CPNS vs FLJJ

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

FLJJBAllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETF

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.

FLJJ Most protected-outcome funds absorb your first 5% of losses. This one draws the line at 5% instead: FLEX options on the SPDR S&P 500 ETF Trust, downside limited beyond 5%, upside capped, terms reset every six months.

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.

FLJJ The Fund uses FLEX Options referencing the SPDR® S&P 500® ETF Trust to seek matching returns through an outcome period, subject to an upside cap and protection against losses beyond 5%.

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.

• FLJJ Floor, not buffer. The option package is built so losses past 5% don't reach you over the outcome period, instead of soaking up only the first slice of a drop.
• Six-month outcome periods reset each January and July, so the terms get repriced twice a year rather than locked in for a full twelve months.
• At 0.74%, it runs below the median fee in its protected-outcome group and under Innovator's SFLR at 0.89%, though the Calamos CPRJ/CPRY line sits at 0.69%.
• Among the floor-style funds tracked here, this one lands in the upper half of the group on build quality and cost.

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.

• FLJJ The cap is set by option pricing when each period begins, so the next one is not knowable ahead of time.
• Small and lightly traded, so spreads can run wider than in mainstream index ETFs. Limit orders are the sane way in and out.
• Floor and cap are engineered for a period held start to finish. Step in mid-period and your effective protection and upside differ from the headline terms.

Full CPNS profile⁠

Full FLJJ profile⁠