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CPRY

GradeANew York Stock Exchange Arca

Calamos Russell 2000 Structured Alt Protection ETF – January

Floor Protected · Calamos · Inception 2025-01-02

$28.25−0.01 (−0.04%)

As of Sep 23, 2026, 2:19 PM EDT

History starts Jan 2, 2025.
Intraday session: down, 32 prints from 28.26 to 28.25. Range 28.23 to 28.28. Use the arrow keys to read each point.$28.24$28.26$28.2810 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$35M
1Y return
+8.4%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$28.34
52W range
low $25.70high $28.31

The ETF.net CPRY Grade

A

74/ 100

Rank 4 of 24 in Other Floor Protected⁠

Confidence Medium

Six-pillar profile for CPRY. Scores out of 100: Cost 78, Risk 78, Mission not scored, Tradability 65, Holdings not scored, Durability 66. Strongest: Cost (78). Weakest: Tradability (65). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 74 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 78
    Category rank10/24 · top 42%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 78
    Category rank5/23 · top 22%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 65
    Category rank6/24 · top 25%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 66
    Category rank6/24 · top 25%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on CPRY

ETF.net Research

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

  1. 01Full protection, not a partial buffer: the design targets 100% downside protection over the one-year outcome period, before fees and expenses.
  2. 02The floor sits on small caps. The reference asset is the iShares Russell 2000 ETF (IWM), the choppier end of US equities.
  3. 03At 0.69%, it undercuts the 0.89% median fee among protection funds, and it sits among the strongest implementations in that peer group.
  4. 04Part 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

  1. 01Protection 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.
  2. 02Upside stops at a cap that resets with each new January outcome period. Anything the Russell 2000 gains above it stays with the index.
  3. 03A small fund that trades thinly, so spreads can run wider than on big index ETFs.

CPRY Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
111%
Largest holding
iShares Russell 2000 ETF (IWM) Long Call Option109.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—iShares Russell 2000 ETF (IWM) Long Call Option109.46%1,369$39M4
002—iShares Russell 2000 ETF (IWM) Long Put Option0.86%1,369$303K4
003—US DOLLAR0.42%149,445$149K231

Showing 1–3 of 3 holdings

CPRY Performance

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

CPRY$10,840
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CPRY $10,840. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+4.7%
1 month+0.1%
3 months+1.3%
1 year+8.4%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+4.7%
2025+8.7%

Since listing, Jan 2, 2025

CPRY in the news

ETF.net Research hasn’t filed on CPRY yet — coverage lands here as it’s written.

CPRY Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CPRY Risk

How much the fund’s monthly returns vary, scaled to a year.
3.0%
Annualised · 19 months to Aug 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.
1.28
vs 3-month T-bills · 19 months to Aug 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%
20 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.

CPRY Cost

Expense ratio0.69%
  • The middle half of Other Floor Protected funds
  • Median 0.79%

1 of the 18 Other Floor Protected funds charge less.

CPRY costs $69.00 a year on $10,000. The median Other Floor Protected fund costs $79.50.