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Launched

Calamos Nasdaq-100 Structured Alt Protection ETF – June

CPNJNYSE ArcaCalamosB

$27.45−0.10 (−0.36%)

At close: Nov 2, 2026, 4:00 PM ET

B68/ 100

Rank 6 of 24 in Other Floor Protected

B68/100Rank 6 of 24inOther Floor Protected
Intraday session: down, 78 prints from 27.55 to 27.45. Range 27.45 to 27.61. Use the arrow keys to read each point.27.4827.5027.5227.5727.6010 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$44M
1Y total return
+2.4%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
6.18K sh
52W range
low $26.53high $29.91
Launched

The ETF.net CPNJ Grade

Based on 4 of 6 pillars

B

Score 68 out of 100

Category
Other Floor Protected⁠
Rank
6 of 24
Six-pillar profile for CPNJ. Scores out of 100: Cost 78, Risk 68, Mission not scored, Tradability 49, Holdings not scored, Durability 71. Strongest: Cost (78). Weakest: Tradability (49). Based on 4 of 6 pillars.

Score 68 of 100 falls in the B 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 100
    Rank 2 of 24

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B68 out of 100
    Rank 10 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C49 out of 100
    Rank 15 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A71 out of 100
    Rank 4 of 24

Our read on CPNJ

ETF.net Research

In short

BMost 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.

Stated mandate

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 Performance

Launched Jun 3, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
CPNJ$10,243
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. CPNJ $10,243. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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.

Trailing total return for CPNJ. Periods over one year show the average yearly return.
PeriodCPNJ
Year to date+1.7%
1 month−1.6%
3 months0.0%
1 year+2.4%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPNJ
YearReturn barCPNJ
2026 YTD+1.7%
2025+8.4%
2024+5.4%

Since listing, Jun 3, 2024

CPNJ in the news

CPNJ Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPNJ Risk

Risk pillarB68 out of 100Rank 10 of 24 in Other Floor Protected
How much the fund’s monthly returns vary, scaled to a year.
3.5%
Annualised · 28 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.51
vs 3-month T-bills · 28 months to Oct 2026
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.

The largest fall from a peak to the low that followed.
−6.0%
28 months · trough Apr 2025
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.

How strongly the fund’s returns move with its asset-class index.
0.23
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CPNJ Cost

Compare CPNJ and ISWN

Overpaying vs ISWN, cheapest in Other Floor Protected

$3,637

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPNJ 0.69%

    $13,429

  • ISWN 0.49% Cheapest

    $9,792

$10,000
30 years

Cost over time

  • CPNJ 0.69%
  • ISWN 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPNJ $13,429ISWN $9,792

Year by year

YearCPNJISWNOverpaying
10$1,232$883$349
20$4,697$3,394$1,303
30$13,429$9,792$3,637

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