CPNM vs QMFE: Cap, Buffer & Days Left
As of Oct 9, 2026 QMFE can fall 10.4% before its buffer engages and CPNM 4.0%, and QMFE resets 7 days sooner. Net assets on Oct 9, 2026: $15m for Calamos Nasdaq-100 ® Structured Alt Protection ETF - March and $44m for FT Vest Nasdaq-100® Moderate Buffer ETF - February.
CPNM costs 0.21 points a year less; their one-year returns differ by 9.2 points; QMFE is 2.9 times larger.
| CPNM | QMFE | |
|---|---|---|
| Expense ratio | 0.69% | 0.90% |
| Net assets | $15m | $44m |
| Total return, 1 year | +6.2% | +15.4% |
| What it tracks | QQQ | QQQ |
| Holdings in common | not published | |
| Index fall to the buffer | 19.1% | 19.0% |
CPNM: reference +23.6% since period start, fund +3.8%; buffer Floor; cap +6.6%; At its cap. Figures to Oct 9, 2026.
Figures to Oct 9, 2026.
QMFE: reference +23.4% since period start, fund +10.6%; buffer 0 to −15; cap +15.0%; At its cap. Figures to Oct 9, 2026.
QMFE: reference +23.4% since period start, fund +10.6%; buffer 0 to −15; cap +15.0%; At its cap. Figures to Oct 9, 2026.
These are two different products. CPNM is a floor fund, which caps how far a holder can fall. QMFE 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
QMFE resets first, on Feb 19, 2027, 133 days from now; CPNM runs to Feb 26, 2027, 140 days. A fall from here reaches CPNM’s buffer after 4.0% and QMFE’s after 10.4%. 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 | CPNM | QMFE | CPNM | QMFE |
| 3 months | +1.6% | +3.4% | −1.9 pts | −0.2 pts |
| 6 months | +3.6% | +9.7% | −19.3 pts | −13.2 pts |
| 1 year | +6.2% | +15.4% | −16.8 pts | −7.6 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.
CPNM in plain words
QQQ had already risen past this fund's cap of +6.6% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 19.1% 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. 140 days remained on Oct 9, 2026. On Feb 26, 2027 the period ends and a new cap is set.
QMFE in plain words
QQQ had already risen past this fund's cap of +15.0% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 10.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 19.0% 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. 133 days remained on Oct 9, 2026. On Feb 19, 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, CPNM against QMFE, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/cpnm-vs-qmfe
ETFIQ. (Oct 9, 2026). CPNM against QMFE. Retrieved from https://etfiq.com/compare/buffer/cpnm-vs-qmfe
[CPNM against QMFE (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/cpnm-vs-qmfe)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.