At a glance
CPNQ charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $25.3M in assets, the 8th largest of that group. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos Nasdaq-100 Structured Alt Protection ETF – December (CPNQ) uses customized options on the Invesco QQQ Trust, a Nasdaq-100 fund. It aims to match QQQ's price gains up to a cap while absorbing 100% of its price losses over each full December-to-November outcome period. It costs 0.69% a year, the lowest among similar defined-outcome funds. The cap is tight, though (8.67% before fees in its first period), and holders get none of QQQ's dividends.
Price history
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CPNQ +6.2% 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 | |
|---|---|---|---|---|---|---|
| CPNQ price data to Oct 27, 2026 | +5.3% | +6.2% | — | — | — | +7.0% |
- Over the year to Oct 27, 2026, CPNQ returned +6.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.8%); its best was 2025 (+7.8%).
- The deepest fall in its price history was 3.5% (Feb 19, 2025 to Apr 4, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.3% |
| 2025 | +7.8% |
| 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 $7.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.22%, +0.15%, -0.29%.
How it works
CPNQ is an actively managed ETF from Calamos that owns options, not stocks. It holds FLEX options, which are exchange-traded contracts with customized exercise (strike) prices and expiration dates. The options are on the Invesco QQQ Trust, Series 1, a unit investment trust that holds every Nasdaq-100 Index stock. As of July 31, 2026, three positions expiring at the end of November 2026 made up 99.67% of net assets. A call with a $4.27 strike tracks QQQ closely, a put at $619.25 provides the protection, and a sold call at $663.22 sets the cap.
Each outcome period runs from December 1 to November 30. In the first, starting December 1, 2024, the fund aimed to match QQQ's price gains up to an 8.67% cap while absorbing 100% of its price losses. After fees, those figures were 7.98% and 99.31%. At each reset the fund rolls into new options. Protection stays at 100%, but the cap changes with market conditions. The fund's website posts the expected cap range about a week before a period ends.
Those targets apply only to shares held for a whole period, measured from the fund's net asset value on day one. In between, the share price moves with the value of the options and can fall. It dropped 3.5% from February to April 2025. Returns exclude QQQ's dividends, and the protection is not guaranteed.
What it really costs
- CPNQ 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 |
|---|---|---|---|---|
| CPNQ | $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 the Invesco QQQ Trust's price losses over each full outcome period and gives up gains above a cap in return.
CPNQ launched in December 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 7.8% based on price. Its deepest drop was 3.5%, from February 19 to April 4, 2025. It recovered by May 16, 2025, about 1.4 months later. That dip matters because protection is measured only at the end of each December-to-November period. Someone who needs cash mid-period could get out below the protected level. The fund had made no distributions as of October 27, 2026, so any income would come from cashing in shares. 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 future ones, and the fund's price history covered only about 1.9 years as of October 27, 2026. A retirement plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Nasdaq-100 price exposure with a target of 100% loss protection over each December-to-November period, and who accept capped gains.
- People able to hold from December 1 through November 30, since the cap and protection apply only to shares held for a full outcome period.
- Cost-conscious users of defined-outcome funds: its 0.69% expense ratio is below the 0.86% average of the seven similar funds compared here.
Look elsewhere if
- Anyone needing regular income: the fund had recorded no distributions as of October 27, 2026, and its returns exclude the Invesco QQQ Trust's dividends.
- Growth seekers: its 6.2% one-year return as of October 27, 2026, ranked 8th of 8 similar defined-outcome funds, the trade-off for aiming at full protection.
- Those who prefer larger funds with deeper trading: net assets were $25.3 million as of July 31, 2026, the smallest of eight comparable funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPNQ this fund | 0.69% | $25.3M | +6.2% | — |
| 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 CPNQ really 100% protected against losses?
Only over a full outcome period, and before fees. For December 1, 2024 through November 30, 2025, the fund targeted protection against 100% of the Invesco QQQ Trust's price losses, or 99.31% after fees. That was measured from its net asset value on the first day. Between reset dates the share price can fall: its deepest drop was 3.5%, from February to April 2025. The protection is not guaranteed or FDIC-insured, and brokerage commissions and taxes reduce it further.
What is the CPNQ cap?
It resets every year. For the first outcome period, December 1, 2024 through November 30, 2025, the cap was 8.67% before fees and 7.98% after fees. Any gain in the Invesco QQQ Trust's price beyond that level was given up. A new cap is set each December 1 based on market conditions, while the 100% protection level stays the same. About a week before each period ends, the fund's website posts the expected cap range for the next one.
Does CPNQ pay dividends?
No. The fund had recorded no distributions as of October 27, 2026. It holds options on the Invesco QQQ Trust rather than QQQ shares, and its prospectus states that its performance does not reflect the dividends QQQ pays. Holders give up the dividend part of Nasdaq-100 returns as well as gains above the cap. Retirees who need cash from this fund would have to cash in shares, possibly mid-period, when the protection target does not apply.
What's the difference between CPNQ and PDEC?
Both are December-series defined-outcome ETFs, but they protect differently. CPNQ uses options on the Invesco QQQ Trust and targets absorbing 100% of price losses over its outcome period. PDEC, from Innovator, is a U.S. equity buffer fund, designed to absorb losses only within a set range. CPNQ is cheaper, at 0.69% versus 0.79%, but much smaller: $25.3 million in net assets versus about $984 million, both as of July 31, 2026. As of October 27, 2026, PDEC's one-year return was 11.6%, versus 6.2% for CPNQ.
Can I get CPNQ protection if I invest mid-year?
Not necessarily. The cap and protection are measured from the fund's net asset value on December 1, the first day of each outcome period. They apply only to shares held through November 30. An investor who enters later starts from a different price, so their remaining upside and downside protection may be very different from the stated targets. The holdings as of July 31, 2026 showed options expiring at the end of November 2026, after which a new period with a new cap begins.