What this ETF is trying to do

The Calamos Alternative Nasdaq & Bond ETF (CANQ) is an exchange-traded fund that holds a mix of different assets. Based on its top holdings, it focuses heavily on various types of bonds and other financial instruments.

What the numbers show

As of October 5, 2026, the share price was $29.57. To understand how the price has moved, we can look at two different types of returns:

• Price Return: This measures only the change in the share price. The one-year price return was -1.58%, and the year-to-date (YTD) price return was -0.68%.

• Total Return: This is a broader measure that includes the share price movement plus the distributions paid out to investors. The one-year total return was 3.06%, and the YTD total return was 2.72%.

For example, if you had invested $10,000 based on the estimated price from roughly one year ago ($30.04), the price-only decline of -1.58% would mean the value of those shares alone would be approximately $9,842. However, the total return figure shows that distributions helped the overall performance.

Income and distribution explanation

This ETF usually pays distributions monthly. Over the last 12 months, it made 12 payments totaling $1.38 per share. This results in a distribution yield of approximately 4.67%.

It is important for beginners to remember that a high distribution yield alone can be misleading. While these payments provide cash income, they do not guarantee that the original investment (the principal) will stay the same or grow.

NAV erosion explanation

"NAV erosion" happens when the net asset value of a fund declines over time, which can lead to a falling share price. StockValueFinder uses an erosion-risk score to measure this.

CANQ has an erosion score of 94, which is labeled as "Stable / sideways" with "good" severity. Additionally, the severe erosion-risk flag is false, meaning the fund's price trend and score did not trigger a severe warning.

Top Holdings

The portfolio is diverse, and the holdings can change over time. As of October 7, 2026, the top holdings included:

• SIMPLIFY MBS ETF: 23.96%

• VANGUARD EMERGING MKTS GOVT BD ETF: 21.32%

• STATE STREET SPDR PORT HI YLD BD ETF: 14.88%

• JANUS HENDERSON AAA CLO ETF: 11.39%

• SCHWAB 1-5 YEAR CORPORATE BOND ETF: 4.44%

Pros

• Provides regular monthly cash distributions.

• The erosion-risk score indicates the price has been stable or sideways.

• The total return has been positive over the last year, even though the share price alone dipped.

Cons

• The share price has seen a slight decline over the last year and year-to-date.

• It has an income rating grade of "C."

Beginner takeaway

CANQ is a fund that pays out monthly income. While the share price has dropped slightly, the total return (which includes those payments) has remained positive. Investors often look for principal stability so that their initial investment doesn't disappear while they collect income.