Calamos Nasdaq-100 Structured Alt Protection ETF – June
$27.88−0.02 (−0.07%)
- 0.69%
- $45M
- +4.8%
- 0M sh
- $28.00
- low $26.53high $29.91
The ETF.net CPNJ Grade
A
Score 70 out of 100
- 5 of 24
Score 70 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A78 out of 100Rank 2 of 24Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A70 out of 100Rank 8 of 24Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B57 out of 100Rank 10 of 24Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A70 out of 100Rank 4 of 24
Our read on CPNJ
AMost buffer funds cushion part of a fall. This one aims to shield 100% of Nasdaq-100 losses over a one-year outcome period, before fees, in exchange for a hard ceiling on the upside. June is its reset month.
The fund seeks point-to-point exposure to the Nasdaq-100’s positive price return up to a defined cap while protecting against 100% of losses over a one-year outcome period, before fees and expenses.
Why people hold it
- Full protection, not a partial buffer: the stated aim is Nasdaq-100 upside to a defined cap while protecting against 100% of losses over the one-year period, before fees.calamos.com
- Costs 0.69% a year against a 0.79% median for Nasdaq-100 buffer funds, and it sits in the top quartile of that peer group on our review.
- One of several dated siblings (CPNM in March, CPNS in September), so the reset calendar can be chosen or laddered instead of taken as given.
- The reference asset is the Invesco QQQ Trust itself, so the payoff is tied to a plain, widely held Nasdaq-100 vehicle rather than a bespoke basket.
Worth knowing
- The protection is paid for with a cap set at the start of each outcome period. Big Nasdaq runs get left on the table, and the 100% figure is before fees and expenses.
- Point-to-point math: the full outcome is designed for investors holding from period start to period end. Buy or sell mid-period and the numbers shift.
- A small, thinly traded fund launched in 2024, so spreads can be wider than in the giants of the category, and the structure targets price outcomes rather than income.
CPNJ Holdings
- Stocks
- 3
- 105%
- INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option
CPNJ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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CPNJ$10,481
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CPNJ |
|---|---|
| Year to date | +3.4% |
| 1 month | +1.1% |
| 3 months | +1.0% |
| 1 year | +4.8% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CPNJ |
|---|---|---|
| 2026 YTD | +3.4% | |
| 2025 | +8.4% | |
| 2024 | +5.4% |
CPNJ in the news
Category Review
Index option income was not one bet this year
CPNJ Dividends
No distributions in the last 12 months.
CPNJ Risk
- 3.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.71
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −6.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.23
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CPNJ Cost
0.69%
CPNJ0.69%
- The middle half of Other Floor Protected funds
- Median 0.79%
1 of the 18 Other Floor Protected funds charge less.
Other funds in Other Floor Protected
- AISWNAmplify BlackSwan ISWN ETF (International)Expense ratio 0.49%1 year return +2.0%
- ACPRYCalamos Russell 2000 Structured Alt Protection ETF – JanuaryExpense ratio 0.69%1 year return +8.9%
- ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyExpense ratio 0.69%1 year return +3.6%
- BCPNMCalamos Nasdaq-100 Structured Alt Protection ETF – MarchExpense ratio 0.69%1 year return +6.5%
- BXIJNFirst Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Buffer & Premium Income ETF - JuneExpense ratio 0.85%1 year return +7.0%