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CPNJ vs CPRJ

Calamos Nasdaq-100 Structured Alt Protection ETF – June

CPNJBNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – July

CPRJANYSE Arca

Overlap

0.6%by weight

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

CPNJ0.69%CPRJ0.69%

Avg volume · 30D

CPRJ 2.3×the volume

CPNJ6.18KCPRJ14.4K

CPNJ vs CPRJ Performance

Oct 31, 2025 – Nov 2, 2026

+2.4%CPNJ+3.6%CPRJ

Oct 31, 2025 to Nov 2, 2026. CPNJ +2.4%. CPRJ +3.6%. Use the arrow keys to read each point.0%1%5%Oct 2025May 2026Nov 2026
Expense ratio
CPNJ 0.69%
CPRJ 0.69%
Fund size
CPNJ $44M
CPRJ $43M
1Y total return
CPNJ +2.4%
CPRJ +3.6%, better
Holdings
CPNJ 3
CPRJ 3
Avg volume (30D)
CPNJ 6.18K sh
CPRJ 14.4K sh, better
NAV per share
CPNJ $27.55
CPRJ $27.54
52W range

ETF.net Grade

CPNJ: Cost 78, Risk 68, Mission not scored, Tradability 49, Holdings not scored, Durability 71. CPRJ: Cost 78, Risk 71, Mission not scored, Tradability 57, Holdings not scored, Durability 74.
Pillar letters and Scores for CPNJ, CPRJ, with each pillar’s weight
PillarCPNJCPRJ
Cost30% weightA78A78
Mission25% weightNot scoredNot scored
Risk15% weightB68A71Higher
Tradability15% weightC49B57Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA71A74Higher

Rank among Other Floor Protected funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CPNJ and CPRJ are both graded against the same 18 Other Floor Protected funds, so their Grades compare head to head.

Other Floor Protected⁠

Category · 18 funds
See all 18 ›

CPRJ ranks 4th and CPNJ 6th of 18 funds in the Other Floor Protected Category.

  1. Rank 1ACPRYCalamos Russell 2000 Structured Alt Protection ETF – JanuaryScore 78
  2. Rank 2ACPROCalamos Russell 2000 Structured Alt Protection ETF – OctoberScore 76
  3. Rank 3AISWNAmplify BlackSwan ISWN ETF (International)Score 74
  4. Rank 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71
  5. Rank 5ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 70
  6. Rank 6BCPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneScore 68
  7. Rank 7BCPNMCalamos Nasdaq-100 Structured Alt Protection ETF – MarchScore 64

Our read on each fund

ETF.net Research

CPNJBCalamos Nasdaq-100 Structured Alt Protection ETF – June

CPRJACalamos Russell 2000 Structured Alt Protection ETF – July

In short

CPNJ Most buffer funds cushion part of a fall. This one aims to shield 100% of Nasdaq-100 losses over a one-year outcome period, before fees, in exchange for a hard ceiling on the upside. June is its reset month.

CPRJ Small caps with a hard floor. CPRJ tracks the Russell 2000 through IWM and aims to absorb 100% of its losses over a one-year outcome period, before fees, in exchange for a cap on gains that resets every July.

Stated mandate

CPNJ The fund seeks point-to-point exposure to the Nasdaq-100’s positive price return up to a defined cap while protecting against 100% of losses over a one-year outcome period, before fees and expenses.

CPRJ The Fund seeks participation in gains of the iShares Russell 2000 ETF up to a stated cap while protecting against 100% of its losses over the one-year outcome period, before fees and expenses.

Why people hold it

  • CPNJ Full protection, not a partial buffer: the stated aim is Nasdaq-100 upside to a defined cap while protecting against 100% of losses over the one-year period, before fees.calamos.com
  • Costs 0.69% a year against a 0.79% median for Nasdaq-100 buffer funds, and it sits in the top quartile of that peer group on our review.
  • One of several dated siblings (CPNM in March, CPNS in September), so the reset calendar can be chosen or laddered instead of taken as given.
  • The reference asset is the Invesco QQQ Trust itself, so the payoff is tied to a plain, widely held Nasdaq-100 vehicle rather than a bespoke basket.
  • CPRJ Not a slice of the downside, all of it: the structure aims to protect against 100% of the reference ETF's losses over the one-year outcome period, before fees and expenses.calamos.com
  • A floor on small caps is the rare part. The reference asset is the iShares Russell 2000 ETF (IWM), not the large-cap index most protected-outcome funds lean on.calamos.com
  • 0.69% a year sits under the typical fee in its protected-outcome peer group, and it is the same rate as the January and October siblings (CPRY, CPRO).
  • It renews itself: a fresh outcome period starts each July 1 with a newly struck cap, so the protection resets on a calendar you can plan around.calamos.com

