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CPNJ

GradeANew York Stock Exchange Arca

Calamos Nasdaq-100 Structured Alt Protection ETF – June

Floor Protected · Calamos · Inception 2024-06-03

$27.80−0.03 (−0.12%)

As of Sep 23, 2026, 2:17 PM EDT

History starts Jun 3, 2024.
Intraday session: down, 50 prints from 27.83 to 27.80. Range 27.77 to 27.82. Use the arrow keys to read each point.$27.78$27.8210 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$45M
1Y return
+4.5%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$27.93
52W range
low $26.49high $29.91

The ETF.net CPNJ Grade

A

71/ 100

Rank 6 of 24 in Other Floor Protected⁠

Confidence Medium

Six-pillar profile for CPNJ. Scores out of 100: Cost 78, Risk 67, Mission not scored, Tradability 62, Holdings not scored, Durability 71. Strongest: Cost (78). Weakest: Tradability (62). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 71 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 78
    Category rank5/24 · top 21%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 67
    Category rank9/23 · top 39%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 62
    Category rank8/24 · top 33%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 71
    Category rank5/24 · top 21%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on CPNJ

ETF.net Research

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.

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

  1. 01Full 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
  2. 02Costs 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.
  3. 03One of several dated siblings (CPNM in March, CPNS in September), so the reset calendar can be chosen or laddered instead of taken as given.
  4. 04The 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

  1. 01The 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.
  2. 02Point-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.
  3. 03A 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

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
104%
Largest holding
INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option96.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option96.00%598$43M4
002—INVESCO QQQ TRUST SERIES 1 (QQQ) Long Put Option6.82%598$3M4
003—US DOLLAR0.73%323,274$323K231

Showing 1–3 of 3 holdings

CPNJ Performance

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

CPNJ$10,447
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CPNJ $10,447. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+3.1%
1 month+0.7%
3 months+0.8%
1 year+4.5%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+3.1%
2025+8.4%
2024+5.4%

Since listing, Jun 3, 2024

CPNJ in the news

ETF.net Research hasn’t filed on CPNJ yet — coverage lands here as it’s written.

CPNJ Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CPNJ Risk

How much the fund’s monthly returns vary, scaled to a year.
3.5%
Annualised · 26 months to Aug 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.
0.68
vs 3-month T-bills · 26 months to Aug 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%
27 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.

CPNJ Cost

Expense ratio0.69%
  • The middle half of Other Floor Protected funds
  • Median 0.79%

1 of the 18 Other Floor Protected funds charge less.

CPNJ costs $69.00 a year on $10,000. The median Other Floor Protected fund costs $79.50.