ETF Evaluator:
Calamos Nasdaq-100 Str Alt Prt ETF-Jun ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
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Risk
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ETF Details
Calamos Nasdaq-100 Str Alt Prt ETF-Jun Overview
Calamos Nasdaq-100 Str Alt Prt ETF-Jun (CPNJ) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Calamos launched the ETF in 2024.
The investment seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the Invesco QQQ TrustSM Series 1.
Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange Options that reference the price performance of the Invesco QQQ TrustSM, Series 1. FLEX Options are customized equity or index option contracts that trade on an exchange but provide investors with the ability to customize key contract terms like exercise prices, styles and expiration dates. The fund is non-diversified.
About Calamos Nasdaq-100 Str Alt Prt ETF-Jun (CPNJ)
There are 6 members of the management team with an average tenure of 1.92 years: Eli Pars (2024), Jason Hill (2024), David O’Donohue (2024), Jimmy Young (2024), Jordan Rosenfeld (2025) and Anthony Vecchiolla (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
Calamos Nasdaq-100 Str Alt Prt ETF-Jun has 4 securities in its portfolio. The top 10 holdings constitute 114.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Calamos Nasdaq-100 Str Alt Prt ETF-Jun is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Calamos Nasdaq-100 Str Alt Prt ETF-Jun has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.6% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Calamos Nasdaq-100 Str Alt Prt ETF-Jun has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $41 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CPNJ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calamos Nasdaq-100 Str Alt Prt ETF-Jun expense ratio is above average compared to funds in the Defined Outcome category. Calamos Nasdaq-100 Str Alt Prt ETF-Jun has an expense ratio of 0.69%, which is 4% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calamos Nasdaq-100 Str Alt Prt ETF-Jun has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, Calamos Nasdaq-100 Str Alt Prt ETF-Jun returned -0.6%, which earned it a grade of F, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Calamos Nasdaq-100 Str Alt Prt ETF-Jun has a trailing yield of 0.00%, which is below the 0.48% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calamos Nasdaq-100 Str Alt Prt ETF-Jun Grades
Year to date, the ETF has returned 1.8%, 4.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.6% over the past year (grade of F).
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CPNJ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CPNJ Return (NAV) | -0.6% | -0.1% | 4.6% | na | na | na |
| CPNJ Return (Price) | -0.7% | -0.3% | 4.4% | na | na | na |
| NAV +/- Price Return | 0.017% | 0.203% | 0.112% | na | na | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| CPNJ Grade (NAV) | F | F | F | na | na | na |
| +/- Category (NAV) | -0.9% | -2.2% | -6.7% | na | na | na |
| CPNJ Tax-Cost Ratio | na | na | 0.0% | na | na | na |
CPNJ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CPNJ Return (NAV) | 1.8% | 8.3% | na | na | na | na | na | na | na | na | na |
| CPNJ Return (Price) | 1.7% | 8.3% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.077% | 0.002% | na | na | na | na | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| CPNJ Grade (NAV) | F | D | na | na | na | na | na | na | na | na | na |
| +/- Category | -4.0% | -3.0% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 42 Mil |
| Share Class Assets: | $ 42 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.69% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 2.2 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Pars Eli (2024), Hill Jason (2024), O’Donohue David (2024), Young Jimmy (2024), Vecchiolla Anthony (2024), Rosenfeld Jordan (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 114.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Calamos |
| Phone Number: | 866-363-9219 |
| Website: | |
| Inception Date: | May 31, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.69% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.72% |
