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Launched

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSNYSE ArcaCalamosA

$28.27−0.08 (−0.27%)

As of Nov 2, 2026, 3:59 PM ET

A71/ 100

Rank 4 of 24 in Other Floor Protected

A71/100Rank 4 of 24inOther Floor Protected
Intraday session: down, 78 prints from 28.35 to 28.27. Range 28.27 to 28.39. Use the arrow keys to read each point.28.3028.3228.3828.4010 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$28M
1Y total return
+4.5%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
6.93K sh
52W range
low $26.93high $28.89
Launched

The ETF.net CPNS Grade

Based on 5 of 6 pillars

A

Score 71 out of 100

Category
Other Floor Protected⁠
Rank
4 of 24
Six-pillar profile for CPNS. Scores out of 100: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60. Strongest: Mission (91). Weakest: Tradability (59). Based on 5 of 6 pillars.

Score 71 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 100
    Rank 2 of 24

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A91 out of 100
    Rank 1 of 3

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A75 out of 100
    Rank 7 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B59 out of 100
    Rank 8 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B60 out of 100
    Rank 10 of 24

Our read on CPNS

ETF.net Research

In short

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

  • 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

Asset class
Stocks
Holdings
3
Top-10 weight
106%
Largest holding
INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option98.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataINVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option98.29%396$28.1M4
2No dataINVESCO QQQ TRUST SERIES 1 (QQQ) Long Put Option6.64%396$1.9M4
3No dataUs Dollar0.74%211,320$211K228

Showing 1–3 of 3 holdings

CPNS Performance

Launched Sep 2, 2024

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$10,454
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPNS $10,454. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+4.2%
1 month−0.8%
3 months+0.4%
1 year+4.5%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+4.2%
2025+7.2%
2024+2.8%

History from Sep 3, 2024

CPNS in the news

CPNS Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPNS Risk

Risk pillarA75 out of 100Rank 7 of 24 in Other Floor Protected
How much the fund’s monthly returns vary, scaled to a year.
2.9%
Annualised · 25 months to Oct 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.
0.67
vs 3-month T-bills · 25 months to Oct 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%
25 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.

FMP measures it over up to five years of monthly returns.

CPNS Cost

Compare CPNS and ISWN

Overpaying vs ISWN, cheapest in Other Floor Protected

$3,637

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

  • CPNS 0.69%

    $13,429

  • ISWN 0.49% Cheapest

    $9,792

$10,000
30 years

Cost over time

  • CPNS 0.69%
  • ISWN 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPNS $13,429ISWN $9,792

Year by year

YearCPNSISWNOverpaying
10$1,232$883$349
20$4,697$3,394$1,303
30$13,429$9,792$3,637

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