CPNS vs NSEP: Cap, Buffer & Days Left
As of Oct 9, 2026 NSEP can fall 2.9% before its buffer engages and CPNS 1.1%. Net assets on Oct 9, 2026: $28m for Calamos Nasdaq-100 ® Structured Alt Protection ETF - September and $85m for Innovator Growth-100 Power Buffer ETF - Sep.
CPNS costs 0.10 points a year less; their one-year returns differ by 7.2 points; NSEP is 3.0 times larger.
| CPNS | NSEP | |
|---|---|---|
| Expense ratio | 0.69% | 0.79% |
| Net assets | $28m | $85m |
| Total return, 1 year | +6.3% | +13.5% |
| What it tracks | QQQ | QQQ |
| Holdings in common | not published | |
| Index fall to the buffer | 5.8% | 4.6% |
CPNS: reference +6.2% since period start, fund +1.1%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
NSEP: reference +4.8% since period start, fund +2.9%; buffer 0 to −15; cap +18.6%; Between buffer and cap. Figures to Oct 9, 2026.
NSEP: reference +4.8% since period start, fund +2.9%; buffer 0 to −15; cap +18.6%; Between buffer and cap. Figures to Oct 9, 2026.
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 Aug 31, 2027, 326 days from now; NSEP runs to Aug 31, 2027, 326 days. A fall from here reaches CPNS’s buffer after 1.1% and NSEP’s after 2.9%. Both track QQQ, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPNS | NSEP | CPNS | NSEP |
| 3 months | +1.8% | +4.2% | −1.7 pts | +0.7 pts |
| 6 months | +4.4% | +10.3% | −18.6 pts | −12.6 pts |
| 1 year | +6.3% | +13.5% | −16.7 pts | −9.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CPNS in plain words
The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 5.8% 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. 326 days remained on Oct 9, 2026. On Aug 31, 2027 the period ends and a new cap is set.
NSEP in plain words
From its price on Oct 9, 2026, the fund can gain about 15.1% more before it reaches its cap. The fund's price can fall 2.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 4.6% 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.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, CPNS against NSEP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpns-vs-nsep
ETFIQ. (Oct 9, 2026). CPNS against NSEP. Retrieved from https://etfiq.com/compare/buffer/cpns-vs-nsep
[CPNS against NSEP (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpns-vs-nsep)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.