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CPNS vs KBUF

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE Arca

KraneShares 90% KWEB Defined Outcome January 2027 ETF

KBUFFNYSE Arca

Overlap

Expense ratio

CPNS −0.28pt a year

CPNS0.69%KBUF0.97%

Avg volume · 30D

CPNS 1.5×the volume

CPNS6.93KKBUF4.52K

CPNS vs KBUF Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPNS−20.0%KBUF

Oct 31, 2025 to Oct 30, 2026. CPNS +4.5%. KBUF −20.0%. Use the arrow keys to read each point.−15%−10%−5%0%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNS 0.69%, better
KBUF 0.97%
Fund size
CPNS $28M
KBUF $6M
1Y total return
CPNS +4.5%, better
KBUF −20.0%
Yield (12M)
CPNS No data
KBUF 9.14%
Holdings
CPNS 3
KBUF 3
Avg volume (30D)
CPNS 6.93K sh, better
KBUF 4.52K sh
NAV per share
CPNS $28.44
KBUF $25.08
52W range

ETF.net Grade

CPNS: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60. KBUF: Cost 9, Risk 14, Mission not scored, Tradability 52, Holdings 38, Durability 61.
Pillar letters and Scores for CPNS, KBUF, with each pillar’s weight
PillarCPNSKBUF
Cost30% weightA78HigherF9
Mission25% weightA91Not scored
Risk15% weightA75HigherF14
Tradability15% weightB59HigherC52
Holdings10% weightNot scoredD38
Durability5% weightB60B61Higher

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 KBUF 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 KBUF 15th 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 14DBFAPFT Vest Bitcoin Strategy Floor15 ETF - AprilScore 25
  7. Rank 15FKBUFKraneShares 90% KWEB Defined Outcome January 2027 ETFScore 24
  8. Rank 16FBFJAFT Vest Bitcoin Strategy Floor15 ETF - JanuaryScore 20

Our read on each fund

ETF.net Research

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

KBUFFKraneShares 90% KWEB Defined Outcome January 2027 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.

KBUF Buffer ETFs almost always wrap a US index. This one wraps KWEB, KraneShares' China internet basket, with a 90% protection level running to January 2027. A wild reference asset, put inside defined guardrails.

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.

KBUF The fund seeks to track the price return of KWEB during a defined outcome period, subject to a 40.01% cap and a 90% downside buffer.

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.
  • KBUF A defined-outcome structure pointed at China internet stocks instead of the usual US large-cap index: it targets KWEB's price return with a 90% protection level over the outcome period.kraneshares.com
  • The reference basket swings hard, and those rich option premiums are what let the structure pair a defined upside cap with the downside protection.kraneshares.com
  • The options work happens inside a standard 1940 Act fund. One ticket, no options account, no rolling positions, no margin calls to manage.kraneshares.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.
  • KBUF At 0.97% a year it runs above the defined-outcome median. The Calamos structured protection funds (CPRY, CPRJ, CPRO) charge 0.69%.
  • The outcomes are engineered for the full period ending January 15, 2027. Buy in partway through and your effective cap and protection differ from the headline terms.kraneshares.com
  • Small and lightly traded next to mainstream buffer funds, so spreads can be wider and limit orders matter more at the open and close.

Full CPNS profile⁠

Full KBUF profile⁠

CPNS vs KBUF 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 KBUF Cost

Overpaying KBUF vs CPNS

$4,769

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

  • CPNS 0.69%

    $13,429

  • KBUF 0.97%

    $18,198

$10,000
30 years

Cost over time

  • CPNS 0.69%
  • KBUF 0.97%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KBUF $18,198CPNS $13,429

Year by year

YearCPNSKBUFOverpaying
10$1,232$1,712$480
20$4,697$6,443$1,746
30$13,429$18,198$4,769

Expense ratio

  • 0.69%CPNS, cheaper
  • 0.97%KBUF
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPNS 2nd cheapest of 18 funds

KBUF 16th cheapest of 18 funds

CPNS vs KBUF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CPNS No data
KBUF 9.14%
Payout (12M)
CPNS None
KBUF $2.30
Last payment
CPNS No data
KBUF $2.30
Ex-dividend
CPNS No data
KBUF Dec 30, 2025
Paid on
CPNS No data
KBUF Dec 31, 2025
Frequency
CPNS No data
KBUF Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

CPNSAll CPNS payments⁠

No distribution history available.

KBUFIrregular · 2 paymentsAll KBUF payments⁠
One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 30, 2024 $0.98; Dec 30, 2025 $2.30. Use the arrow keys to read each point.$0$2.502026YTD

CPNS vs KBUF 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 2024KBUF 13.0%since Mar 2024
Return per unit of riskSharpe ratio, 3 years
CPNS 0.67since Oct 2024KBUF 0.02since Mar 2024
Worst fallMax drawdown, 5 years
CPNS −4.0%since Sep 2024KBUF −22.9%since Feb 2024
Market sensitivityBeta, 5 years
CPNS 0.21KBUF 0.18

Popular comparisons

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    Expense ratio
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