Which resets first, CPNS or PQOC?

CPNS ends its outcome period on Sep 1, 2027 and PQOC on Sep 30, 2027. A new cap is set the day after each.

Which is cheaper, CPNS or PQOC?

CPNS charges 0.69% a year and PQOC charges 0.50%, so PQOC is cheaper. Fees come from each fund's prospectus.

CPNS vs PQOC: which one stands where?

As of Oct 1, 2026 CPNS can fall 0.7% before its buffer engages and PQOC 0.5%, and CPNS resets 30 days sooner. Calamos Nasdaq-100 ® Structured Alt Protection ETF - September and PGIM Nasdaq-100 Buffer 12 ETF - October.

CPNSFull floor

CPNS: reference +4.5% since period start, fund +0.6%; buffer −0 to floor; cap +8.7%; Full floor.

PQOCBetween buffer and cap

PQOC: reference 0.0% since period start, fund 0.0%; buffer 0 to −12; cap +21.4%; Between buffer and cap.

These are two different products. CPNS is a floor fund, which caps how far a holder can fall. PQOC is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. CPNS has 335 days of its period left and PQOC has 365, so the two are not the same bet on the same months.

Where each one stands today

CPNS resets first, on Sep 1, 2027, 335 days from now; PQOC runs to Sep 30, 2027, 365 days. A fall from here reaches CPNS’s buffer after 0.7% and PQOC’s after 0.5%. 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	CPNS	PQOC	CPNS	PQOC
3 months	+1.6%	+3.9%	−0.6 pts	+1.8 pts
6 months	+4.9%	+15.8%	−22.0 pts	−11.1 pts
1 year	+6.0%	+15.6%	−17.8 pts	−8.2 pts

CPNS and PQOC over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

CPNS

Calamos Nasdaq-100 ® Structured Alt Protection ETF - September · Absorbs losses from 0.0% to 100.0% on QQQ and caps the gain at 8.7%, over a period ending Sep 1, 2027

PQOC

PGIM Nasdaq-100 Buffer 12 ETF - October · Absorbs the first 12% of loss on QQQ and caps the gain at 21.4%, over a period ending Sep 30, 2027

Issuer Calamos PGIM

Reference index QQQ QQQ

Buffer 0% to 100% 12%

Outcome period Sep 1, 2026 to Sep 1, 2027 Oct 1, 2026 to Sep 30, 2027

Days left 335 365

Starting cap +8.7% +21.4%

Can still gain not published 20.9%

Fall before buffer 0.7% 0.5%

Protection left, index points 100.0% of 100.0% 12.0% of 12.0%

Index return this period +4.5% 0.0%

Fund return this period +0.6% 0.0%

State today Open Open

Expense ratio 0.69% 0.50%

Net assets $24m $27m

CPNS and PQOC on the same fields, as of Oct 1, 2026. Source: ETFIQ.

CPNS in plain words

The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 4.4% 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. 335 days remained on Oct 1, 2026. On Sep 1, 2027 the period ends and a new cap is set.

PQOC in plain words

From its price on Oct 1, 2026, the fund can gain about 20.9% more before it reaches its cap. The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's QQQ level. 365 days remained on Oct 1, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, CPNS or PQOC?: CPNS ends its outcome period on Sep 1, 2027 and PQOC on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, CPNS or PQOC?: CPNS charges 0.69% a year and PQOC charges 0.50%, so PQOC is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPNS vs DDNQ CPNS vs DQSE CPNS vs NOCT CPNS vs NSEP PQOC vs QSPT PQOC vs DDNQ PQOC vs QBQF PQOC vs QBQV

Nasdaq-100 (QQQ) →CPNS on its own →PQOC on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPNS filings on SEC EDGAR ↗Calamos website ↗PQOC filings on SEC EDGAR ↗PGIM website ↗

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.

Cite this page

ETFIQ, CPNS against PQOC, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/cpns-vs-pqoc

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.