CPNJ vs QMMY: Cap, Buffer & Days Left
As of Oct 9, 2026 QMMY can fall 5.5% before its buffer engages and CPNJ 1.3%, and QMMY resets 7 days sooner. Net assets on Oct 9, 2026: $45m for Calamos Nasdaq-100 ® Structured Alt Protection ETF - June and $156m for FT Vest Nasdaq-100® Moderate Buffer ETF - May.
CPNJ costs 0.21 points a year less; their one-year returns differ by 6.4 points; QMMY is 3.5 times larger.
| CPNJ | QMMY | |
|---|---|---|
| Expense ratio | 0.69% | 0.90% |
| Net assets | $45m | $156m |
| Total return, 1 year | +4.7% | +11.1% |
| What it tracks | QQQ | QQQ |
| Holdings in common | not published | |
| Index fall to the buffer | 1.1% | 5.6% |
CPNJ: reference +1.1% since period start, fund +1.2%; buffer Floor; cap +8.0%; Full floor. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
QMMY: reference +6.0% since period start, fund +4.8%; buffer 0 to −15; cap +17.7%; Between buffer and cap. Figures to Oct 9, 2026.
QMMY: reference +6.0% since period start, fund +4.8%; buffer 0 to −15; cap +17.7%; Between buffer and cap. Figures to Oct 9, 2026.
These are two different products. CPNJ is a floor fund, which caps how far a holder can fall. QMMY is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
QMMY resets first, on May 21, 2027, 224 days from now; CPNJ runs to May 28, 2027, 231 days. A fall from here reaches CPNJ’s buffer after 1.3% and QMMY’s after 5.5%. Both track QQQ, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPNJ | QMMY | CPNJ | QMMY |
| 3 months | +1.3% | +3.6% | −2.3 pts | 0.0 pts |
| 6 months | +2.2% | +6.9% | −20.8 pts | −16.1 pts |
| 1 year | +4.7% | +11.1% | −18.3 pts | −11.9 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
CPNJ in plain words
The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 1.1% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's QQQ level. 231 days remained on Oct 9, 2026. On May 28, 2027 the period ends and a new cap is set.
QMMY in plain words
From its price on Oct 9, 2026, the fund can gain about 11.4% more before it reaches its cap. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 5.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's QQQ level. 224 days remained on Oct 9, 2026. On May 21, 2027 the period ends and a new cap is set.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every figure is an ETFIQ calculation with distributions reinvested.
ETFIQ, CPNJ against QMMY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpnj-vs-qmmy
ETFIQ. (Oct 9, 2026). CPNJ against QMMY. Retrieved from https://etfiq.com/compare/buffer/cpnj-vs-qmmy
[CPNJ against QMMY (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpnj-vs-qmmy)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.