CANQ vs GPIQ

CANQCCalamos Nasdaq Equity & Income ETF

GPIQAGoldman Sachs Nasdaq-100 Premium Income ETF

In short

CANQ Most Nasdaq-100 income ETFs sell calls and cap your upside. CANQ flips it: about 90% in an actively managed bond portfolio, about 10% in long calls on the index's biggest names. Uncapped participation, monthly income funded by bonds.

GPIQ Goldman's take on the Nasdaq-100 income trade: it owns the index but sells calls on only 25% to 75% of the portfolio, reset monthly, so part of the upside stays uncapped. Fee is 0.29% net of a waiver through April 30, 2027.

Stated mandate

CANQ Seeks Nasdaq-100 upside through FLEX options while using an actively managed fixed-income portfolio to mitigate downside risk and provide monthly income.

GPIQ The Fund seeks current income while maintaining prospects for capital appreciation. It provides Nasdaq-100 equity exposure and dynamically sells call options while seeking participation in rising markets.

Why people hold it

• CANQ Inverts the covered-call playbook. It buys calls rather than selling them, so upside participation in the Nasdaq-100 is uncapped by design.calamos.com
• The income engine is an actively managed multi-sector bond portfolio, not option premium, and the fund pays monthly.calamos.com
• Built to behave like a convertible bond: a fixed-income base plus cash-settled FLEX call options cleared by the Options Clearing Corporation.sec.gov
• Live since 2024 from Calamos, the house that built its name on pairing bonds with equity options.

• GPIQ The overwrite is a dial, not a switch: calls cover 25% to 75% of the equity portfolio, reset each month, leaving a slice of Nasdaq-100 upside uncapped by design.gsam.com
• 0.29% net of a waiver through April 30, 2027 undercuts JEPQ at 0.35% and QYLD at 0.60%, and matches QQA, which is 0.29% net of a waiver through August 31, 2027.
• Calls are written on index-level exposure, not individual names, and the stock sleeve tracks Nasdaq-100 weights. Pays monthly.sec.gov
• A multi-billion-dollar, actively traded fund and one of the strongest implementations in a crowded Nasdaq-100 income group.

Worth knowing

• CANQ At 0.94%, it runs above the category median fee. GPIQ charges 0.29% net of a waiver through April 30, 2027, and JEPQ 0.35%.
• The bond sleeve softens drawdowns rather than setting a defined floor, so a Nasdaq selloff still lands, just lighter than on the index itself.sec.gov
• Monthly payouts can include return of capital, disclosed in Calamos 19a notices. It is also a small, lightly traded fund, so limit orders earn their keep.calamos.com

• GPIQ Goldman's filing flags that a significant portion of distributions may be return of capital, which trims your cost basis rather than adding to it.sec.gov
• Full exposure to Nasdaq-100 drawdowns stays; premium cushions the ride but does not offset a selloff, and gains on the overwritten slice are capped.sec.gov
• Gross fee is 0.35%. If the waiver is not extended past April 30, 2027, the cost steps up to that level.

Full CANQ profile⁠

Full GPIQ profile⁠