CPNJ vs ISWN

CPNJBCalamos Nasdaq-100 Structured Alt Protection ETF – June

ISWNAAmplify BlackSwan ISWN ETF (International)

In short

CPNJ Most buffer funds cushion part of a fall. This one aims to shield 100% of Nasdaq-100 losses over a one-year outcome period, before fees, in exchange for a hard ceiling on the upside. June is its reset month.

ISWN Most downside-protection funds pay for the cushion by capping your upside. ISWN skips the cap: roughly 90% sits in Treasuries while about 10% buys long-dated in-the-money calls on EFA, so developed-market exposure arrives through options.

Stated mandate

CPNJ The fund seeks point-to-point exposure to the Nasdaq-100’s positive price return up to a defined cap while protecting against 100% of losses over a one-year outcome period, before fees and expenses.

ISWN The fund seeks to track a rules-based index combining U.S. Treasury securities with EFA options. Its strategy targets approximately 90% Treasury exposure to cushion severe, rare market disruptions while retaining some participation in EFA gains.

Why people hold it

• CPNJ Full protection, not a partial buffer: the stated aim is Nasdaq-100 upside to a defined cap while protecting against 100% of losses over the one-year period, before fees.calamos.com
• Costs 0.69% a year against a 0.79% median for Nasdaq-100 buffer funds, and it sits in the top quartile of that peer group on our review.
• One of several dated siblings (CPNM in March, CPNS in September), so the reset calendar can be chosen or laddered instead of taken as given.
• The reference asset is the Invesco QQQ Trust itself, so the payoff is tied to a plain, widely held Nasdaq-100 vehicle rather than a bespoke basket.

• ISWN At 0.49%, it runs about half the 0.89% median of its downside-protection cohort.
• No artificial ceiling on gains. Buffer peers like IBUF hand back everything above a set cap each outcome period; ISWN's EFA calls carry no stated cap.amplifyetfs.cominnovatoretfs.com
• The rare international take on the structure: ISWN is the EAFE sibling of Amplify's SWAN, swapping SPY options for EFA options to reach developed markets outside the US.amplifyetfs.com
• Rules-based, not a judgment call. It tracks the S-Network International BlackSwan Index, which sets the Treasury and option mix on a fixed schedule.amplifyetfs.com

Worth knowing

• CPNJ The protection is paid for with a cap set at the start of each outcome period. Big Nasdaq runs get left on the table, and the 100% figure is before fees and expenses.
• Point-to-point math: the full outcome is designed for investors holding from period start to period end. Buy or sell mid-period and the numbers shift.
• A small, thinly traded fund launched in 2024, so spreads can be wider than in the giants of the category, and the structure targets price outcomes rather than income.

• ISWN The Treasury sleeve targets the duration of the 10-year note, so interest rates steer results as much as EAFE does.amplifyetfs.com
• The cushion is indirect. It leans on Treasuries holding up when stocks fall, not a contractual buffer, so no fixed percentage of downside is defined.amplifyetfs.com
• Among the smaller and more thinly traded funds in its category, which can widen bid-ask spreads on entry and exit.

Full CPNJ profile⁠

Full ISWN profile⁠