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Launched

Calamos Nasdaq-100 Structured Alt Protection ETF – March

CPNMNYSE ArcaCalamosB

$27.13−0.01 (−0.05%)

As of Nov 2, 2026, 12:57 PM ET

B64/ 100

Rank 7 of 24 in Other Floor Protected

B64/100Rank 7 of 24inOther Floor Protected
Intraday session: down, 36 prints from 27.14 to 27.13. Range 27.13 to 27.14. Use the arrow keys to read each point.27.1327.1427.1427.1427.1410 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$15M
1Y total return
+5.4%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
751 sh
52W range
low $25.58high $27.28
Launched

The ETF.net CPNM Grade

Based on 4 of 6 pillars

B

Score 64 out of 100

Category
Other Floor Protected⁠
Rank
7 of 24
Six-pillar profile for CPNM. Scores out of 100: Cost 78, Risk 83, Mission not scored, Tradability 23, Holdings not scored, Durability 44. Strongest: Risk (83). Weakest: Tradability (23). Based on 4 of 6 pillars.

Score 64 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.
    A83 out of 100
    Rank 4 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F23 out of 100
    Rank 21 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.
    C44 out of 100
    Rank 18 of 24

Our read on CPNM

ETF.net Research

In short

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

  • Full protection, not a partial buffer: the structure targets 100% downside coverage on the Nasdaq-100 over each one-year outcome period.calamos.com
  • At 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.
  • One of three Calamos start months (March, June, September), so entry dates can be staggered instead of tied to a single reset calendar.
  • Sits 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

  • The 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.
  • The 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.
  • Small 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 Performance

Launched Mar 2, 2025

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.
CPNM$10,544
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPNM $10,544. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 month0.0%
3 months+1.4%
1 year+5.4%
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 CPNM
YearReturn barCPNM
2026 YTD+4.3%
2025+6.6%

History from Mar 3, 2025

CPNM in the news

CPNM Dividends

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

No distributions in the last 12 months.

CPNM Risk

Risk pillarA83 out of 100Rank 4 of 24 in Other Floor Protected
How much the fund’s monthly returns vary, scaled to a year.
2.0%
Annualised · 19 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.
1.69
vs 3-month T-bills · 19 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.
−1.9%
19 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.

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

CPNM Cost

Compare CPNM 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.

  • CPNM 0.69%

    $13,429

  • ISWN 0.49% Cheapest

    $9,792

$10,000
30 years

Cost over time

  • CPNM 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$15K051015202530CPNM $13,429ISWN $9,792

Year by year

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

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