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CPNQ vs CPSN

Calamos Nasdaq-100 Structured Alt Protection ETF - December

CPNQBNYSE Arca

Calamos S&P 500 Structured Alt Protection ETF – November

CPSNBNYSE Arca

Overlap

0.3%by weight

Expense ratio

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

CPNQ0.69%CPSN0.69%

Avg volume · 30D

CPNQ 3.7×the volume

CPNQ7.52KCPSN2.03K

CPNQ vs CPSN Performance

Oct 31, 2025 – Oct 30, 2026

+5.6%CPNQ+6.1%CPSN

Oct 31, 2025 to Oct 30, 2026. CPNQ +5.6%. CPSN +6.1%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNQ 0.69%
CPSN 0.69%
Fund size
CPNQ $20M
CPSN $34M
1Y total return
CPNQ +5.6%
CPSN +6.1%, better
Holdings
CPNQ 3
CPSN 3
Avg volume (30D)
CPNQ 7.52K sh, better
CPSN 2.03K sh
NAV per share
CPNQ $27.81
CPSN $28.37
52W range

ETF.net Grade

CPNQ: Cost 62, Risk 47, Mission not scored, Tradability 62, Holdings not scored, Durability 36. CPSN: Cost 62, Risk 58, Mission 88, Tradability 59, Holdings not scored, Durability 54.
Pillar letters and Scores for CPNQ, CPSN, with each pillar’s weight
PillarCPNQCPSN
Cost30% weightB62B62
Mission25% weightNot scoredA88
Risk15% weightC47B58Higher
Tradability15% weightB62HigherB59
Holdings10% weightNot scoredNot scored
Durability5% weightD36C54Higher

Rank among S&P 500 Full Protection funds

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

Same Category. CPNQ and CPSN are both graded against the same 27 S&P 500 Full Protection funds, so their Grades compare head to head.

S&P 500 Full Protection⁠

Category · 27 funds
See all 27 ›

CPSN ranks 4th and CPNQ 5th of 27 funds in the S&P 500 Full Protection Category.

  1. Rank 1ACPSLCalamos Laddered S&P 500 Structured Alt Protection ETFScore 80
  2. Rank 2AMMAXiShares Large Cap Max Buffer Mar ETFScore 76
  3. Rank 3AMAXJiShares Large Cap Max Buffer Jun ETFScore 75
  4. Rank 4BCPSNCalamos S&P 500 Structured Alt Protection ETF – NovemberScore 59
  5. Rank 5BCPNQCalamos Nasdaq-100 Structured Alt Protection ETF - DecemberScore 56
  6. Rank 5BCPSOCalamos S&P 500 Structured Alt Protection ETF – OctoberScore 56

Our read on each fund

ETF.net Research

CPNQBCalamos Nasdaq-100 Structured Alt Protection ETF - December

CPSNBCalamos S&P 500 Structured Alt Protection ETF – November

In short

CPNQ No data

CPSN A one-year airbag strapped to the S&P 500: CPSN aims to shield 100% of index price losses over its outcome period, before fees, in exchange for a hard cap on the upside that resets every November.

Stated mandate

CPNQ No data

CPSN The fund seeks positive S&P 500 price-return exposure up to a defined cap while protecting against 100% of losses over its one-year outcome period, before fees and expenses.

Why people hold it

CPNQ No data

  • CPSN Aims to protect against 100% of S&P 500 price losses over its one-year outcome period, before fees and expenses. Not a partial buffer that can be used up.calamos.com
  • 0.69% expense ratio, level with the median for S&P 500 full-protection funds, and it sits in the upper half of that peer group overall.
  • Calamos runs the same structure across the calendar (CPSJ, CPSM, CPSP, CPSA), so a November start is one entry point among many rather than a single make-or-break date.
  • Every November a fresh one-year period opens with a newly set cap, so the terms re-price to current market conditions instead of locking in indefinitely.

Worth knowing

CPNQ No data

  • CPSN The upside is capped, and the cap is reset each period from options pricing. Exposure is to S&P 500 price return, so index dividends are not part of the deal.calamos.com
  • The protection is stated before fees and expenses and applies to a full period held start to finish. Buy mid-period and your own cap and protection look different.calamos.com
  • A small, thinly traded fund inside a crowded family of monthly siblings. Spreads can be wider than at the household-name outcome ETFs, so limit orders matter.

Full CPNQ profile⁠

Full CPSN profile⁠

CPNQ vs CPSN Holdings

How CPNQ and CPSN differ

Overlap by weight

0.3%

Shared holdings make up 0.5% of CPNQ and 0.3% of CPSN.

Level by level

  • Holdings0 in both0.3%
  • Asset classEquity100%

Sector

No Sector split for CPNQ and CPSN.

Country, concentration and asset class

Country by domicile

No country split for CPNQ and CPSN.

Concentration

Weight in the 10 largest Holdings

  • CPNQ109.1%
  • CPSN105.9%

Securities held

  • CPNQ0
  • CPSN0

Asset class

CPNQ
Equity
CPSN
Equity

Holdings

  • Only in CPNQ0
  • In both0
  • Only in CPSN0

Only in CPNQ

0 securities, 0.0% of CPNQ by weight

Only in CPSN

0 securities, 0.0% of CPSN by weight

Weight gaps

CPNQ and CPSN share no securities.

All CPNQ holdings⁠All 5 CPSN 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.

CPNQ vs CPSN Cost

Same expense ratio

$13,429

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

  • CPNQ 0.69%

    $13,429

  • CPSN 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPNQ 0.69%
  • CPSN 0.69%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPNQ $13,429CPSN $13,429

Year by year

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

Expense ratio

  • 0.69%CPNQ
  • 0.69%CPSN
  • Middle half of S&P 500 Full Protection funds
  • Median 0.69%

CPNQ 8th cheapest of 27 funds

CPSN 8th cheapest of 27 funds

CPNQ vs CPSN Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPNQ None
CPSN None

Distribution history

CPNQAll CPNQ payments⁠

No distribution history available.

CPSNAll CPSN payments⁠

No distribution history available.

CPNQ vs CPSN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPNQ 2.8%since Jan 2025CPSN 2.4%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
CPNQ 0.95since Jan 2025CPSN 0.82since Dec 2024
Worst fallMax drawdown, 5 years
CPNQ −3.5%since Dec 2024CPSN −3.2%since Nov 2024
Market sensitivityBeta, 5 years
CPNQ 0.20CPSN 0.18

Popular comparisons

  • CPNQBvsCPSLA

    Calamos Nasdaq-100 Structured Alt Protection ETF - December · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsCPSLA

    Calamos S&P 500 Structured Alt Protection ETF – November · Calamos Laddered S&P 500 Structured Alt Protection ETF

    Expense ratio
    0.69% · 0.10%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNQBvsMMAXA

    Calamos Nasdaq-100 Structured Alt Protection ETF - December · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsMMAXA

    Calamos S&P 500 Structured Alt Protection ETF – November · iShares Large Cap Max Buffer Mar ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNQBvsMAXJA

    Calamos Nasdaq-100 Structured Alt Protection ETF - December · iShares Large Cap Max Buffer Jun ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPSNBvsMAXJA

    Calamos S&P 500 Structured Alt Protection ETF – November · iShares Large Cap Max Buffer Jun ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.