Calamos Nasdaq-100 Structured Alt Protection ETF – September
$28.61−0.01 (−0.03%)
- 0.69%
- $28M
- +6.2%
- 0M sh
- $28.71
- low $26.92high $28.89
The ETF.net CPNS Grade
A
Score 75 out of 100
- 2 of 24
Score 75 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A78 out of 100Rank 2 of 24Mission
Whether the fund did what it promised, tested against its stated mandate.A91 out of 100Rank 1 of 3Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A79 out of 100Rank 5 of 24Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A70 out of 100Rank 4 of 24Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B60 out of 100Rank 10 of 24
Our read on CPNS
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.
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
- The 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
- Fee 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.
- September 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.
- Among 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
- The 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.
- It tracks Nasdaq-100 price return, so index dividends are not part of the deal, and the fund has not been a distribution payer.
- A small, thinly traded fund since its 2024 launch, so bid-ask spreads and order size deserve attention at the point of trade.
CPNS Holdings
- Stocks
- 3
- 109%
- INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option
CPNS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
CPNS$10,624
Returns run to the Oct 12, 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.
| Period | CPNS |
|---|---|
| Year to date | +5.1% |
| 1 month | +1.0% |
| 3 months | +1.6% |
| 1 year | +6.2% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CPNS |
|---|---|---|
| 2026 YTD | +5.1% | |
| 2025 | +7.2% | |
| 2024 | +2.8% |
CPNS in the news
Category Review
Index option income was not one bet this year
CPNS Dividends
No distributions in the last 12 months.
CPNS Risk
- 2.8%
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.
- 0.91
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.
- −4.0%
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.
- 0.21
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
0.69%
CPNS0.69%
- The middle half of Other Floor Protected funds
- Median 0.79%
1 of the 18 Other Floor Protected funds charge less.
Other funds in Other Floor Protected
- ACPROCalamos Russell 2000 Structured Alt Protection ETF – OctoberExpense ratio 0.69%1 year return +7.3%
- AISWNAmplify BlackSwan ISWN ETF (International)Expense ratio 0.49%1 year return +2.0%
- ACPRYCalamos Russell 2000 Structured Alt Protection ETF – JanuaryExpense ratio 0.69%1 year return +8.9%
- ACPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneExpense ratio 0.69%1 year return +4.8%
- ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyExpense ratio 0.69%1 year return +3.6%