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CPRJ vs CPRY

Calamos Russell 2000 Structured Alt Protection ETF – July

CPRJANYSE 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.

CPRJ0.69%CPRY0.69%

Avg volume · 30D

CPRJ 1.6×the volume

CPRJ14.4KCPRY8.92K

CPRJ vs CPRY Performance

Oct 31, 2025 – Oct 30, 2026

+3.5%CPRJ+7.9%CPRY

Oct 31, 2025 to Oct 30, 2026. CPRJ +3.5%. CPRY +7.9%. Use the arrow keys to read each point.0%2%6%Oct 2025Apr 2026Oct 2026
Expense ratio
CPRJ 0.69%
CPRY 0.69%
Fund size
CPRJ $43M
CPRY $36M
1Y total return
CPRJ +3.5%
CPRY +7.9%, better
Holdings
CPRJ 3
CPRY 3
Avg volume (30D)
CPRJ 14.4K sh, better
CPRY 8.92K sh
NAV per share
CPRJ $27.54
CPRY $28.40
52W range

ETF.net Grade

CPRJ: Cost 78, Risk 71, Mission not scored, Tradability 57, Holdings not scored, Durability 74. CPRY: Cost 78, Risk 81, Mission not scored, Tradability 80, Holdings not scored, Durability 65.
Pillar letters and Scores for CPRJ, CPRY, with each pillar’s weight
PillarCPRJCPRY
Cost30% weightA78A78
Mission25% weightNot scoredNot scored
Risk15% weightA71A81Higher
Tradability15% weightB57A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA74HigherB65

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. CPRJ 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 CPRJ 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 4ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 71
  4. Rank 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71
  5. Rank 6BCPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneScore 68

Our read on each fund

ETF.net Research

CPRJACalamos Russell 2000 Structured Alt Protection ETF – July

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

In short

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.

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

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.

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

  • 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
  • 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

  • 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.
  • 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 CPRJ profile⁠

Full CPRY profile⁠

CPRJ 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.

CPRJ vs CPRY Cost

Same expense ratio

$13,429

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

  • CPRJ 0.69%

    $13,429

  • CPRY 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPRJ 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$15K051015202530CPRJ $13,429CPRY $13,429

Year by year

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

Expense ratio

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

CPRJ 2nd cheapest of 18 funds

CPRY 2nd cheapest of 18 funds

CPRJ vs CPRY Dividends

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

Distribution history

CPRJAll CPRJ payments⁠

No distribution history available.

CPRYAll CPRY payments⁠

No distribution history available.

CPRJ vs CPRY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPRJ 4.2%since Aug 2024CPRY 2.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
CPRJ 0.02since Aug 2024CPRY 1.12since Feb 2025
Worst fallMax drawdown, 5 years
CPRJ −6.3%since Jul 2024CPRY −3.2%since Jan 2025
Market sensitivityBeta, 5 years
CPRJ 0.27CPRY 0.15

Popular comparisons

  • 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.

  • 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.

  • 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.

  • 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.

  • CPRJAvsCPNSA

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

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

  • CPRYAvsCPNSA

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

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