Skip to content
etf.net

CPNS vs CPRY

Calamos Nasdaq-100 Structured Alt Protection ETF – September

CPNSANYSE 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.

CPNS0.69%CPRY0.69%

Avg volume · 30D

CPRY 1.3×the volume

CPNS6.93KCPRY8.92K

CPNS vs CPRY Performance

Oct 31, 2025 – Oct 30, 2026

+4.5%CPNS+7.9%CPRY

Oct 31, 2025 to Oct 30, 2026. CPNS +4.5%. CPRY +7.9%. Use the arrow keys to read each point.0%2%6%Oct 2025Apr 2026Oct 2026
Expense ratio
CPNS 0.69%
CPRY 0.69%
Fund size
CPNS $28M
CPRY $36M
1Y total return
CPNS +4.5%
CPRY +7.9%, better
Holdings
CPNS 3
CPRY 3
Avg volume (30D)
CPNS 6.93K sh
CPRY 8.92K sh, better
NAV per share
CPNS $28.44
CPRY $28.40
52W range

ETF.net Grade

CPNS: Cost 78, Risk 75, Mission 91, Tradability 59, Holdings not scored, Durability 60. CPRY: Cost 78, Risk 81, Mission not scored, Tradability 80, Holdings not scored, Durability 65.
Pillar letters and Scores for CPNS, CPRY, with each pillar’s weight
PillarCPNSCPRY
Cost30% weightA78A78
Mission25% weightA91Not scored
Risk15% weightA75A81Higher
Tradability15% weightB59A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB60B65Higher

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. CPNS 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 CPNS 4th 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 4ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 71
  5. Rank 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71

Our read on each fund

ETF.net Research

CPNSACalamos Nasdaq-100 Structured Alt Protection ETF – September

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

In short

CPNS Armor, not a cushion. CPNS uses options on the Nasdaq-100 to target 100% protection from losses over a one-year outcome period, before fees, and pays for that shield with a hard cap on the upside that resets every September.

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

CPNS Seeks to provide positive price-return participation in the Nasdaq-100 up to a predetermined cap while protecting 100% of losses over the 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

  • CPNS The whole design in one line: participate in Nasdaq-100 price gains up to a preset cap while aiming to protect 100% of losses over the one-year outcome period, before fees and expenses.calamos.com
  • Fee is 0.69% a year, below the median for Nasdaq-100 buffer and protection funds. In a strategy where the option budget sets your cap, a lower fee leaves more to spend on upside.
  • September is one vintage in a quarterly series (CPNM March, CPNJ June), so investors can stagger entry points instead of betting everything on one reset date.
  • Among the dozen-odd Nasdaq-100 protection and buffer funds we track, this one sits in the upper tier on cost and risk build quality.
  • 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

  • CPNS The cap is the price of the armor. It is set at the start of each outcome period and changes with market conditions, and the stated outcomes assume holding from one reset date to the next.
  • It tracks Nasdaq-100 price return, so index dividends are not part of the deal, and the fund has not been a distribution payer.
  • A small, thinly traded fund since its 2024 launch, so bid-ask spreads and order size deserve attention at the point of trade.
  • 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 CPNS profile⁠

Full CPRY profile⁠

CPNS vs CPRY Holdings

How CPNS and CPRY differ

Overlap by weight

0.2%

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

Level by level

  • Holdings0 in both0.2%
  • Asset classEquity100%

Sector

No Sector split for CPNS and CPRY.

Country, concentration and asset class

Country by domicile

No country split for CPNS and CPRY.

Concentration

Weight in the 10 largest Holdings

  • CPNS105.7%
  • CPRY108.9%

Securities held

  • CPNS0
  • CPRY0

Asset class

CPNS
Equity
CPRY
Equity

Holdings

  • Only in CPNS0
  • In both0
  • Only in CPRY0

Only in CPNS

0 securities, 0.0% of CPNS by weight

Only in CPRY

0 securities, 0.0% of CPRY by weight

Weight gaps

CPNS and CPRY share no securities.

All 5 CPNS 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.

CPNS vs CPRY Cost

Same expense ratio

$13,429

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

  • CPNS 0.69%

    $13,429

  • CPRY 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPNS 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$15K051015202530CPNS $13,429CPRY $13,429

Year by year

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

Expense ratio

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

CPNS 2nd cheapest of 18 funds

CPRY 2nd cheapest of 18 funds

CPNS vs CPRY Dividends

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

Distribution history

CPNSAll CPNS payments⁠

No distribution history available.

CPRYAll CPRY payments⁠

No distribution history available.

CPNS vs CPRY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPNS 2.9%since Oct 2024CPRY 2.9%since Feb 2025Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
CPNS 0.67since Oct 2024CPRY 1.12since Feb 2025
Worst fallMax drawdown, 5 years
CPNS −4.0%since Sep 2024CPRY −3.2%since Jan 2025
Market sensitivityBeta, 5 years
CPNS 0.21CPRY 0.15

Popular comparisons

  • CPNSAvsCPROA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · 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.

  • CPNSAvsISWNA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · 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.

  • 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.

  • CPNSAvsCPRJA

    Calamos Nasdaq-100 Structured Alt Protection ETF – September · 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.