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CPSU vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF – June

CPSUCNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

Expense ratio

MAXJ −0.16pt a year

CPSU0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 21.1×the volume

CPSU1.78KMAXJ37.6K

CPSU vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+4.2%CPSU+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. CPSU +4.2%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%5%Oct 2025May 2026Oct 2026
Expense ratio
CPSU 0.69%
MAXJ 0.53%, better
Fund size
CPSU $29M
MAXJ $163M
1Y total return
CPSU +4.2%
MAXJ +5.8%, better
Yield (12M)
CPSU No data
MAXJ 0.96%
Holdings
CPSU 3
MAXJ 5
Avg volume (30D)
CPSU 1.78K sh
MAXJ 37.6K sh, better
NAV per share
CPSU $28.01
MAXJ $29.54
52W range

ETF.net Grade

CPSU: Cost 62, Risk 41, Mission not scored, Tradability 24, Holdings not scored, Durability 44. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for CPSU, MAXJ, with each pillar’s weight
PillarCPSUMAXJ
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightC41C51Higher
Tradability15% weightF24A82Higher
Holdings10% weightNot scoredB58
Durability5% weightC44A88Higher

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. CPSU 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 CPSU 17th 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 15CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryScore 48
  6. Rank 17CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneScore 46
  7. Rank 17CZJULInnovator Equity Defined Protection ETF - 1 Yr JulyScore 46

Our read on each fund

ETF.net Research

CPSUCCalamos S&P 500 Structured Alt Protection ETF – June

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPSU The June rung on Calamos's monthly ladder of fully protected S&P 500 ETFs. FLEX options are structured to absorb 100% of the index's one-year decline, before fees, and the price for that floor is a cap on the upside.

MAXJ No data

Stated mandate

CPSU The fund seeks to track the positive price return of the S&P 500 up to a predetermined cap while providing 100% protection against losses over the one-year outcome period, before fees and expenses.

MAXJ No data

Why people hold it

  • CPSU Not a buffer. The options target the entire one-year drop in SPY rather than just the first 10% or 15%, which is the whole point of the full-protection shelf.calamos.com
  • Resets every June with a fresh cap and renewed protection, so holders roll into the next 12-month period without having to sell and re-enter.calamos.com
  • The 0.69% fee lands right at the median for 100% protection funds and undercuts older entrants like TJUL and TAPR at 0.79%.
  • One of the stronger builds in its 16-fund protection cohort, and part of a lineup with a start date in every month of the year rather than a one-off launch.calamos.com

MAXJ No data

Worth knowing

  • CPSU The 100% protection is stated before fees and expenses, and it applies to investors who hold from the first day of an outcome period to the last.
  • Buy mid-period and your actual downside cushion and remaining upside depend on where SPY has moved since the reset, not on the headline terms.calamos.com
  • Gains stop at the cap, index dividends do not pass through as income, and the fund trades lightly, so spreads can run wider than on large index ETFs.

MAXJ No data

Full CPSU profile⁠

Full MAXJ profile⁠

CPSU 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.

CPSU vs MAXJ Cost

Overpaying CPSU vs MAXJ

$2,893

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

  • CPSU 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSU 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$15K051015202530CPSU $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPSU 8th cheapest of 27 funds

CPSU vs MAXJ Dividends

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

Distribution history

Per share, 2024 to 2026, same scale for both

CPSUAll CPSU 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

CPSU vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSU 1.4%since Jul 2025MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSU 0.54since Jul 2025MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
CPSU −1.1%since Jun 2025MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPSU 0.10MAXJ 0.30

CPSU and MAXJ in the news

All news⁠

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