CPNS vs ISWN

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

ISWNAAmplify BlackSwan ISWN ETF (International)

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.

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

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.

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

• 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.

• 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

• 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.

• 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 CPNS profile⁠

Full ISWN profile⁠