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CPNJ vs CPRY

Calamos Nasdaq-100 Structured Alt Protection ETF – June

CPNJBNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – January

CPRYANYSE Arca

Overlap

Expense ratio

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

CPNJ0.69%CPRY0.69%

Avg volume · 30D

CPRY 1.4×the volume

CPNJ6.18KCPRY8.92K

CPNJ vs CPRY Performance

Oct 31, 2025 – Nov 2, 2026

+2.4%CPNJ+8.0%CPRY

Oct 31, 2025 to Nov 2, 2026. CPNJ +2.4%. CPRY +8.0%. Use the arrow keys to read each point.0%4%6%Oct 2025May 2026Nov 2026
Expense ratio
CPNJ 0.69%
CPRY 0.69%
Fund size
CPNJ $44M
CPRY $36M
1Y total return
CPNJ +2.4%
CPRY +8.0%, better
Holdings
CPNJ 3
CPRY 3
Avg volume (30D)
CPNJ 6.18K sh
CPRY 8.92K sh, better
NAV per share
CPNJ $27.55
CPRY $28.40
52W range

ETF.net Grade

CPNJ: Cost 78, Risk 68, Mission not scored, Tradability 49, Holdings not scored, Durability 71. CPRY: Cost 78, Risk 81, Mission not scored, Tradability 80, Holdings not scored, Durability 64.
Pillar letters and Scores for CPNJ, CPRY, with each pillar’s weight
PillarCPNJCPRY
Cost30% weightA78A78
Mission25% weightNot scoredNot scored
Risk15% weightB68A81Higher
Tradability15% weightC49A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA71HigherB64

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 CPRY 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 ›

CPRY ranks 1st 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 5ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 70
  4. Rank 6BCPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneScore 68
  5. 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

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

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.

CPRY Small 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

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.

CPRY 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

  • 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.
  • CPRY 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

  • 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.
  • CPRY 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.

Full CPNJ profile⁠

Full CPRY profile⁠

CPNJ vs CPRY 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 CPRY 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

  • CPRY 0.69%

    $13,429

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

CPNJ 2nd cheapest of 18 funds

CPRY 2nd cheapest of 18 funds

CPNJ vs CPRY Dividends

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

Distribution history

CPNJAll CPNJ payments⁠

No distribution history available.

CPRYAll CPRY payments⁠

No distribution history available.

CPNJ vs CPRY 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 2024CPRY 2.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
CPNJ 0.51since Jul 2024CPRY 1.12since Feb 2025
Worst fallMax drawdown, 5 years
CPNJ −6.0%since Jun 2024CPRY −3.2%since Jan 2025
Market sensitivityBeta, 5 years
CPNJ 0.23CPRY 0.15

Popular comparisons

  • 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.

  • CPRYAvsCPROA

    Calamos Russell 2000 Structured Alt Protection ETF – January · 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
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  • CPRYAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – January · 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.

  • CPRYAvsCPRJA

    Calamos Russell 2000 Structured Alt Protection ETF – January · 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.