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CPRJ vs ISWN

Calamos Russell 2000 Structured Alt Protection ETF – July

CPRJANYSE Arca

Amplify BlackSwan ISWN ETF (International)

ISWNANYSE Arca

Overlap

Expense ratio

ISWN −0.20pt a year

CPRJ0.69%ISWN0.49%

Avg volume · 30D

CPRJ 7.3×the volume

CPRJ14.4KISWN1.97K

CPRJ vs ISWN Performance

Oct 31, 2025 – Oct 30, 2026

+3.5%CPRJ+2.4%ISWN

Oct 31, 2025 to Oct 30, 2026. CPRJ +3.5%. ISWN +2.4%. Use the arrow keys to read each point.−2.5%0%5%7.5%10%Oct 2025Apr 2026Oct 2026
Expense ratio
CPRJ 0.69%
ISWN 0.49%, better
Fund size
CPRJ $43M
ISWN $35M
1Y total return
CPRJ +3.5%, better
ISWN +2.4%
Yield (12M)
CPRJ No data
ISWN 3.09%
Holdings
CPRJ 3
ISWN 14
Avg volume (30D)
CPRJ 14.4K sh, better
ISWN 1.97K sh
NAV per share
CPRJ $27.54
ISWN $21.22
52W range

ETF.net Grade

CPRJ: Cost 78, Risk 71, Mission not scored, Tradability 57, Holdings not scored, Durability 74. ISWN: Cost 100, Risk 39, Mission not scored, Tradability 58, Holdings 53, Durability 81.
Pillar letters and Scores for CPRJ, ISWN, with each pillar’s weight
PillarCPRJISWN
Cost30% weightA78A100Higher
Mission25% weightNot scoredNot scored
Risk15% weightA71HigherD39
Tradability15% weightB57B58Higher
Holdings10% weightNot scoredC53
Durability5% weightA74A81Higher

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 ISWN 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 ›

ISWN ranks 3rd 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 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
  6. 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

ISWNAAmplify BlackSwan ISWN ETF (International)

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.

ISWN Most downside-protection funds pay for the cushion by capping your upside. ISWN skips the cap: roughly 90% sits in Treasuries while about 10% buys long-dated in-the-money calls on EFA, so developed-market exposure arrives through options.

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.

ISWN The fund seeks to track a rules-based index combining U.S. Treasury securities with EFA options. Its strategy targets approximately 90% Treasury exposure to cushion severe, rare market disruptions while retaining some participation in EFA gains.

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
  • ISWN At 0.49%, it runs about half the 0.89% median of its downside-protection cohort.
  • No artificial ceiling on gains. Buffer peers like IBUF hand back everything above a set cap each outcome period; ISWN's EFA calls carry no stated cap.amplifyetfs.cominnovatoretfs.com
  • The rare international take on the structure: ISWN is the EAFE sibling of Amplify's SWAN, swapping SPY options for EFA options to reach developed markets outside the US.amplifyetfs.com
  • Rules-based, not a judgment call. It tracks the S-Network International BlackSwan Index, which sets the Treasury and option mix on a fixed schedule.amplifyetfs.com

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.
  • ISWN The Treasury sleeve targets the duration of the 10-year note, so interest rates steer results as much as EAFE does.amplifyetfs.com
  • The cushion is indirect. It leans on Treasuries holding up when stocks fall, not a contractual buffer, so no fixed percentage of downside is defined.amplifyetfs.com
  • Among the smaller and more thinly traded funds in its category, which can widen bid-ask spreads on entry and exit.

Full CPRJ profile⁠

Full ISWN profile⁠

CPRJ vs ISWN 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 ISWN Cost

Overpaying CPRJ vs ISWN

$3,637

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

  • CPRJ 0.69%

    $13,429

  • ISWN 0.49%

    $9,792

$10,000
30 years

Cost over time

  • CPRJ 0.69%
  • ISWN 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPRJ $13,429ISWN $9,792

Year by year

YearCPRJISWNOverpaying
10$1,232$883$349
20$4,697$3,394$1,303
30$13,429$9,792$3,637

Expense ratio

  • 0.69%CPRJ
  • 0.49%ISWN, cheaper
  • Middle half of Other Floor Protected funds
  • Median 0.79%

ISWN cheapest of 18 funds

CPRJ 2nd cheapest of 18 funds

CPRJ vs ISWN Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CPRJ No data
ISWN 3.09%
Payout (12M)
CPRJ None
ISWN $0.65
Last payment
CPRJ No data
ISWN $0.17
Ex-dividend
CPRJ No data
ISWN Sep 29, 2026
Paid on
CPRJ No data
ISWN Sep 30, 2026
Frequency
CPRJ No data
ISWN Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

CPRJAll CPRJ payments⁠

No distribution history available.

ISWNQuarterly · 23 paymentsAll ISWN payments⁠
One bar per payment. 23 payments from 2021 to 2026 YTD. Mar 29, 2021 $0.0067; Jun 28, 2021 $0.02; Sep 28, 2021 $0.03; Dec 29, 2021 $0.13; Mar 29, 2022 $0.04; Jun 28, 2022 $0.07; Sep 28, 2022 $0.12; Dec 28, 2022 $0.13; Mar 29, 2023 $0.14; Jun 28, 2023 $0.14; Sep 27, 2023 $0.14; Dec 27, 2023 $0.14; Mar 26, 2024 $0.14; Jun 27, 2024 $0.14; Sep 27, 2024 $0.15; Dec 30, 2024 $0.15; Mar 28, 2025 $0.16; Jun 27, 2025 $0.15; Sep 29, 2025 $0.15; Dec 30, 2025 $0.16; Mar 30, 2026 $0.16; Jun 29, 2026 $0.16; Sep 29, 2026 $0.17. Use the arrow keys to read each point.$0$0.2020232026YTD

CPRJ vs ISWN 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 2024ISWN 12.1%
Return per unit of riskSharpe ratio, 3 years
CPRJ 0.02since Aug 2024ISWN 0.54
Worst fallMax drawdown, 5 years
CPRJ −6.3%since Jul 2024ISWN −31.7%
Market sensitivityBeta, 5 years
CPRJ 0.27ISWN 0.58

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