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CPSY vs MAXJ

Calamos S&P 500 Structured Alt Protection ETF – January

CPSYCNYSE Arca

iShares Large Cap Max Buffer Jun ETF

MAXJACboe

Overlap

0.0%by weight

Expense ratio

MAXJ −0.16pt a year

CPSY0.69%MAXJ0.53%

Avg volume · 30D

MAXJ 34.2×the volume

CPSY1.1KMAXJ37.6K

CPSY vs MAXJ Performance

Oct 31, 2025 – Oct 30, 2026

+5.5%CPSY+5.8%MAXJ

Oct 31, 2025 to Oct 30, 2026. CPSY +5.5%. MAXJ +5.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPSY 0.69%
MAXJ 0.53%, better
Fund size
CPSY $30M
MAXJ $163M
1Y total return
CPSY +5.5%
MAXJ +5.8%, better
Yield (12M)
CPSY No data
MAXJ 0.96%
Holdings
CPSY 3
MAXJ 5
Avg volume (30D)
CPSY 1.1K sh
MAXJ 37.6K sh, better
NAV per share
CPSY $26.18
MAXJ $29.54
52W range

ETF.net Grade

CPSY: Cost 62, Risk 52, Mission not scored, Tradability 21, Holdings not scored, Durability 39. MAXJ: Cost 83, Risk 51, Mission not scored, Tradability 82, Holdings 58, Durability 88.
Pillar letters and Scores for CPSY, MAXJ, with each pillar’s weight
PillarCPSYMAXJ
Cost30% weightB62A83Higher
Mission25% weightNot scoredNot scored
Risk15% weightC52HigherC51
Tradability15% weightF21A82Higher
Holdings10% weightNot scoredB58
Durability5% weightD39A88Higher

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. CPSY 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 CPSY 15th 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 15CCPSFCalamos S&P 500 Structured Alt Protection ETF – FebruaryScore 48
  6. Rank 15CCPSYCalamos S&P 500 Structured Alt Protection ETF – JanuaryScore 48
  7. Rank 17CCPSUCalamos S&P 500 Structured Alt Protection ETF – JuneScore 46

Our read on each fund

ETF.net Research

CPSYCCalamos S&P 500 Structured Alt Protection ETF – January

MAXJAiShares Large Cap Max Buffer Jun ETF

In short

CPSY Most buffer funds cushion the first slice of a drop. CPSY goes further: FLEX options on the S&P 500 structured for 100% downside protection across a one-year outcome period, before fees. The trade is a hard cap on upside and a January-to-January window.

MAXJ No data

Stated mandate

CPSY CPSY seeks point-to-point exposure to the price return of the S&P 500 through SPY-linked FLEX Options, with upside limited by a predetermined cap and 100% downside protection over the applicable one-year outcome period before fees and expenses.

MAXJ No data

Why people hold it

  • CPSY Built for 100% downside protection over each one-year outcome period, before fees and expenses, using FLEX options tied to SPY.
  • The 0.69% fee sits right at the median for its 100%-protection peer group. No vintage premium for the January rung.
  • One rung in a monthly Calamos ladder (CPSJ, CPSM, CPSP and others), so the start month is a choice rather than whatever happens to be open.
  • It rolls rather than expires: each January the fund opens a fresh one-year outcome period with a newly set cap.

MAXJ No data

Worth knowing

  • CPSY The cap pays for the floor. Upside stops at a level fixed when the period starts, and the exposure is price return, so index dividends stay out of the math.
  • Protection is point-to-point and stated before fees. Step in or out mid-period and you get whatever the options are worth that day, not the full shield.
  • A small, lightly traded member of the family, so spreads and order handling can matter more than the expense ratio.

MAXJ No data

Full CPSY profile⁠

Full MAXJ profile⁠

CPSY vs MAXJ Holdings

How CPSY and MAXJ differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CPSY and 0.0% of MAXJ.

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%

Sector

No Sector split for CPSY.

Country, concentration and asset class

Country by domicile

No country split for CPSY.

Concentration

Weight in the 10 largest Holdings

  • CPSY107.7%
  • MAXJ103.0%

Securities held

  • CPSY0
  • MAXJ2

Asset class

CPSY
Equity
MAXJ
Equity

Holdings

  • Only in CPSY0
  • In both0
  • Only in MAXJ2

Only in CPSY

0 securities, 0.0% of CPSY by weight

Only in MAXJ

2 securities, 100% of MAXJ by weight

  • Ishares Core S&P Etf Trust98.19%
  • JUL27 Ivv Us P @ 748.894.05%

Weight gaps

CPSY and MAXJ share no securities.

All 5 CPSY holdings⁠All 6 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.

CPSY vs MAXJ Cost

Overpaying CPSY vs MAXJ

$2,893

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

  • CPSY 0.69%

    $13,429

  • MAXJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • CPSY 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$15K051015202530CPSY $13,429MAXJ $10,536

Year by year

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

Expense ratio

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

MAXJ 6th cheapest of 27 funds

CPSY 8th cheapest of 27 funds

CPSY vs MAXJ Dividends

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

Distribution history

Per share, 2024 to 2026, same scale for both

CPSYAll CPSY 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

CPSY vs MAXJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPSY 2.2%since Feb 2025MAXJ 4.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPSY 0.85since Feb 2025MAXJ 0.88since Aug 2024
Worst fallMax drawdown, 5 years
CPSY −3.0%since Jan 2025MAXJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPSY 0.15MAXJ 0.30

CPSY and MAXJ in the news

All news⁠

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