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Launched

Calamos Russell 2000 Structured Alt Protection ETF – January

CPRYNYSE ArcaCalamosA

$28.38+0.03 (+0.09%)

As of Nov 2, 2026, 3:57 PM ET

A78/ 100

Rank 1 of 24 in Other Floor Protected

A78/100Rank 1 of 24inOther Floor Protected
Intraday session: up, 78 prints from 28.35 to 28.38. Range 28.37 to 28.45. Use the arrow keys to read each point.28.4028.4228.4410 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$36M
1Y total return
+7.9%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
8.92K sh
52W range
low $25.70high $28.47
Launched

The ETF.net CPRY Grade

Based on 4 of 6 pillars

A

Score 78 out of 100

Category
Other Floor Protected⁠
Rank
1 of 24
Six-pillar profile for CPRY. Scores out of 100: Cost 78, Risk 81, Mission not scored, Tradability 80, Holdings not scored, Durability 65. Strongest: Risk (81). Weakest: Durability (65). Based on 4 of 6 pillars.

Score 78 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A78 out of 100
    Rank 2 of 24

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A81 out of 100
    Rank 5 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A80 out of 100
    Rank 2 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 6 of 24

Our read on CPRY

ETF.net Research

In short

ASmall caps with a hard floor. CPRY uses options to target 100% of your starting value back over a one-year outcome period, before fees. The trade: a ceiling on the upside, reset each January.

Stated mandate

The fund seeks point-to-point exposure to the positive price return of the Russell 2000 up to a defined cap, while providing 100% downside protection over the one-year outcome period before fees and expenses.

Why people hold it

  • Full protection, not a partial buffer: the design targets 100% downside protection over the one-year outcome period, before fees and expenses.
  • The floor sits on small caps. The reference asset is the iShares Russell 2000 ETF (IWM), the choppier end of US equities.
  • At 0.69%, it undercuts the 0.89% median fee among protection funds, and it sits among the strongest implementations in that peer group.
  • Part of a dated series: siblings start their outcome periods in July (CPRJ) and October (CPRO), so January is not the only entry point.

Worth knowing

  • Protection is point to point and before the 0.69% fee. Buy mid-period or sell early and you get whatever the options package is worth that day.
  • Upside stops at a cap that resets with each new January outcome period. Anything the Russell 2000 gains above it stays with the index.
  • A small fund that trades thinly, so spreads can run wider than on big index ETFs.

CPRY Performance

Launched Jan 1, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
CPRY$10,788
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPRY $10,788. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CPRY. Periods over one year show the average yearly return.
PeriodCPRY
Year to date+5.0%
1 month+0.5%
3 months+0.9%
1 year+7.9%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPRY
YearReturn barCPRY
2026 YTD+5.0%
2025+8.7%

History from Jan 2, 2025

CPRY in the news

CPRY Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPRY Risk

Risk pillarA81 out of 100Rank 5 of 24 in Other Floor Protected
How much the fund’s monthly returns vary, scaled to a year.
2.9%
Annualised · 21 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.12
vs 3-month T-bills · 21 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−3.2%
21 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.15
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CPRY Cost

Compare CPRY and ISWN

Overpaying vs ISWN, cheapest in Other Floor Protected

$3,637

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPRY 0.69%

    $13,429

  • ISWN 0.49% Cheapest

    $9,792

$10,000
30 years

Cost over time

  • CPRY 0.69%
  • ISWN 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPRY $13,429ISWN $9,792

Year by year

YearCPRYISWNOverpaying
10$1,232$883$349
20$4,697$3,394$1,303
30$13,429$9,792$3,637

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