CPNM vs NMAR: which one stands where?
As of Oct 1, 2026 NMAR can fall 9.9% before its buffer engages and CPNM 3.6%, and CPNM resets 2 days sooner. Calamos Nasdaq-100 ® Structured Alt Protection ETF - March and Innovator Growth-100 Power Buffer ETF - Mar.
CPNM: reference +21.6% since period start, fund +3.4%; buffer −0 to floor; cap +6.2%; At its cap.
NMAR: reference +21.8% since period start, fund +10.4%; buffer 0 to −15; cap +15.9%; At its cap.
These are two different products. CPNM is a floor fund, which caps how far a holder can fall. NMAR is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
CPNM resets first, on Feb 27, 2027, 149 days from now; NMAR runs to Feb 28, 2027, 151 days. A fall from here reaches CPNM’s buffer after 3.6% and NMAR’s after 9.9%. Both track QQQ, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Total return | Gap to the reference | |||
|---|---|---|---|---|
| Window | CPNM | NMAR | CPNM | NMAR |
| 3 months | +1.5% | +3.2% | −0.6 pts | +1.1 pts |
| 6 months | +3.8% | +12.5% | −23.1 pts | −14.4 pts |
| 1 year | +6.0% | +15.3% | −17.8 pts | −8.5 pts |
CPNM and NMAR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CPNM and NMAR on the same fields, as of Oct 1, 2026. Source: ETFIQ.
CPNM in plain words
QQQ had already risen past this fund's cap of +6.2% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 18.1% from today's level to the point where the buffer begins. Protection left, in index points: 99.6% of the 99.6% buffer still sits below today's QQQ level. 149 days remained on Oct 1, 2026. On Feb 27, 2027 the period ends and a new cap is set.
NMAR in plain words
QQQ had already risen past this fund's cap of +15.9% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.5% as the period runs out. The fund's price can fall 9.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 17.9% 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. 151 days remained on Oct 1, 2026. On Feb 28, 2027 the period ends and a new cap is set.
Questions people ask
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, CPNM against NMAR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpnm-vs-nmar
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, CPNM against NMAR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpnm-vs-nmar Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, CPNM against NMAR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpnm-vs-nmar
- APA
- ETFIQ. (Oct 1, 2026). CPNM against NMAR. Retrieved from https://etfiq.com/compare/buffer/cpnm-vs-nmar
- Markdown
- [CPNM against NMAR (ETFIQ, Oct 1, 2026)](https://etfiq.com/compare/buffer/cpnm-vs-nmar)