CPNQ vs QMNV: which one stands where?
As of Oct 1, 2026 QMNV can fall 13.0% before its buffer engages and CPNQ 5.6%, and QMNV resets 10 days sooner. Calamos Nasdaq-100 ® Structured Alt Protection ETF - December and FT Vest Nasdaq-100® Moderate Buffer ETF - November.
CPNQ: reference +19.9% since period start, fund +5.4%; buffer −0 to floor; cap +6.6%; At its cap.
QMNV: reference +25.4% since period start, fund +14.0%; buffer 0 to −15; cap +16.4%; At its cap.
These are two different products. CPNQ is a floor fund, which caps how far a holder can fall. QMNV 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
QMNV resets first, on Nov 20, 2026, 51 days from now; CPNQ runs to Dec 1, 2026, 61 days. A fall from here reaches CPNQ’s buffer after 5.6% and QMNV’s after 13.0%. 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 | CPNQ | QMNV | CPNQ | QMNV |
| 3 months | +1.8% | +3.2% | −0.3 pts | +1.1 pts |
| 6 months | +5.4% | +12.7% | −21.5 pts | −14.2 pts |
| 1 year | +6.7% | +15.9% | −17.1 pts | −7.9 pts |
CPNQ and QMNV over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
CPNQ and QMNV on the same fields, as of Oct 1, 2026. Source: ETFIQ.
CPNQ in plain words
QQQ had already risen past this fund's cap of +6.6% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 17.0% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's QQQ level. 61 days remained on Oct 1, 2026. On Dec 1, 2026 the period ends and a new cap is set.
QMNV in plain words
QQQ had already risen past this fund's cap of +16.4% 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 1.3% as the period runs out. The fund's price can fall 13.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 20.2% 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. 51 days remained on Oct 1, 2026. On Nov 20, 2026 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, CPNQ against QMNV, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpnq-vs-qmnv
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, CPNQ against QMNV, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpnq-vs-qmnv Free to use with attribution; the underlying files are at Open data.
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- ETFIQ, CPNQ against QMNV, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpnq-vs-qmnv
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- ETFIQ. (Oct 1, 2026). CPNQ against QMNV. Retrieved from https://etfiq.com/compare/buffer/cpnq-vs-qmnv
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- [CPNQ against QMNV (ETFIQ, Oct 1, 2026)](https://etfiq.com/compare/buffer/cpnq-vs-qmnv)