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CPNM vs CPRO

Calamos Nasdaq-100 Structured Alt Protection ETF – March

CPNMBNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

Overlap

0.7%by weight

Expense ratio

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

CPNM0.69%CPRO0.69%

Avg volume · 30D

CPRO 6.7×the volume

CPNM751CPRO5.02K

CPNM vs CPRO Performance

Oct 31, 2025 – Oct 30, 2026

+5.4%CPNM+7.3%CPRO

Oct 31, 2025 to Oct 30, 2026. CPNM +5.4%. CPRO +7.3%. Use the arrow keys to read each point.0%2%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNM 0.69%
CPRO 0.69%
Fund size
CPNM $15M
CPRO $27M
1Y total return
CPNM +5.4%
CPRO +7.3%, better
Holdings
CPNM 3
CPRO 3
Avg volume (30D)
CPNM 751 sh
CPRO 5.02K sh, better
NAV per share
CPNM $27.16
CPRO $28.89
52W range

ETF.net Grade

CPNM: Cost 78, Risk 83, Mission not scored, Tradability 23, Holdings not scored, Durability 44. CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 63.
Pillar letters and Scores for CPNM, CPRO, with each pillar’s weight
PillarCPNMCPRO
Cost30% weightA78A78
Mission25% weightNot scoredA88
Risk15% weightA83A86Higher
Tradability15% weightF23A70Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC44B63Higher

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 CPRO 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 ›

CPRO ranks 2nd 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 6BCPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneScore 68
  5. Rank 7BCPNMCalamos Nasdaq-100 Structured Alt Protection ETF – MarchScore 64
  6. 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

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

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.

CPRO Small-cap exposure without small-cap drawdowns: CPRO tracks the Russell 2000 and aims to shield 100% of capital across each one-year outcome period, trading away upside above a preset cap.

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.

CPRO The ETF seeks to provide Russell 2000 exposure with defined upside participation while protecting 100% of capital from losses over the one-year outcome period.

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.
  • CPRO Full armor, not a partial buffer: the design targets 100% downside protection over the one-year outcome period, versus the 9% or 15% slices typical of buffer funds.calamos.com
  • At 0.69%, it undercuts the typical fee in its downside-protection peer group, including RFLR, the other fund built on the same Russell 2000 floor idea.
  • Calamos brought the first 100% one-year protected Russell 2000 ETF to market, and CPRO is the October vintage; CPRY and CPRJ start their years in January and July.calamos.comprnewswire.com
  • A plain 1940 Act ETF you trade in a brokerage account, not a structured note bought through a bank.calamos.com

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.
  • CPRO The cap is the price of the floor. It resets each October, applies before the 0.69% fee, and a big small-cap year gets trimmed to that ceiling.calamos.com
  • The math is built around holding the full October-to-September period. Buy mid-period and you inherit whatever cap and protection level remain.calamos.com
  • Small and thinly traded, so use limit orders. The options structure also isn't designed to produce an income stream.

Full CPNM profile⁠

Full CPRO profile⁠

CPNM vs CPRO Holdings

How CPNM and CPRO differ

Overlap by weight

0.7%

Shared holdings make up 0.8% of CPRO and 0.7% of CPNM.

Level by level

  • Holdings0 in both0.7%
  • Asset classEquity100%

Sector

No Sector split for CPNM and CPRO.

Country, concentration and asset class

Country by domicile

No country split for CPNM and CPRO.

Concentration

Weight in the 10 largest Holdings

  • CPNM114.3%
  • CPRO105.8%

Securities held

  • CPNM0
  • CPRO0

Asset class

CPNM
Equity
CPRO
Equity

Holdings

  • Only in CPNM0
  • In both0
  • Only in CPRO0

Only in CPNM

0 securities, 0.0% of CPNM by weight

Only in CPRO

0 securities, 0.0% of CPRO by weight

Weight gaps

CPNM and CPRO share no securities.

All 5 CPNM holdings⁠All 5 CPRO 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 CPRO 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

  • CPRO 0.69%

    $13,429

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

CPNM 2nd cheapest of 18 funds

CPRO 2nd cheapest of 18 funds

CPNM vs CPRO Dividends

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

Distribution history

CPNMAll CPNM payments⁠

No distribution history available.

CPROAll CPRO payments⁠

No distribution history available.

CPNM vs CPRO 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 2025CPRO 3.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
CPNM 1.69since Apr 2025CPRO 0.94since Nov 2024
Worst fallMax drawdown, 5 years
CPNM −1.9%since Mar 2025CPRO −3.3%since Oct 2024
Market sensitivityBeta, 5 years
CPNM 0.15CPRO 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.

  • CPROAvsCPRYA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.

  • 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.

  • CPROAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.

  • CPNMBvsCPNSA

    Calamos Nasdaq-100 Structured Alt Protection ETF – March · Calamos Nasdaq-100 Structured Alt Protection ETF – September

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

  • CPROAvsCPNSA

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

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