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CPNS

GradeANew York Stock Exchange Arca

Calamos Nasdaq-100 Structured Alt Protection ETF – September

Floor Protected · Calamos · Inception 2024-09-03

$28.50−0.04 (−0.12%)

As of Sep 23, 2026, 2:12 PM EDT

History starts Sep 3, 2024.
Intraday session: down, 26 prints from 28.53 to 28.50. Range 28.46 to 28.55. Use the arrow keys to read each point.$28.48$28.52$28.5610 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$24M
1Y return
+5.9%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$28.64
52W range
low $26.84high $28.89

The ETF.net CPNS Grade

A

74/ 100

Rank 3 of 24 in Other Floor Protected⁠

Confidence High

Six-pillar profile for CPNS. Scores out of 100: Cost 78, Risk 76, Mission 91, Tradability 72, Holdings not scored, Durability 56. Strongest: Mission (91). Weakest: Durability (56). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 74 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 78
    Category rank7/24 · top 29%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 91
    Category rank1/2 · top 50%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 76
    Category rank6/23 · top 26%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 72
    Category rank5/24 · top 21%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 56
    Category rank13/24 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on CPNS

ETF.net Research

AArmor, not a cushion. CPNS uses options on the Nasdaq-100 to target 100% protection from losses over a one-year outcome period, before fees, and pays for that shield with a hard cap on the upside that resets every September.

Stated mandate

Seeks to provide positive price-return participation in the Nasdaq-100 up to a predetermined cap while protecting 100% of losses over the one-year outcome period, before fees and expenses.

Why people hold it

  1. 01The whole design in one line: participate in Nasdaq-100 price gains up to a preset cap while aiming to protect 100% of losses over the one-year outcome period, before fees and expenses.calamos.com
  2. 02Fee is 0.69% a year, below the median for Nasdaq-100 buffer and protection funds. In a strategy where the option budget sets your cap, a lower fee leaves more to spend on upside.
  3. 03September is one vintage in a quarterly series (CPNM March, CPNJ June), so investors can stagger entry points instead of betting everything on one reset date.
  4. 04Among the dozen-odd Nasdaq-100 protection and buffer funds we track, this one sits in the upper tier on cost and risk build quality.

Worth knowing

  1. 01The cap is the price of the armor. It is set at the start of each outcome period and changes with market conditions, and the stated outcomes assume holding from one reset date to the next.
  2. 02It tracks Nasdaq-100 price return, so index dividends are not part of the deal, and the fund has not been a distribution payer.
  3. 03A small, thinly traded fund since its 2024 launch, so bid-ask spreads and order size deserve attention at the point of trade.

CPNS Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
107%
Largest holding
INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option98.8%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option98.82%336$24M4
002—INVESCO QQQ TRUST SERIES 1 (QQQ) Long Put Option6.81%336$2M4
003—US DOLLAR0.92%222,642$223K231

Showing 1–3 of 3 holdings

CPNS Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

CPNS$10,590
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CPNS $10,590. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CPNS. Periods over one year show the average yearly return.
PeriodCPNS
Year to date+4.8%
1 month+0.6%
3 months+1.5%
1 year+5.9%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPNS
YearReturn barCPNS
2026 YTD+4.8%
2025+7.2%
2024+2.8%

Since listing, Sep 3, 2024

CPNS in the news

ETF.net Research hasn’t filed on CPNS yet — coverage lands here as it’s written.

CPNS Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CPNS Risk

How much the fund’s monthly returns vary, scaled to a year.
2.9%
Annualised · 23 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.88
vs 3-month T-bills · 23 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−4.0%
24 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.21
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

CPNS Cost

Expense ratio0.69%
  • The middle half of Other Floor Protected funds
  • Median 0.79%

1 of the 18 Other Floor Protected funds charge less.

CPNS costs $69.00 a year on $10,000. The median Other Floor Protected fund costs $79.50.