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CPNM

GradeBNew York Stock Exchange Arca

Calamos Nasdaq-100 Structured Alt Protection ETF – March

Floor Protected · Calamos · Inception 2025-03-03

$27.18+0.06 (+0.20%)

As of Sep 23, 2026, 12:36 PM EDT

History starts Mar 3, 2025.
Intraday session: up, 3 prints from 27.13 to 27.18. Range 27.13 to 27.18. Use the arrow keys to read each point.$27.14$27.1610 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$15M
1Y return
+6.1%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$27.21
52W range
low $25.52high $27.17

The ETF.net CPNM Grade

B

64/ 100

Rank 8 of 24 in Other Floor Protected⁠

Confidence Medium

Six-pillar profile for CPNM. Scores out of 100: Cost 78, Risk 83, Mission not scored, Tradability 24, Holdings not scored, Durability 41. Strongest: Risk (83). Weakest: Tradability (24). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 64 of 100 sits in the B 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 rank6/24 · top 25%

  • 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.
    AScore 83
    Category rank4/23 · top 17%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 24
    Category rank20/24 · bottom quartile

  • 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.
    CScore 41
    Category rank21/24 · bottom quartile

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

Our read on CPNM

ETF.net Research

BMost buffer funds absorb the first 10% or 15% of a drop. This one is built to shield the entire Nasdaq-100 downside across its one-year period, and hands the upside back to you only up to a cap set at each reset.

Stated mandate

The fund seeks exposure to the Nasdaq-100 with upside participation limited by a cap, while providing 100% capital protection over the one-year outcome period.

Why people hold it

  1. 01Full protection, not a partial buffer: the structure targets 100% downside coverage on the Nasdaq-100 over each one-year outcome period.calamos.com
  2. 02At 0.69%, it undercuts the typical Nasdaq-100 buffer fund on fees and matches its June and September siblings (CPNJ, CPNS) to the basis point.
  3. 03One of three Calamos start months (March, June, September), so entry dates can be staggered instead of tied to a single reset calendar.
  4. 04Sits in the upper half of its Nasdaq-100 protection and buffer peer group, with cost and downside control the sturdier parts of the profile.

Worth knowing

  1. 01The cap is what pays for the protection. It is set fresh at each period start, and a hot Nasdaq year can finish well above it.
  2. 02The outcome runs period to period. Buy mid-period or sell early and you get whatever the options are worth that day, not the stated terms.
  3. 03Small and lightly traded next to the category's giants, and it launched in 2025, so the history is short and spreads can run wider.

CPNM Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
115%
Largest holding
INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option113.2%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option113.17%237$17M4
002—INVESCO QQQ TRUST SERIES 1 (QQQ) Long Put Option1.48%237$221K4
003—US DOLLAR0.67%99,416$99K231

Showing 1–3 of 3 holdings

CPNM Performance

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

CPNM$10,606
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. CPNM $10,606. 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 CPNM. Periods over one year show the average yearly return.
PeriodCPNM
Year to date+4.3%
1 month+0.6%
3 months+1.3%
1 year+6.1%
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 CPNM
YearReturn barCPNM
2026 YTD+4.3%
2025+6.6%

Since listing, Mar 3, 2025

CPNM in the news

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

CPNM Dividends

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

No distributions in the last 12 months.

CPNM Risk

How much the fund’s monthly returns vary, scaled to a year.
2.0%
Annualised · 17 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.
1.90
vs 3-month T-bills · 17 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.
−1.9%
18 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.
0.15
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.

CPNM 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.

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