Which resets first, CPNS or NSEP?

CPNS ends its outcome period on Sep 1, 2027 and NSEP on Aug 31, 2027. A new cap is set the day after each.

Which is cheaper, CPNS or NSEP?

CPNS charges 0.69% a year and NSEP charges 0.79%, so CPNS is cheaper. Fees come from each fund's prospectus.

CPNS vs NSEP: which one stands where?

As of Oct 1, 2026 NSEP can fall 1.9% before its buffer engages and CPNS 0.7%. Calamos Nasdaq-100 ® Structured Alt Protection ETF - September and Innovator Growth-100 Power Buffer ETF - Sep.

CPNSFull floor

CPNS: reference +4.5% since period start, fund +0.6%; buffer −0 to floor; cap +8.7%; Full floor.

NSEPBetween buffer and cap

NSEP: reference +3.2% since period start, fund +1.9%; buffer 0 to −15; cap +18.6%; Between buffer and cap.

These are two different products. CPNS is a floor fund, which caps how far a holder can fall. NSEP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Where each one stands today

CPNS resets first, on Sep 1, 2027, 335 days from now; NSEP runs to Aug 31, 2027, 335 days. A fall from here reaches CPNS’s buffer after 0.7% and NSEP’s after 1.9%. Both track QQQ, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	CPNS	NSEP	CPNS	NSEP
3 months	+1.6%	+3.5%	−0.6 pts	+1.4 pts
6 months	+4.9%	+11.7%	−22.0 pts	−15.1 pts
1 year	+6.0%	+12.8%	−17.8 pts	−11.0 pts

CPNS and NSEP over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPNS

Calamos Nasdaq-100 ® Structured Alt Protection ETF - September · Absorbs losses from 0.0% to 100.0% on QQQ and caps the gain at 8.7%, over a period ending Sep 1, 2027

NSEP

Innovator Growth-100 Power Buffer ETF - Sep · Absorbs the first 15% of loss on QQQ and caps the gain at 18.6%, over a period ending Aug 31, 2027

Issuer Calamos Innovator

Reference index QQQ QQQ

Buffer 0% to 100% 15%

Outcome period Sep 1, 2026 to Sep 1, 2027 Aug 31, 2026 to Aug 31, 2027

Days left 335 335

Starting cap +8.7% +18.6%

Can still gain not published 16.3%

Fall before buffer 0.7% 1.9%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +4.5% +3.2%

Fund return this period +0.6% +1.9%

State today Open Open

Expense ratio 0.69% 0.79%

Net assets $24m $84m

CPNS and NSEP on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPNS in plain words

The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 4.4% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's QQQ level. 335 days remained on Oct 1, 2026. On Sep 1, 2027 the period ends and a new cap is set.

NSEP in plain words

From its price on Oct 1, 2026, the fund can gain about 16.3% more before it reaches its cap. The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 3.1% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's QQQ level. On Aug 31, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPNS or NSEP?: CPNS ends its outcome period on Sep 1, 2027 and NSEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, CPNS or NSEP?: CPNS charges 0.69% a year and NSEP charges 0.79%, so CPNS is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPNS vs DDNQ CPNS vs QMAG CPNS vs DQSE CPNS vs NOCT NSEP vs QMAG CPNS vs PQOC CPNS vs QSPT CPNS vs QBQF

Nasdaq-100 (QQQ) →CPNS on its own →NSEP on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPNS filings on SEC EDGAR ↗Calamos website ↗NSEP filings on SEC EDGAR ↗Innovator page for NSEP ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, CPNS against NSEP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpns-vs-nsep

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.