CPNM vs ISWN

CPNMBCalamos Nasdaq-100 Structured Alt Protection ETF – March

ISWNAAmplify BlackSwan ISWN ETF (International)

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.

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

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.

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

• 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.

• 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

• 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.

• 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 CPNM profile⁠

Full ISWN profile⁠