At a glance
CPNS charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $21.2M in assets, the 8th largest of that group. Over the past year it returned +5.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos Nasdaq-100 Structured Alt Protection ETF – September (CPNS) holds options on the Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index. Over each one-year period starting in September, it aims to match QQQ's price gains up to a cap while absorbing 100% of its losses, before fees, for full-period holders. The cap was 7.01% for the period ending August 31, 2026, and its 0.69% expense ratio is lower than all seven similar buffer funds.
Price history
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CPNS +5.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CPNS price data to Oct 27, 2026 | +4.8% | +5.2% | — | — | — | +7.0% |
- Over the year to Oct 27, 2026, CPNS returned +5.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.3%); its best was 2025 (+7.3%).
- The deepest fall in its price history was 4% (Feb 19, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.8% |
| 2025 | +7.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $4.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.83%, +0.28%, +0.32%.
How it works
CPNS is an actively managed ETF. It invests substantially all its assets in FLEX Options (exchange-traded options with custom strike prices and dates) on the Invesco QQQ Trust, a unit investment trust holding every Nasdaq-100 stock. As of July 31, 2026, it held three options, all expiring August 31, 2026. The first was a bought call (a right to buy) at $3.94 that tracks QQQ, worth about 113% of net assets. The second was a bought put (a right to sell) at $570.40 for protection. The third was a sold call at $610.39 (about −13.5%) that caps gains.
For the period from September 1, 2025 through August 31, 2026, the fund aimed to cap gains at 7.01% and absorb 100% of QQQ's price losses, both before fees. After fees, those figures were 6.32% and 99.31%, and trading costs or taxes can lower them further. Results are measured from the fund's value on the first day, and the protection applies only on the last. Buying later or selling early can produce very different outcomes. Returns also exclude QQQ's dividends.
At the end of each period, the fund cashes out and buys new options expiring about a year later. The new cap depends on market conditions at the reset, so it can rise or fall. The 100% protection target stays the same. About a week before each period ends, the fund's website posts the expected cap range.
What it really costs
- CPNS charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CPNS | $70 | $221 | $384 | $859 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to absorb 100% of QQQ's price losses, before fees, over each one-year period, and its one-year volatility (a measure of price swings) was 2.4% as of October 27, 2026.
CPNS could give a cautious investor capped Nasdaq-100 exposure while aiming to avoid losses over each one-year period. It launched on September 3, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 7.25%. Its deepest drop was 4%, from February 19 to April 8, 2025, and it recovered by May 13, about a month later. The protection applies only at the end of each period, so someone selling mid-period could lock in a loss. The fund has no distributions on record, so drawing income means selling shares.
Its 0.69% expense ratio is below the 0.86% average of seven similar buffer funds. On $10,000, the SEC's standard example shows $70 in costs after one year. The cap limits gains: its 5.2% one-year return to October 27, 2026 trailed all seven. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting Nasdaq-100 price exposure with a 100% loss-protection target, before fees, who can hold from each September reset to period end.
- Investors who value steadiness over growth: one-year volatility was 2.4% and the deepest drop since launch was 4%, as of October 27, 2026.
- Cost-conscious users of defined-outcome funds: its 0.69% expense ratio is below all seven similar buffer funds, which average 0.86%.
Look elsewhere if
- Retirees who need regular income: no distributions are on record, and the fund's returns exclude QQQ's dividends.
- Anyone who may buy or sell mid-period: the 100% protection and cap apply only to shares held from the first day to the last.
- Investors wanting the Nasdaq-100's full upside: gains were capped at 7.01% before fees for the period ending August 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPNS this fund | 0.69% | $21.2M | +5.2% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is CPNS really 100% protected against losses?
Not completely, and not at every moment. For September 1, 2025 through August 31, 2026, CPNS aimed to absorb 100% of QQQ's price losses before fees, or 99.31% after fees. That applies only to shares held from the period's first day to its last, and trading costs or taxes can reduce it. It isn't guaranteed, a bank deposit or FDIC insured. The fund fell as much as 4% between February 19 and April 8, 2025, before recovering by May 13.
What's the difference between CPNS and QQQ?
QQQ owns stocks; CPNS owns options on QQQ. The Invesco QQQ Trust is a unit investment trust holding every stock in the Nasdaq-100 Index, so its holders get the full gains, full losses and dividends. CPNS aims to match QQQ's price gains only up to a cap, 7.01% before fees for the period ending August 31, 2026. It also seeks to absorb losses for shares held through each one-year period. CPNS's returns exclude QQQ's dividends, and its expense ratio is 0.69%.
Does CPNS pay dividends?
No. No distributions are on record for CPNS. Its returns are based on QQQ's share price only and do not include the dividends QQQ pays, so holders give up that income. Anyone wanting cash from CPNS would need to sell shares, and selling before an outcome period ends may give results quite different from the stated cap and protection.
How does CPNS compare with BUFR?
CPNS is cheaper and far smaller, and it gained less over one year. Its expense ratio is 0.69%, versus 0.95% for FT Vest Laddered Buffer ETF (BUFR), the largest similar fund. In the year to October 27, 2026, CPNS returned 5.2% and BUFR 11.6%. BUFR had about $10.5 billion in net assets on August 31, 2026, against roughly $21.2 million for CPNS on July 31, 2026. Their designs differ: CPNS targets 100% protection on QQQ with a cap, while BUFR's name points to a laddered buffer.
What is the cap on CPNS?
CPNS capped gains at 7.01% before fees, or 6.32% after fees, for the outcome period from September 1, 2025 through August 31, 2026. QQQ price gains beyond that were given up. The cap resets at the start of each new one-year period based on market conditions at that time, so it can rise or fall, while the 100% protection target stays the same. About a week before each period ends, the fund's website posts the expected cap range for the next one.