Calamos Nasdaq-100 Structured Alt Protection ETF – March
$27.22−0.02 (−0.09%)
- 0.69%
- $15M
- +6.5%
- 0M sh
- $27.28
- low $25.54high $27.28
The ETF.net CPNM Grade
B
Score 64 out of 100
- 7 of 24
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 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.A85 out of 100Rank 3 of 24Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F23 out of 100Rank 22 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.C43 out of 100Rank 18 of 24
Our read on CPNM
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.
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 Holdings
- Stocks
- 3
- 120%
- INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option
CPNM Performance
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$10,653
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 | CPNM |
|---|---|
| Year to date | +4.7% |
| 1 month | +0.7% |
| 3 months | +1.6% |
| 1 year | +6.5% |
| 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 | CPNM |
|---|---|---|
| 2026 YTD | +4.7% | |
| 2025 | +6.6% |
CPNM in the news
Category Review
Index option income was not one bet this year
CPNM Dividends
No distributions in the last 12 months.
CPNM Risk
- 2.0%
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.
- 1.92
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.
- −1.9%
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.
- 0.15
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
0.69%
CPNM0.69%
- 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
- ACPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneExpense ratio 0.69%1 year return +4.8%
- ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyExpense ratio 0.69%1 year return +3.6%
- BXIJNFirst Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Buffer & Premium Income ETF - JuneExpense ratio 0.85%1 year return +7.0%
- BFLJJAllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETFExpense ratio 0.74%1 year return +12.0%
- CFLAOAllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETFExpense ratio 0.74%1 year return +4.5%