Worth knowing

  • CPNJ The protection is paid for with a cap set at the start of each outcome period. Big Nasdaq runs get left on the table, and the 100% figure is before fees and expenses.
  • Point-to-point math: the full outcome is designed for investors holding from period start to period end. Buy or sell mid-period and the numbers shift.
  • A small, thinly traded fund launched in 2024, so spreads can be wider than in the giants of the category, and the structure targets price outcomes rather than income.
  • CPRJ The floor is paid for with a ceiling. Gains stop at the cap struck for that outcome period, so a blistering small-cap year gets clipped.calamos.com
  • Protection is stated before fees and expenses and applies over a full July-to-June period. Buy mid-period and your terms are whatever cap and cushion remain.
  • One of the smaller, more thinly traded funds in the category, and it has not been paying distributions, so spreads deserve attention and nothing shows up as income.

Full CPNJ profile⁠

Full CPRJ profile⁠

CPNJ vs CPRJ Holdings

How CPNJ and CPRJ differ

Overlap by weight

0.6%

Shared holdings make up 0.7% of CPNJ and 0.6% of CPRJ.

Level by level

  • Holdings0 in both0.6%
  • Asset classEquity100%

Sector

No Sector split for CPNJ and CPRJ.

Country, concentration and asset class

Country by domicile

No country split for CPNJ and CPRJ.

Concentration

Weight in the 10 largest Holdings

  • CPNJ102.0%
  • CPRJ101.5%

Securities held

  • CPNJ0
  • CPRJ0

Asset class

CPNJ
Equity
CPRJ
Equity

Holdings

  • Only in CPNJ0
  • In both0
  • Only in CPRJ0

Only in CPNJ

0 securities, 0.0% of CPNJ by weight

Only in CPRJ

0 securities, 0.0% of CPRJ by weight

Weight gaps

CPNJ and CPRJ share no securities.

All 5 CPNJ holdings⁠All 5 CPRJ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CPNJ vs CPRJ Cost

Same expense ratio

$13,429

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

  • CPNJ 0.69%

    $13,429

  • CPRJ 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPNJ 0.69%
  • CPRJ 0.69%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPNJ $13,429CPRJ $13,429

Year by year

YearCPNJCPRJ
10$1,232$1,232
20$4,697$4,697
30$13,429$13,429

Expense ratio

  • 0.69%CPNJ
  • 0.69%CPRJ
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPNJ 2nd cheapest of 18 funds

CPRJ 2nd cheapest of 18 funds

CPNJ vs CPRJ Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
CPNJ None
CPRJ None

Distribution history

CPNJAll CPNJ payments⁠

No distribution history available.

CPRJAll CPRJ payments⁠

No distribution history available.

CPNJ vs CPRJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPNJ 3.5%since Jul 2024CPRJ 4.2%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
CPNJ 0.51since Jul 2024CPRJ 0.02since Aug 2024
Worst fallMax drawdown, 5 years
CPNJ −6.0%since Jun 2024CPRJ −6.3%since Jul 2024
Market sensitivityBeta, 5 years
CPNJ 0.23CPRJ 0.27

Popular comparisons

  • CPNJBvsCPRYA

    Calamos Nasdaq-100 Structured Alt Protection ETF – June · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPRJAvsCPRYA

    Calamos Russell 2000 Structured Alt Protection ETF – July · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.69% · 0.69%
    Category
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  • CPNJBvsCPROA

    Calamos Nasdaq-100 Structured Alt Protection ETF – June · Calamos Russell 2000 Structured Alt Protection ETF – October

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPRJAvsCPROA

    Calamos Russell 2000 Structured Alt Protection ETF – July · Calamos Russell 2000 Structured Alt Protection ETF – October

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPNJBvsISWNA

    Calamos Nasdaq-100 Structured Alt Protection ETF – June · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.69% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPRJAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – July · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.69% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.