Calamos Russell 2000 Structured Alt Protection ETF – January
$28.25−0.02 (−0.08%)
- 0.69%
- $35M
- +8.9%
- 0M sh
- $28.31
- low $25.70high $28.31
The ETF.net CPRY Grade
A
Score 72 out of 100
- 4 of 24
Score 72 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 100Rank 2 of 24Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A76 out of 100Rank 7 of 24Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B62 out of 100Rank 6 of 24Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B65 out of 100Rank 6 of 24
Our read on CPRY
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.
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 Holdings
- Stocks
- 3
- 108%
- iShares Russell 2000 ETF (IWM) Long Call Option
CPRY Performance
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$10,890
Returns run to the Oct 12, 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.
| Period | CPRY |
|---|---|
| Year to date | +4.7% |
| 1 month | +0.1% |
| 3 months | +0.9% |
| 1 year | +8.9% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CPRY |
|---|---|---|
| 2026 YTD | +4.7% | |
| 2025 | +8.7% |
CPRY in the news
Category Review
Index option income was not one bet this year
CPRY Dividends
No distributions in the last 12 months.
CPRY Risk
- 3.0%
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.
- 1.12
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.
- −3.2%
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.
- 0.15
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
0.69%
CPRY0.69%
- The middle half of Other Floor Protected funds
- Median 0.79%
1 of the 18 Other Floor Protected funds charge less.
Other funds in Other Floor Protected
- ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberExpense ratio 0.69%1 year return +6.2%
- AISWNAmplify BlackSwan ISWN ETF (International)Expense ratio 0.49%1 year return +2.0%
- ACPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneExpense ratio 0.69%1 year return +4.8%
- ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyExpense ratio 0.69%1 year return +3.6%
- BCPNMCalamos Nasdaq-100 Structured Alt Protection ETF – MarchExpense ratio 0.69%1 year return +6.5%