---
ticker: "CPNQ"
name: "Calamos ETF Trust - Calamos Nasdaq-100 Structured Alt Protection ETF - December"
url: "https://etf.net/etf/CPNQ"
grade: "B"
score: 57
graded_at: "2026-10-12"
category: "S&P 500 Full Protection"
category_rank: "4 of 39"
methodology: "https://etf.net/methodology"
---

# CPNQ: Calamos ETF Trust - Calamos Nasdaq-100 Structured Alt Protection ETF - December

Grade **B**, Score 57 of 100. Rank 4 of 39 in S&P 500 Full Protection.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 62 | 9 of 39 |
| Mission | Not scored | — |
| Risk | 50 | 19 of 38 |
| Tradability | 62 | 13 of 39 |
| Holdings | Not scored | — |
| Durability | 36 | 32 of 39 |

## Top holdings

The fund holds 3 positions. These are the largest 3, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | INVESCO QQQ TRUST SERIES 1 (QQQ) Long Call Option | 113.85% |
| 2 | — | Us Dollar | 0.46% |
| 3 | — | INVESCO QQQ TRUST SERIES 1 (QQQ) Long Put Option | 0.22% |

Source: etf.net, https://etf.net/etf/CPNQ. Please cite the page URL.