At a glance
CPNJ charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $42.0M in assets, the 8th largest of that group. Over the past year it returned +3.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos Nasdaq-100 Structured Alt Protection ETF – June (CPNJ) holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. It aims to absorb 100% of QQQ's price losses over each June-to-May period in exchange for capped gains. The cap was 7.65% before fees for June 2025 to May 2026. At 0.69% a year, it costs less than the 0.86% average of similar buffer funds, but it pays no distributions.
Price history
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CPNJ +3.6% 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 | |
|---|---|---|---|---|---|---|
| CPNJ price data to Oct 27, 2026 | +2.9% | +3.6% | — | — | — | +7.0% |
- Over the year to Oct 27, 2026, CPNJ returned +3.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.3%); its best was 2025 (+8.3%).
- The deepest fall in its price history was 6% (Feb 19, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.9% |
| 2025 | +8.3% |
| 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 added a net $15.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.33%, +0.25%, -0.65%.
How it works
CPNJ is an actively managed ETF from Calamos, but it does not pick stocks. It puts substantially all of its assets into FLEX options on the Invesco QQQ Trust, Series 1. FLEX options are exchange-traded option contracts with customizable strike prices and expiration dates. QQQ is a unit investment trust sponsored by Invesco that holds every stock in the Nasdaq-100 Index. As of July 31, 2026, CPNJ reported three positions, all FLEX options on QQQ expiring May 28, 2027.
Together, the options aim to match QQQ's price gains up to a cap while absorbing 100% of its price losses over an outcome period of about one year. For June 1, 2025 to May 31, 2026, the cap was 7.65% before fees. After fees, the prospectus put the cap at 6.96% and the protection at 99.31%. Only price counts, so QQQ's dividends are left out.
When a period ends, the options expire. The fund collects their cash value and invests in a new set. Protection stays at 100%, but the cap resets with market conditions. The targets apply only to shares held from a period's first day to its last. Shares purchased later or exited early can gain or lose more than the targets suggest.
What it really costs
- CPNJ 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 |
|---|---|---|---|---|
| CPNJ | $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 seeks to absorb 100% of Nasdaq-100 price losses over each one-year period, giving up most of the upside in exchange for stability.
CPNJ could hold money that needs to stay steady but still keep a link to growth stocks. It launched in June 2024, so it has no record from the 2008, 2020 or 2022 market falls. Its deepest drop was 6%, from February 19 to April 8, 2025. It recovered by May 12, 2025, about a month later. In 2025, its only full calendar year, it returned 8.35%. As of October 27, 2026, its one-year volatility was 2.8%. The catch is that protection is measured only at the end of each June-to-May period. Someone who needs to cash out mid-period could take a loss. The fund pays no distributions, so it cannot supply income. It costs 0.69% a year, or $70 in the first year on $10,000 under the SEC's standard example.
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 who want Nasdaq-100 exposure and accept capped gains (7.65% before fees for June 2025–May 2026) in exchange for 100% price-loss protection.
- Holders able to commit money for full June-to-May outcome periods, since the protection applies only from a period's first day to its last.
- Cost-conscious investors comparing defined-outcome funds: its 0.69% expense ratio is the lowest of eight similar funds, whose average is 0.86%.
Look elsewhere if
- Investors seeking income: the fund has no recorded distributions and does not capture the dividends paid by the Invesco QQQ Trust.
- Those wanting full Nasdaq-100 growth: gains above the cap are lost, and its 3.6% one-year return through October 27, 2026 ranked last of eight.
- Investors who may need to exit mid-period, or who prefer larger funds: net assets were about $42 million as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPNJ this fund | 0.69% | $42.0M | +3.6% | — |
| 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
How does CPNJ's 100% downside protection work?
CPNJ holds FLEX options on the Invesco QQQ Trust, a fund that tracks the Nasdaq-100 Index. FLEX options are customized option contracts that trade on an exchange. For the outcome period from June 1, 2025 through May 31, 2026, the options aimed to absorb 100% of QQQ's price losses (99.31% after fees). They also aimed to pass along gains up to a 7.65% cap (6.96% after fees). Those targets apply only to shares held for the whole period, and they are not guaranteed. Each new period sets a new cap.
Can you lose money in CPNJ?
Yes. The protection is measured only at the end of each outcome period, against the fund's value on the first day. In between, the share price moves with the value of its options. CPNJ fell as much as 6% from February 19 to April 8, 2025, before recovering by May 12, 2025. Investors who enter after a period starts or exit before it ends can get results very different from the targets. Fees also keep the protection just below 100%.
Is CPNJ good for retirement income?
Not as an income source. CPNJ has no recorded distributions. Because it holds options rather than stocks, its returns also leave out the dividends paid by the Invesco QQQ Trust. It may suit retirees who want limited Nasdaq-100 growth with loss protection and can accept capped gains. Price swings have been small. Its one-year volatility, a measure of how much the price moves around, was 2.8% as of October 27, 2026. Its one-year return to that date was 3.6%.
How much does CPNJ cost compared with other buffer ETFs?
CPNJ's expense ratio is 0.69% a year, according to its prospectus filed November 21, 2025. That is the lowest in a group of eight defined-outcome ETFs. The other seven average 0.86%, and FT Vest Laddered Buffer ETF (BUFR) and FT Vest Laddered Deep Buffer ETF (BUFD) each charge 0.95%. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, CPNJ would cost $70 over one year, $384 over five years and $859 over ten.
What's the difference between CPNJ and PJAN?
The main difference is how much of a loss each fund aims to absorb. CPNJ references the Invesco QQQ Trust and targets 100% protection before fees over each outcome period. PJAN, the Innovator U.S. Equity Power Buffer ETF - January, uses a buffer, which covers only a set range of losses. Both cap gains. PJAN charges 0.79% versus 0.69%. It held $1.44 billion versus $42 million for CPNJ as of July 31, 2026. In the year to October 27, 2026, PJAN returned 10.5% and CPNJ 3.6%.