CPNS vs QMAG: Cap, Buffer & Days Left
As of Oct 13, 2026 QMAG can fall 3.6% before its buffer engages and CPNS 0.9%, and QMAG resets 11 days sooner. Net assets on Oct 12, 2026: $28m for Calamos Nasdaq-100 ® Structured Alt Protection ETF - September and $98m for FT Vest Nasdaq-100® Moderate Buffer ETF - August.
CPNS costs 0.21 points a year less; their one-year returns differ by 8.8 points; QMAG is 3.5 times larger.
Points (pts) are percentage points.
| CPNS | QMAG | |
|---|---|---|
| Expense ratio | 0.69% | 0.90% |
| Net assets, as of Oct 12, 2026 | $28m | $98m |
| Total return, 1 year | +6.3% | +15.1% |
| What it tracks | QQQ | QQQ |
| Holdings in common | not published | |
| Index fall to the buffer | 5.2% | 3.9% |
CPNS: reference +5.4% since period start, fund +0.8%; buffer Floor; cap +8.8%; Full floor. Figures to Oct 13, 2026.
Figures to Oct 13, 2026.
QMAG: reference +4.0% since period start, fund +2.8%; buffer 0 to −15; cap +18.2%; Between buffer and cap. Figures to Oct 13, 2026.
QMAG: reference +4.0% since period start, fund +2.8%; buffer 0 to −15; cap +18.2%; Between buffer and cap. Figures to Oct 13, 2026.
These are two different products. CPNS is a floor fund, which caps how far a holder can fall. QMAG 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
QMAG resets first, on Aug 20, 2027, 311 days from now; CPNS runs to Aug 31, 2027, 322 days. A fall from here reaches CPNS’s buffer after 0.9% and QMAG’s after 3.6%. 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 | CPNS | QMAG | CPNS | QMAG |
| 3 months | +1.6% | +4.2% | −3.2 pts | −0.6 pts |
| 6 months | +3.9% | +10.1% | −16.9 pts | −10.7 pts |
| 1 year | +6.3% | +15.1% | −20.3 pts | −11.4 pts |
| Since launch Not the same days: CPNS Sep 2024 · QMAG Aug 2024 | +15.9% | +31.5% | −45.6 pts | −23.5 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →
On the same fields
As of Oct 13, 2026. Source: ETFIQ.
About CPNS
The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 5.2% 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. 322 days remained on Oct 13, 2026. On Aug 31, 2027 the period ends and a new cap is set.
About QMAG
From its price on Oct 13, 2026, the fund can gain about 14.1% more before it reaches its cap. 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 3.9% 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. 311 days remained on Oct 13, 2026. On Aug 20, 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.
Cite this pageCitation, APA and Markdown
ETFIQ, CPNS against QMAG, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/cpns-vs-qmag
ETFIQ. (Oct 13, 2026). CPNS against QMAG. Retrieved from https://etfiq.com/compare/buffer/cpns-vs-qmag
[CPNS against QMAG (ETFIQ, Oct 13, 2026)](https://etfiq.com/compare/buffer/cpns-vs-qmag)
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