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CPNM vs CPNS

Calamos Nasdaq-100 Structured Alt Protection ETF – March

CPNMBNYSE Arca

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

CPNM0.69%CPNS0.69%

Avg volume · 30D

CPNS 9.2×the volume

CPNM751CPNS6.93K

CPNM vs CPNS Performance

Oct 31, 2025 – Oct 30, 2026

+5.4%CPNM+4.5%CPNS

Oct 31, 2025 to Oct 30, 2026. CPNM +5.4%. CPNS +4.5%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNM 0.69%
CPNS 0.69%
Fund size
CPNM $15M
CPNS $28M
1Y total return
CPNM +5.4%, better
CPNS +4.5%
Holdings
CPNM 3
CPNS 3
Avg volume (30D)
CPNM 751 sh
CPNS 6.93K sh, better
NAV per share
CPNM $27.16
CPNS $28.44
52W range

ETF.net Grade

CPNM: Cost 78, Risk 83, Mission not scored, Tradability 23, Holdings not scored, Durability 44. CPNS: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60.
Pillar letters and Scores for CPNM, CPNS, with each pillar’s weight
PillarCPNMCPNS
Cost30% weightA78A78
Mission25% weightNot scoredA91
Risk15% weightA83HigherA75
Tradability15% weightF23B59Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC44B60Higher

Rank among Other Floor Protected funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CPNM and CPNS are both graded against the same 18 Other Floor Protected funds, so their Grades compare head to head.

Other Floor Protected⁠

Category · 18 funds
See all 18 ›

CPNS ranks 4th and CPNM 7th of 18 funds in the Other Floor Protected Category.

  1. Rank 1ACPRYCalamos Russell 2000 Structured Alt Protection ETF – JanuaryScore 78
  2. Rank 2ACPROCalamos Russell 2000 Structured Alt Protection ETF – OctoberScore 76
  3. Rank 3AISWNAmplify BlackSwan ISWN ETF (International)Score 74
  4. Rank 4ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 71
  5. Rank 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71
  6. Rank 6BCPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneScore 68
  7. Rank 7BCPNMCalamos Nasdaq-100 Structured Alt Protection ETF – MarchScore 64
  8. Rank 7BXIJNFT Vest U.S. Equity Buffer & Premium Income ETF - JuneScore 64

Our read on each fund

ETF.net Research

CPNMBCalamos Nasdaq-100 Structured Alt Protection ETF – March

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

In short

CPNM Most buffer funds absorb the first 10% or 15% of a drop. This one is built to shield the entire Nasdaq-100 downside across its one-year period, and hands the upside back to you only up to a cap set at each reset.

CPNS Armor, 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

CPNM The fund seeks exposure to the Nasdaq-100 with upside participation limited by a cap, while providing 100% capital protection over the one-year outcome period.

CPNS 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

  • CPNM Full protection, not a partial buffer: the structure targets 100% downside coverage on the Nasdaq-100 over each one-year outcome period.calamos.com
  • At 0.69%, it undercuts the typical Nasdaq-100 buffer fund on fees and matches its June and September siblings (CPNJ, CPNS) to the basis point.
  • One of three Calamos start months (March, June, September), so entry dates can be staggered instead of tied to a single reset calendar.
  • Sits in the upper half of its Nasdaq-100 protection and buffer peer group, with cost and downside control the sturdier parts of the profile.
  • CPNS 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

  • CPNM The cap is what pays for the protection. It is set fresh at each period start, and a hot Nasdaq year can finish well above it.
  • The outcome runs period to period. Buy mid-period or sell early and you get whatever the options are worth that day, not the stated terms.
  • Small and lightly traded next to the category's giants, and it launched in 2025, so the history is short and spreads can run wider.
  • CPNS 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.

Full CPNM profile⁠

Full CPNS profile⁠

CPNM vs CPNS 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.

CPNM vs CPNS Cost

Same expense ratio

$13,429

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

  • CPNM 0.69%

    $13,429

  • CPNS 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPNM 0.69%
  • CPNS 0.69%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPNM $13,429CPNS $13,429

Year by year

YearCPNMCPNS
10$1,232$1,232
20$4,697$4,697
30$13,429$13,429

Expense ratio

  • 0.69%CPNM
  • 0.69%CPNS
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPNM 2nd cheapest of 18 funds

CPNS 2nd cheapest of 18 funds

CPNM vs CPNS Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPNM None
CPNS None

Distribution history

CPNMAll CPNM payments⁠

No distribution history available.

CPNSAll CPNS payments⁠

No distribution history available.

CPNM vs CPNS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPNM 2.0%since Apr 2025CPNS 2.9%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
CPNM 1.69since Apr 2025CPNS 0.67since Oct 2024
Worst fallMax drawdown, 5 years
CPNM −1.9%since Mar 2025CPNS −4.0%since Sep 2024
Market sensitivityBeta, 5 years
CPNM 0.15CPNS 0.21

Popular comparisons

  • CPNMBvsCPRYA

    Calamos Nasdaq-100 Structured Alt Protection ETF – March · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNSAvsCPRYA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNMBvsCPROA

    Calamos Nasdaq-100 Structured Alt Protection ETF – March · Calamos Russell 2000 Structured Alt Protection ETF – October

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNSAvsCPROA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · Calamos Russell 2000 Structured Alt Protection ETF – October

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNMBvsISWNA

    Calamos Nasdaq-100 Structured Alt Protection ETF – March · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.69% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNSAvsISWNA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.69% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.