Skip to content
etf.net

CPRO vs CPRY

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE 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.

CPRO0.69%CPRY0.69%

Avg volume · 30D

CPRY 1.8×the volume

CPRO5.02KCPRY8.92K

CPRO vs CPRY Performance

Oct 31, 2025 – Oct 30, 2026

+7.3%CPRO+7.9%CPRY

Oct 31, 2025 to Oct 30, 2026. CPRO +7.3%. CPRY +7.9%. Use the arrow keys to read each point.0%2%4%Oct 2025Apr 2026Oct 2026
Expense ratio
CPRO 0.69%
CPRY 0.69%
Fund size
CPRO $27M
CPRY $36M
1Y total return
CPRO +7.3%
CPRY +7.9%, better
Holdings
CPRO 3
CPRY 3
Avg volume (30D)
CPRO 5.02K sh
CPRY 8.92K sh, better
NAV per share
CPRO $28.89
CPRY $28.40
52W range

ETF.net Grade

CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 63. CPRY: Cost 78, Risk 81, Mission not scored, Tradability 80, Holdings not scored, Durability 65.
Pillar letters and Scores for CPRO, CPRY, with each pillar’s weight
PillarCPROCPRY
Cost30% weightA78A78
Mission25% weightA88Not scored
Risk15% weightA86HigherA81
Tradability15% weightA70A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB63B65Higher

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. CPRO 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 CPRO 2nd 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

Our read on each fund

ETF.net Research

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

In short

CPRO Small-cap exposure without small-cap drawdowns: CPRO tracks the Russell 2000 and aims to shield 100% of capital across each one-year outcome period, trading away upside above a preset cap.

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

CPRO The ETF seeks to provide Russell 2000 exposure with defined upside participation while protecting 100% of capital from losses 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

  • CPRO Full armor, not a partial buffer: the design targets 100% downside protection over the one-year outcome period, versus the 9% or 15% slices typical of buffer funds.calamos.com
  • At 0.69%, it undercuts the typical fee in its downside-protection peer group, including RFLR, the other fund built on the same Russell 2000 floor idea.
  • Calamos brought the first 100% one-year protected Russell 2000 ETF to market, and CPRO is the October vintage; CPRY and CPRJ start their years in January and July.calamos.comprnewswire.com
  • A plain 1940 Act ETF you trade in a brokerage account, not a structured note bought through a bank.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

  • CPRO The cap is the price of the floor. It resets each October, applies before the 0.69% fee, and a big small-cap year gets trimmed to that ceiling.calamos.com
  • The math is built around holding the full October-to-September period. Buy mid-period and you inherit whatever cap and protection level remain.calamos.com
  • Small and thinly traded, so use limit orders. The options structure also isn't designed to produce an income stream.
  • 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 CPRO profile⁠

Full CPRY profile⁠

CPRO 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.

CPRO vs CPRY Cost

Same expense ratio

$13,429

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

  • CPRO 0.69%

    $13,429

  • CPRY 0.69%

    $13,429

$10,000
30 years

Cost over time

  • CPRO 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$15K051015202530CPRO $13,429CPRY $13,429

Year by year

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

Expense ratio

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

CPRO 2nd cheapest of 18 funds

CPRY 2nd cheapest of 18 funds

CPRO vs CPRY Dividends

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

Distribution history

CPROAll CPRO payments⁠

No distribution history available.

CPRYAll CPRY payments⁠

No distribution history available.

CPRO vs CPRY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPRO 3.8%since Nov 2024CPRY 2.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
CPRO 0.94since Nov 2024CPRY 1.12since Feb 2025
Worst fallMax drawdown, 5 years
CPRO −3.3%since Oct 2024CPRY −3.2%since Jan 2025
Market sensitivityBeta, 5 years
CPRO 0.21CPRY 0.15

Popular comparisons

  • CPROAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.

  • CPROAvsCPNSA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.

  • CPROAvsCPRJA

    Calamos Russell 2000 Structured Alt Protection ETF – October · 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.