At a glance
CPNM charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $14.8M in assets, the 8th largest of that group. Over the past year it returned +5.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos Nasdaq-100 Structured Alt Protection ETF – March (CPNM) holds options on the Invesco QQQ Trust, seeking QQQ's price gains up to a cap plus protection against 100% of its losses (before fees) over each one-year outcome period. The trade-off is a modest ceiling: the cap was 8.17% for the period ending February 28, 2026, and QQQ's dividends are excluded. Its 0.69% annual fee is the lowest of eight buffer funds compared here.
Price history
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CPNM +5.7% 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 | |
|---|---|---|---|---|---|---|
| CPNM price data to Oct 27, 2026 | +4.6% | +5.7% | — | — | — | +6.9% |
- Over the year to Oct 27, 2026, CPNM returned +5.7%, 8th of 8 among similar funds.
- The deepest fall in its price history was 1.9% (Mar 5, 2025 to Apr 4, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.6% |
| 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 $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.86%, +0.07%, -0.07%.
How it works
CPNM is an actively managed ETF that holds options rather than stocks. It invests substantially all its assets in FLEX options (exchange-traded contracts with customized terms) on the Invesco QQQ Trust, Series 1. QQQ is a unit investment trust holding every stock in the Nasdaq-100 Index. As of July 31, 2026, CPNM held three QQQ options: a call that behaves much like owning QQQ (about 110% of net assets), a put that gains if QQQ falls (about 3%), and a short call that gives away gains above the cap (about -14%).
Each outcome period runs about a year, March 1 to the end of February. The cap is set at the start, based on market conditions. For March 1, 2025 through February 28, 2026, it was 8.17% before fees (7.48% after), and protection against losses was 100% (99.31% after fees). At each period's end, the options expire and the fund replaces them with new ones. Protection stays at 100%; the cap resets.
These outcomes apply only to investors who hold from the first day of a period to the last. Anyone investing midway or exiting early may get more or less protection and upside than stated, because results are measured from the fund's value on day one. Returns reflect QQQ's price only, not its dividends.
What it really costs
- CPNM 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 |
|---|---|---|---|---|
| CPNM | $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 shield holders from 100% of QQQ's price losses (before fees) over each full outcome period, accepting capped gains and no dividends in return.
CPNM could act as a cushion, keeping a capped link to Nasdaq-100 gains while seeking to avoid price losses over each full outcome period. Launched March 3, 2025, it has no record in the 2008, 2020 or 2022 downturns and no full calendar year of results. Its deepest drop was 1.9%, from March 5 to April 4, 2025, recovered by May 2. One-year volatility (price swings) was 2% as of October 27, 2026.
The catch for anyone needing cash in a bad year is timing: protection applies only at each period's end, so shares cashed in earlier may be worth less than their starting value. It pays no distributions. Its 0.69% fee comes to $70 in year one and $859 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking capped exposure to Nasdaq-100 stocks through QQQ, with protection against 100% of price losses (before fees) over each March-to-February period.
- Holders able to stay invested from March 1 through the end of February, since the stated cap and protection apply only over a full period.
- Cost-conscious investors comparing defined-outcome funds: its 0.69% expense ratio was the lowest of eight buffer funds compared, against a 0.86% peer average.
Look elsewhere if
- Anyone needing income: CPNM has paid no distributions, and its returns exclude the dividends paid by QQQ.
- Investors wanting fuller stock-market gains: its 5.7% one-year return to October 27, 2026 trailed all seven buffer funds compared (9.5% to 12.9%).
- Anyone likely to need the money before a period ends: protection applies only at the end, so mid-period exits may show losses.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPNM this fund | 0.69% | $14.8M | +5.7% | — |
| 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
Can you lose money in CPNM?
Yes. CPNM seeks to protect against 100% of QQQ's price losses before fees. After its 0.69% expense ratio, though, the protection was 99.31% for the period ending February 28, 2026, and brokerage costs or taxes can reduce it further. Protection applies only to shares held from the first day of an outcome period to the last, so anyone who invests midway or exits early can lose more. The prospectus says there is no guarantee the strategy will work, and the fund is not FDIC insured.
What is the cap on CPNM?
The cap was 8.17% before fees, or 7.48% after fees, for the outcome period from March 1, 2025 through February 28, 2026. The cap resets at the start of each new period based on market conditions, so it is unlikely to stay the same from one period to the next. The 100% protection level stays fixed. About a week before each period ends, the fund's website shows the expected cap range for the next period.
Does CPNM pay dividends?
No. CPNM had recorded no distributions as of October 27, 2026. Its returns are based on QQQ's share price only and do not include the dividends QQQ pays on its Nasdaq-100 holdings. Holders give up that income compared with owning QQQ directly. That makes it a poor fit for anyone counting on regular cash payments from a portfolio.
What's the difference between CPNM and BUFD?
The biggest differences are design, cost and size. CPNM uses FLEX options on QQQ to seek 100% protection from price losses (before fees) over each March-to-February period. BUFD, the FT Vest Laddered Deep Buffer ETF, uses a laddered approach, which generally spreads money across periods with staggered start dates. CPNM costs 0.69% a year versus 0.95% for BUFD but is far smaller: $14.8 million (July 31, 2026) against $2.04 billion (August 31, 2026). Over one year to October 27, 2026, BUFD returned 9.5% and CPNM 5.7%.
How has CPNM performed since launch?
Modestly, by design. As of October 27, 2026, CPNM returned 5.7% over one year, 4.6% year to date and 6.9% since its March 3, 2025 launch. Its worst drop was 1.9%, between March 5 and April 4, 2025, and it recovered by May 2, 2025. One-year volatility was 2%. Those calm numbers reflect the trade-off: protection against price losses over each full period, in exchange for capped gains and no dividends.