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CPNS vs KPRO

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE Arca

KraneShares 100% KWEB Defined Outcome January 2027 ETF

KPROFNYSE Arca

Overlap

0.0%by weight

Expense ratio

CPNS −0.31pt a year

CPNS0.69%KPRO1.00%

Avg volume · 30D

CPNS 14.9×the volume

CPNS6.93KKPRO466

CPNS vs KPRO Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPNS−7.0%KPRO

Oct 31, 2025 to Oct 30, 2026. CPNS +4.5%. KPRO −7.0%. Use the arrow keys to read each point.−5%−2.5%0%2.5%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNS 0.69%, better
KPRO 1.00%
Fund size
CPNS $28M
KPRO $3M
1Y total return
CPNS +4.5%, better
KPRO −7.0%
Yield (12M)
CPNS No data
KPRO 9.73%
Holdings
CPNS 3
KPRO 3
Avg volume (30D)
CPNS 6.93K sh, better
KPRO 466 sh
NAV per share
CPNS $28.44
KPRO $26.24
52W range

ETF.net Grade

CPNS: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60. KPRO: Cost 4, Risk 38, Mission not scored, Tradability 19, Holdings 36, Durability 58.
Pillar letters and Scores for CPNS, KPRO, with each pillar’s weight
PillarCPNSKPRO
Cost30% weightA78HigherF4
Mission25% weightA91Not scored
Risk15% weightA75HigherD38
Tradability15% weightB59HigherF19
Holdings10% weightNot scoredD36
Durability5% weightB60HigherB58

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 KPRO 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 KPRO 17th 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 16FBFJAFT Vest Bitcoin Strategy Floor15 ETF - JanuaryScore 20
  7. Rank 17FKPROKraneShares 100% KWEB Defined Outcome January 2027 ETFScore 19
  8. Rank 18FARKEARK DIET Q3 Buffer ETFScore 14

Our read on each fund

ETF.net Research

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

KPROFKraneShares 100% 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.

KPRO Buffered ETFs almost always wrap the S&P 500. KPRO points the same machinery at China internet stocks, tracking that basket's price move to a January 2027 finish line with a 100% downside buffer and a capped upside.

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.

KPRO KPRO seeks to match the price return of KWEB during its defined outcome period, subject to a 20.01% cap and a 100% 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.
  • KPRO The buffer is the full 100%, not a 9% or 15% slice. Held from the start of the outcome period to its January 2027 end, the structure is built to absorb reference-price losses, before fees.kraneshares.com
  • Defined-outcome wrappers cluster around US large caps and small caps. A stated cap and floor bolted onto a China internet basket is a genuinely unusual thing to find in this corner of the market.
  • One decision, one date. The cap and buffer are fixed for the outcome period, so there is no monthly reset or option roll to babysit.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.
  • KPRO It charges 1.00% a year, above the typical fee among protected-outcome funds, and that comes out of a return that is capped on the upside by design.
  • The mandate follows KWEB's price return, so dividends and distributions from the underlying basket are not part of the payoff.kraneshares.com
  • Small and thinly traded, so spreads can widen. Sell mid-period and you get whatever the options package is worth that day, not the stated outcome.

Full CPNS profile⁠

Full KPRO profile⁠

CPNS vs KPRO Holdings

How CPNS and KPRO differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CPNS and 0.0% of KPRO.

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%

Sector

No Sector split for CPNS.

Country, concentration and asset class

Country by domicile

No country split for CPNS.

Concentration

Weight in the 10 largest Holdings

  • CPNS105.7%
  • KPRO100.1%

Securities held

  • CPNS0
  • KPRO2

Asset class

CPNS
Equity
KPRO
Equity

Holdings

  • Only in CPNS0
  • In both0
  • Only in KPRO2

Only in CPNS

0 securities, 0.0% of CPNS by weight

Only in KPRO

2 securities, 100% of KPRO by weight

  • KraneShares CSI China Internet ETF76.44%
  • 2KWEB Us 01/15/27 P30.5423.54%

Weight gaps

CPNS and KPRO share no securities.

All 5 CPNS holdings⁠All 4 KPRO 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 KPRO Cost

Overpaying KPRO vs CPNS

$5,259

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

  • CPNS 0.69%

    $13,429

  • KPRO 1.00%

    $18,688

$10,000
30 years

Cost over time

  • CPNS 0.69%
  • KPRO 1.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KPRO $18,688CPNS $13,429

Year by year

YearCPNSKPROOverpaying
10$1,232$1,763$531
20$4,697$6,625$1,928
30$13,429$18,688$5,259

Expense ratio

  • 0.69%CPNS, cheaper
  • 1.00%KPRO
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPNS 2nd cheapest of 18 funds

KPRO 17th cheapest of 18 funds

CPNS vs KPRO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CPNS No data
KPRO 9.73%
Payout (12M)
CPNS None
KPRO $2.55
Last payment
CPNS No data
KPRO $2.55
Ex-dividend
CPNS No data
KPRO Dec 30, 2025
Paid on
CPNS No data
KPRO Dec 31, 2025
Frequency
CPNS No data
KPRO Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

CPNSAll CPNS payments⁠

No distribution history available.

KPROIrregular · 2 paymentsAll KPRO payments⁠
One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 30, 2024 $1.00; Dec 30, 2025 $2.55. Use the arrow keys to read each point.$0$2.502026YTD

CPNS vs KPRO 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 2024KPRO 6.6%since Mar 2024
Return per unit of riskSharpe ratio, 3 years
CPNS 0.67since Oct 2024KPRO 0.34since Mar 2024
Worst fallMax drawdown, 5 years
CPNS −4.0%since Sep 2024KPRO −9.2%since Feb 2024
Market sensitivityBeta, 5 years
CPNS 0.21KPRO 0.13

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