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CPNS vs CPRJ

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – July

CPRJANYSE Arca

Overlap

Expense ratio

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

CPNS0.69%CPRJ0.69%

Avg volume · 30D

CPRJ 2.1×the volume

CPNS6.93KCPRJ14.4K

CPNS vs CPRJ Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPNS+3.5%CPRJ

Oct 31, 2025 to Oct 30, 2026. CPNS +4.5%. CPRJ +3.5%. Use the arrow keys to read each point.0%2%6%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNS 0.69%
CPRJ 0.69%
Fund size
CPNS $28M
CPRJ $43M
1Y total return
CPNS +4.5%, better
CPRJ +3.5%
Holdings
CPNS 3
CPRJ 3
Avg volume (30D)
CPNS 6.93K sh
CPRJ 14.4K sh, better
NAV per share
CPNS $28.44
CPRJ $27.54
52W range

ETF.net Grade

CPNS: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60. CPRJ: Cost 78, Risk 71, Mission not scored, Tradability 57, Holdings not scored, Durability 74.
Pillar letters and Scores for CPNS, CPRJ, with each pillar’s weight
PillarCPNSCPRJ
Cost30% weightA78A78
Mission25% weightA91Not scored
Risk15% weightA75HigherA71
Tradability15% weightB59HigherB57
Holdings10% weightNot scoredNot scored
Durability5% weightB60A74Higher

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. CPNS and CPRJ 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 CPRJ 4th 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

Our read on each fund

ETF.net Research

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

CPRJACalamos Russell 2000 Structured Alt Protection ETF – July

In short

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.

CPRJ Small caps with a hard floor. CPRJ tracks the Russell 2000 through IWM and aims to absorb 100% of its losses over a one-year outcome period, before fees, in exchange for a cap on gains that resets every July.

Stated mandate

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.

CPRJ The Fund seeks participation in gains of the iShares Russell 2000 ETF up to a stated cap while protecting against 100% of its losses over the one-year outcome period, before fees and expenses.

Why people hold it

  • 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.
  • CPRJ Not a slice of the downside, all of it: the structure aims to protect against 100% of the reference ETF's losses over the one-year outcome period, before fees and expenses.calamos.com
  • A floor on small caps is the rare part. The reference asset is the iShares Russell 2000 ETF (IWM), not the large-cap index most protected-outcome funds lean on.calamos.com
  • 0.69% a year sits under the typical fee in its protected-outcome peer group, and it is the same rate as the January and October siblings (CPRY, CPRO).
  • It renews itself: a fresh outcome period starts each July 1 with a newly struck cap, so the protection resets on a calendar you can plan around.calamos.com

Worth knowing

  • 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.
  • CPRJ The floor is paid for with a ceiling. Gains stop at the cap struck for that outcome period, so a blistering small-cap year gets clipped.calamos.com
  • Protection is stated before fees and expenses and applies over a full July-to-June period. Buy mid-period and your terms are whatever cap and cushion remain.
  • One of the smaller, more thinly traded funds in the category, and it has not been paying distributions, so spreads deserve attention and nothing shows up as income.

Full CPNS profile⁠

Full CPRJ profile⁠

CPNS vs CPRJ 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.

CPNS vs CPRJ Cost

Same expense ratio

$13,429

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

  • CPNS 0.69%

    $13,429

  • CPRJ 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPNS 0.69%
  • CPRJ 0.69%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPNS $13,429CPRJ $13,429

Year by year

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

Expense ratio

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

CPNS 2nd cheapest of 18 funds

CPRJ 2nd cheapest of 18 funds

CPNS vs CPRJ Dividends

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

Distribution history

CPNSAll CPNS payments⁠

No distribution history available.

CPRJAll CPRJ payments⁠

No distribution history available.

CPNS vs CPRJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPNS 2.9%since Oct 2024CPRJ 4.2%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPNS 0.67since Oct 2024CPRJ 0.02since Aug 2024
Worst fallMax drawdown, 5 years
CPNS −4.0%since Sep 2024CPRJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPNS 0.21CPRJ 0.27

Popular comparisons

  • 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.

  • CPRJAvsCPRYA

    Calamos Russell 2000 Structured Alt Protection ETF – July · 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.

  • 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.

  • CPRJAvsCPROA

    Calamos Russell 2000 Structured Alt Protection ETF – July · 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.

  • 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.

  • CPRJAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – July · 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.