CPNS vs XIJN: Grades, Fees and Holdings Compared

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE Arca

FT Vest U.S. Equity Buffer & Premium Income ETF - June

XIJNBCboe

Overlap

0.0%by weight

Expense ratio

CPNS −0.16pt a year

CPNS0.69%XIJN0.85%

Avg volume · 30D

CPNS 1.2×the volume

CPNS6.93KXIJN5.89K

CPNS vs XIJN Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPNS+6.2%XIJN

Expense ratio: CPNS 0.69%, better; XIJN 0.85%
Fund size: CPNS $28M; XIJN $50M
1Y total return: CPNS +4.5%; XIJN +6.2%, better
Yield (12M): CPNS No data; XIJN 6.91%
Holdings: CPNS 3; XIJN 11
Avg volume (30D): CPNS 6.93K sh, better; XIJN 5.89K sh
NAV per share: CPNS $28.44; XIJN $30.79
52W range

ETF.net Grade

Pillar letters and Scores for CPNS, XIJN, with each pillar’s weight
Pillar	CPNS	XIJN
Cost30% weight	A78Higher	D35
Mission25% weight	A91	Not scored
Risk15% weight	A75	A94Higher
Tradability15% weight	B59	A87Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	B60	A83Higher

Rank among Other Floor Protected funds

How we build Categories ›

Same Category. CPNS and XIJN 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 XIJN 7th of 18 funds in the Other Floor Protected Category.

Rank 1ACPRYCalamos Russell 2000 Structured Alt Protection ETF – JanuaryScore 78
Rank 2ACPROCalamos Russell 2000 Structured Alt Protection ETF – OctoberScore 76
Rank 3AISWNAmplify BlackSwan ISWN ETF (International)Score 74
Rank 4ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 71
Rank 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71
Rank 7BCPNMCalamos Nasdaq-100 Structured Alt Protection ETF – MarchScore 64
Rank 7BXIJNFT Vest U.S. Equity Buffer & Premium Income ETF - JuneScore 64
Rank 9BFLJJAllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETFScore 58

Our read on each fund

ETF.net Research

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

XIJNBFT Vest U.S. Equity Buffer & Premium Income ETF - June

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.

XIJN No data

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.

XIJN No data

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.

XIJN No data

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.

XIJN No data

Full CPNS profile⁠

Full XIJN profile⁠

CPNS vs XIJN Holdings

How CPNS and XIJN differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%

Sector

No Sector split for CPNS and XIJN.

Country, concentration and asset class

Country by domicile

No country split for CPNS.

Concentration

Weight in the 10 largest Holdings

CPNS105.7%
XIJN109.0%

Securities held

CPNS0
XIJN10

Asset class

CPNS: Equity
XIJN: Multi-Asset

Holdings

Only in CPNS0
In both0
Only in XIJN10

Only in CPNS

0 securities, 0.0% of CPNS by weight

Only in XIJN

10 securities, 100% of XIJN by weight

2027-06-17 State Street® SPDR® S&P 500® ETF Trust C 0.0799.98%
2027-06-17 State Street® SPDR® S&P 500® ETF Trust P 746.733.91%
U.S. Treasury Bill, 0%, due 11/27/20260.56%
U.S. Treasury Bill, 0%, due 12/24/20260.55%
U.S. Treasury Bill, 0%, due 01/21/20270.55%
U.S. Treasury Bill, 0%, due 02/18/20270.55%
U.S. Treasury Bill, 0%, due 03/18/20270.55%
U.S. Treasury Bill, 0%, due 04/15/20270.55%
U.S. Treasury Bill, 0%, due 05/13/20270.55%
U.S. Treasury Bill, 0%, due 06/10/20270.54%

Weight gaps

CPNS and XIJN share no securities.

All 5 CPNS holdings⁠All 12 XIJN 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 XIJN Cost

Overpaying XIJN vs CPNS

$2,770

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

CPNS 0.69%
$13,429
XIJN 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

CPNS 0.69%
XIJN 0.85%
Overpaying

Year by year

Year	CPNS	XIJN	Overpaying
10	$1,232	$1,508	$276
20	$4,697	$5,706	$1,009
30	$13,429	$16,199	$2,770

Expense ratio

0.69%CPNS, cheaper
0.85%XIJN

CPNS0.69%XIJN0.85%

0.49%1.44%

Middle half of Other Floor Protected funds
Median 0.79%

CPNS 2nd cheapest of 18 funds

XIJN 10th cheapest of 18 funds

CPNS vs XIJN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CPNS No data; XIJN 6.91%
Payout (12M): CPNS None; XIJN $2.13
Last payment: CPNS No data; XIJN $0.17
Ex-dividend: CPNS No data; XIJN Oct 1, 2026
Paid on: CPNS No data; XIJN Oct 2, 2026
Frequency: CPNS No data; XIJN Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

CPNSAll CPNS payments⁠

No distribution history available.

XIJNMonthly · 27 paymentsAll XIJN payments⁠

CPNS vs XIJN 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 2024XIJN 1.3%since Jul 2024
Return per unit of riskSharpe ratio, 3 years: CPNS 0.67since Oct 2024XIJN 2.06since Jul 2024
Worst fallMax drawdown, 5 years: CPNS −4.0%since Sep 2024XIJN −4.7%since Jun 2024
Market sensitivityBeta, 5 years: CPNS 0.21XIJN 0.08; Market = 1

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
XIJNBvsCPRYA
FT Vest U.S. Equity Buffer & Premium Income ETF - June · Calamos Russell 2000 Structured Alt Protection ETF – January
Expense ratio
0.85% · 0.69%
Category
CPNSAvsCPROA
Calamos Nasdaq-100 Structured Alt Protection ETF – September · Calamos Russell 2000 Structured Alt Protection ETF – October
Expense ratio
0.69% · 0.69%
Category
XIJNBvsCPROA
FT Vest U.S. Equity Buffer & Premium Income ETF - June · Calamos Russell 2000 Structured Alt Protection ETF – October
Expense ratio
0.85% · 0.69%
Category
CPNSAvsISWNA
Calamos Nasdaq-100 Structured Alt Protection ETF – September · Amplify BlackSwan ISWN ETF (International)
Expense ratio
0.69% · 0.49%
Category
XIJNBvsISWNA
FT Vest U.S. Equity Buffer & Premium Income ETF - June · Amplify BlackSwan ISWN ETF (International)
Expense ratio
0.85% · 0.49%
Category