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CPNM vs CPRY

Calamos Nasdaq-100 Structured Alt Protection ETF – March

CPNMBNYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – January

CPRYANYSE Arca

Overlap

0.2%by weight

Expense ratio

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

CPNM0.69%CPRY0.69%

Avg volume · 30D

CPRY 11.9×the volume

CPNM751CPRY8.92K

CPNM vs CPRY Performance

Oct 31, 2025 – Oct 30, 2026

+5.4%CPNM+7.9%CPRY

Oct 31, 2025 to Oct 30, 2026. CPNM +5.4%. CPRY +7.9%. Use the arrow keys to read each point.0%2%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNM 0.69%
CPRY 0.69%
Fund size
CPNM $15M
CPRY $36M
1Y total return
CPNM +5.4%
CPRY +7.9%, better
Holdings
CPNM 3
CPRY 3
Avg volume (30D)
CPNM 751 sh
CPRY 8.92K sh, better
NAV per share
CPNM $27.16
CPRY $28.40
52W range

ETF.net Grade

CPNM: Cost 78, Risk 83, Mission not scored, Tradability 23, Holdings not scored, Durability 44. CPRY: Cost 78, Risk 81, Mission not scored, Tradability 80, Holdings not scored, Durability 65.
Pillar letters and Scores for CPNM, CPRY, with each pillar’s weight
PillarCPNMCPRY
Cost30% weightA78A78
Mission25% weightNot scoredNot scored
Risk15% weightA83HigherA81
Tradability15% weightF23A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC44B65Higher

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. CPNM 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 CPNM 7th 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 6BCPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneScore 68
  4. Rank 7BCPNMCalamos Nasdaq-100 Structured Alt Protection ETF – MarchScore 64
  5. Rank 7BXIJNFT Vest U.S. Equity Buffer & Premium Income ETF - JuneScore 64

Our read on each fund

ETF.net Research

CPNMBCalamos Nasdaq-100 Structured Alt Protection ETF – March

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

In short

CPNM Most buffer funds absorb the first 10% or 15% of a drop. This one is built to shield the entire Nasdaq-100 downside across its one-year period, and hands the upside back to you only up to a cap set at each reset.

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

CPNM The fund seeks exposure to the Nasdaq-100 with upside participation limited by a cap, while providing 100% capital protection over the one-year outcome period.

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

  • CPNM Full protection, not a partial buffer: the structure targets 100% downside coverage on the Nasdaq-100 over each one-year outcome period.calamos.com
  • At 0.69%, it undercuts the typical Nasdaq-100 buffer fund on fees and matches its June and September siblings (CPNJ, CPNS) to the basis point.
  • One of three Calamos start months (March, June, September), so entry dates can be staggered instead of tied to a single reset calendar.
  • Sits in the upper half of its Nasdaq-100 protection and buffer peer group, with cost and downside control the sturdier parts of the profile.
  • 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

  • CPNM The cap is what pays for the protection. It is set fresh at each period start, and a hot Nasdaq year can finish well above it.
  • The outcome runs period to period. Buy mid-period or sell early and you get whatever the options are worth that day, not the stated terms.
  • Small and lightly traded next to the category's giants, and it launched in 2025, so the history is short and spreads can run wider.
  • 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 CPNM profile⁠

Full CPRY profile⁠

CPNM vs CPRY Holdings

How CPNM and CPRY differ

Overlap by weight

0.2%

Shared holdings make up 0.7% of CPNM and 0.2% of CPRY.

Level by level

  • Holdings0 in both0.2%
  • Asset classEquity100%

Sector

No Sector split for CPNM and CPRY.

Country, concentration and asset class

Country by domicile

No country split for CPNM and CPRY.

Concentration

Weight in the 10 largest Holdings

  • CPNM114.3%
  • CPRY108.9%

Securities held

  • CPNM0
  • CPRY0

Asset class

CPNM
Equity
CPRY
Equity

Holdings

  • Only in CPNM0
  • In both0
  • Only in CPRY0

Only in CPNM

0 securities, 0.0% of CPNM by weight

Only in CPRY

0 securities, 0.0% of CPRY by weight

Weight gaps

CPNM and CPRY share no securities.

All 5 CPNM holdings⁠All 5 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.

CPNM vs CPRY Cost

Same expense ratio

$13,429

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

  • CPNM 0.69%

    $13,429

  • CPRY 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPNM 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$15K051015202530CPNM $13,429CPRY $13,429

Year by year

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

Expense ratio

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

CPNM 2nd cheapest of 18 funds

CPRY 2nd cheapest of 18 funds

CPNM vs CPRY Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPNM None
CPRY None

Distribution history

CPNMAll CPNM payments⁠

No distribution history available.

CPRYAll CPRY payments⁠

No distribution history available.

CPNM vs CPRY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPNM 2.0%since Apr 2025CPRY 2.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
CPNM 1.69since Apr 2025CPRY 1.12since Feb 2025
Worst fallMax drawdown, 5 years
CPNM −1.9%since Mar 2025CPRY −3.2%since Jan 2025
Market sensitivityBeta, 5 years
CPNM 0.15CPRY 0.15Same figure. Both funds show the same value, so neither comes out ahead.

Popular comparisons

  • CPNMBvsCPROA

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

    Expense ratio
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    Category
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  • CPRYAvsCPROA

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    Expense ratio
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  • CPRYAvsCPNSA

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

    Expense ratio
    0.69% · 0.69%
    Category
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