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CPNS vs CPRO

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

Overlap

Expense ratio

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

CPNS0.69%CPRO0.69%

Avg volume · 30D

CPNS 1.4×the volume

CPNS6.93KCPRO5.02K

CPNS vs CPRO Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPNS+7.3%CPRO

Oct 31, 2025 to Oct 30, 2026. CPNS +4.5%. CPRO +7.3%. Use the arrow keys to read each point.0%2%6%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNS 0.69%
CPRO 0.69%
Fund size
CPNS $28M
CPRO $27M
1Y total return
CPNS +4.5%
CPRO +7.3%, better
Holdings
CPNS 3
CPRO 3
Avg volume (30D)
CPNS 6.93K sh, better
CPRO 5.02K sh
NAV per share
CPNS $28.44
CPRO $28.89
52W range

ETF.net Grade

CPNS: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60. CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 63.
Pillar letters and Scores for CPNS, CPRO, with each pillar’s weight
PillarCPNSCPRO
Cost30% weightA78A78
Mission25% weightA91HigherA88
Risk15% weightA75A86Higher
Tradability15% weightB59A70Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB60B63Higher

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 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 CPNS 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

Our read on each fund

ETF.net Research

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

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.

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

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.

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

  • 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.
  • 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

  • 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.
  • 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 CPNS profile⁠

Full CPRO profile⁠

CPNS vs 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.

CPNS vs CPRO 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

  • CPRO 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPNS 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$15K051015202530CPNS $13,429CPRO $13,429

Year by year

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

Expense ratio

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

CPNS 2nd cheapest of 18 funds

CPRO 2nd cheapest of 18 funds

CPNS vs CPRO Dividends

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

Distribution history

CPNSAll CPNS payments⁠

No distribution history available.

CPROAll CPRO payments⁠

No distribution history available.

CPNS vs CPRO 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 2024CPRO 3.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
CPNS 0.67since Oct 2024CPRO 0.94since Nov 2024
Worst fallMax drawdown, 5 years
CPNS −4.0%since Sep 2024CPRO −3.3%since Oct 2024
Market sensitivityBeta, 5 years
CPNS 0.21CPRO 0.21Same figure. Both funds show the same value, so neither comes out ahead.

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.

  • 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.

  • 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.

  • 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.

  • CPNSAvsCPRJA

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

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

  • CPROAvsCPRJA

    Calamos Russell 2000 Structured Alt Protection ETF – October · Calamos Russell 2000 Structured Alt Protection ETF – July

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