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CPSU vs MMAX

Calamos S&P 500 Structured Alt Protection ETF – June

CPSUCNYSE Arca

iShares Large Cap Max Buffer Mar ETF

MMAXACboe

Overlap

Expense ratio

MMAX −0.16pt a year

CPSU0.69%MMAX0.53%

Avg volume · 30D

MMAX 2.3×the volume

CPSU1.78KMMAX4.12K

CPSU vs MMAX Performance

Oct 31, 2025 – Oct 30, 2026

+4.2%CPSU+6.5%MMAX

Oct 31, 2025 to Oct 30, 2026. CPSU +4.2%. MMAX +6.5%. Use the arrow keys to read each point.0%1%2%3%5%Oct 2025May 2026Oct 2026
Expense ratio
CPSU 0.69%
MMAX 0.53%, better
Fund size
CPSU $29M
MMAX $74M
1Y total return
CPSU +4.2%
MMAX +6.5%, better
Holdings
CPSU 3
MMAX 4
Avg volume (30D)
CPSU 1.78K sh
MMAX 4.12K sh, better
NAV per share
CPSU $28.01
MMAX $27.58
52W range

ETF.net Grade

CPSU: Cost 62, Risk 41, Mission not scored, Tradability 24, Holdings not scored, Durability 44. MMAX: Cost 83, Risk 81, Mission not scored, Tradability 64, Holdings 50, Durability 62.
Pillar letters and Scores for CPSU, MMAX, with each pillar’s weight
PillarCPSUMMAX
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightC41A81Higher
Tradability15% weightF24B64Higher
Holdings10% weightNot scoredC50
Durability5% weightC44B62Higher

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 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 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 15CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryScore 48
  5. Rank 17CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneScore 46
  6. 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

MMAXAiShares Large Cap Max Buffer Mar 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.

MMAX 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.

MMAX 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

MMAX 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.

MMAX No data

Full CPSU profile⁠

Full MMAX profile⁠

CPSU vs 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.

CPSU vs MMAX Cost

Overpaying CPSU vs MMAX

$2,893

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

  • CPSU 0.69%

    $13,429

  • MMAX 0.53%

    $10,536

$10,000
30 years

Cost over time

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

Year by year

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

MMAX 6th cheapest of 27 funds

CPSU 8th cheapest of 27 funds

CPSU vs MMAX Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

CPSUAll CPSU 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

CPSU vs MMAX 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 2025MMAX 1.0%since May 2025
Return per unit of riskSharpe ratio, 3 years
CPSU 0.54since Jul 2025MMAX 3.21since May 2025
Worst fallMax drawdown, 5 years
CPSU −1.1%since Jun 2025MMAX −1.9%since Apr 2025
Market sensitivityBeta, 5 years
CPSU 0.10MMAX 0.08

CPSU and MMAX in the news

All news⁠

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