Large Cap Max Buffer Mar 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.

MMAX 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.

MMAX 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

MMAX 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.

MMAX No data

Full CPST profile⁠

Full MMAX profile⁠

CPST vs MMAX Holdings

How CPST and MMAX differ

Overlap by weight

0.0%

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

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%

Sector

No Sector split for CPST.

Country, concentration and asset class

Country by domicile

No country split for CPST.

Concentration

Weight in the 10 largest Holdings

  • CPST103.7%
  • MMAX112.3%

Securities held

  • CPST0
  • MMAX2

Asset class

CPST
Equity
MMAX
Equity

Holdings

  • Only in CPST0
  • In both0
  • Only in MMAX2

Only in CPST

0 securities, 0.0% of CPST 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

CPST and MMAX share no securities.

All 5 CPST 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.

CPST vs MMAX Cost

Overpaying CPST vs MMAX

$2,893

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

  • CPST 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

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

Year by year

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

MMAX 6th cheapest of 27 funds

CPST 8th cheapest of 27 funds

CPST vs MMAX Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

CPSTAll CPST 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

CPST vs MMAX 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 2024MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPST 0.62since Oct 2024MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPST −3.8%since Sep 2024MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPST 0.18MMAX 0.08

CPST and MMAX in the news

All news⁠

Popular comparisons

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    Calamos S&P 500 Structured Alt Protection ETF - September · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
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    Category
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