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CPNJ vs CPRO

Calamos Nasdaq-100 Structured Alt Protection ETF – June

CPNJBNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

Overlap

Expense ratio

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

CPNJ0.69%CPRO0.69%

Avg volume · 30D

CPNJ 1.2×the volume

CPNJ6.18KCPRO5.02K

CPNJ vs CPRO Performance

Oct 31, 2025 – Nov 2, 2026

+2.4%CPNJ+7.4%CPRO

Oct 31, 2025 to Nov 2, 2026. CPNJ +2.4%. CPRO +7.4%. Use the arrow keys to read each point.0%4%6%Oct 2025May 2026Nov 2026
Expense ratio
CPNJ 0.69%
CPRO 0.69%
Fund size
CPNJ $44M
CPRO $27M
1Y total return
CPNJ +2.4%
CPRO +7.4%, better
Holdings
CPNJ 3
CPRO 3
Avg volume (30D)
CPNJ 6.18K sh, better
CPRO 5.02K sh
NAV per share
CPNJ $27.55
CPRO $28.83
52W range

ETF.net Grade

CPNJ: Cost 78, Risk 68, Mission not scored, Tradability 49, Holdings not scored, Durability 71. CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 65.
Pillar letters and Scores for CPNJ, CPRO, with each pillar’s weight
PillarCPNJCPRO
Cost30% weightA78A78
Mission25% weightNot scoredA88
Risk15% weightB68A86Higher
Tradability15% weightC49A70Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA71HigherB65

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 CPRO 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 ›

CPRO ranks 2nd 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 5ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 70
  5. Rank 6BCPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneScore 68
  6. 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

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

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.

CPRO Small-cap exposure without small-cap drawdowns: CPRO tracks the Russell 2000 and aims to shield 100% of capital across each one-year outcome period, trading away upside above a preset cap.

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.

CPRO The ETF seeks to provide Russell 2000 exposure with defined upside participation while protecting 100% of capital from losses over the one-year outcome period.

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.
  • CPRO Full armor, not a partial buffer: the design targets 100% downside protection over the one-year outcome period, versus the 9% or 15% slices typical of buffer funds.calamos.com
  • At 0.69%, it undercuts the typical fee in its downside-protection peer group, including RFLR, the other fund built on the same Russell 2000 floor idea.
  • Calamos brought the first 100% one-year protected Russell 2000 ETF to market, and CPRO is the October vintage; CPRY and CPRJ start their years in January and July.calamos.comprnewswire.com
  • A plain 1940 Act ETF you trade in a brokerage account, not a structured note bought through a bank.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.
  • CPRO The cap is the price of the floor. It resets each October, applies before the 0.69% fee, and a big small-cap year gets trimmed to that ceiling.calamos.com
  • The math is built around holding the full October-to-September period. Buy mid-period and you inherit whatever cap and protection level remain.calamos.com
  • Small and thinly traded, so use limit orders. The options structure also isn't designed to produce an income stream.

Full CPNJ profile⁠

Full CPRO profile⁠

CPNJ vs CPRO 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 CPRO 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

  • CPRO 0.69%

    $13,429

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

CPNJ 2nd cheapest of 18 funds

CPRO 2nd cheapest of 18 funds

CPNJ vs CPRO Dividends

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

Distribution history

CPNJAll CPNJ payments⁠

No distribution history available.

CPROAll CPRO payments⁠

No distribution history available.

CPNJ vs CPRO 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 2024CPRO 3.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
CPNJ 0.51since Jul 2024CPRO 0.94since Nov 2024
Worst fallMax drawdown, 5 years
CPNJ −6.0%since Jun 2024CPRO −3.3%since Oct 2024
Market sensitivityBeta, 5 years
CPNJ 0.23CPRO 0.21

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.

  • CPROAvsCPRYA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.

  • 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.

  • CPROAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.

  • CPNJBvsCPRJA

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

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

  • CPROAvsCPRJA

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

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