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CPRO vs FLJJ

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

AllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETF

FLJJBCboe

Overlap

Expense ratio

CPRO −0.05pt a year

CPRO0.69%FLJJ0.74%

Avg volume · 30D

CPRO 8.8×the volume

CPRO5.02KFLJJ567

CPRO vs FLJJ Performance

Oct 31, 2025 – Oct 30, 2026

+7.3%CPRO+8.7%FLJJ

Oct 31, 2025 to Oct 30, 2026. CPRO +7.3%. FLJJ +8.7%. Use the arrow keys to read each point.0%2.5%5%10%Oct 2025Apr 2026Oct 2026
Expense ratio
CPRO 0.69%, better
FLJJ 0.74%
Fund size
CPRO $27M
FLJJ $9M
1Y total return
CPRO +7.3%
FLJJ +8.7%, better
Holdings
CPRO 3
FLJJ 2
Avg volume (30D)
CPRO 5.02K sh, better
FLJJ 567 sh
NAV per share
CPRO $28.89
FLJJ $34.62
52W range

ETF.net Grade

CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 63. FLJJ: Cost 54, Risk 76, Mission not scored, Tradability 50, Holdings 37, Durability 53.
Pillar letters and Scores for CPRO, FLJJ, with each pillar’s weight
PillarCPROFLJJ
Cost30% weightA78HigherC54
Mission25% weightA88Not scored
Risk15% weightA86HigherA76
Tradability15% weightA70HigherC50
Holdings10% weightNot scoredD37
Durability5% weightB63HigherC53

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 FLJJ 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 ›

CPRO ranks 2nd and FLJJ 9th 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 7BXIJNFT Vest U.S. Equity Buffer & Premium Income ETF - JuneScore 64
  5. Rank 9BFLJJAllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETFScore 58
  6. Rank 10CFLAOAllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETFScore 51

Our read on each fund

ETF.net Research

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

FLJJBAllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETF

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.

FLJJ Most protected-outcome funds absorb your first 5% of losses. This one draws the line at 5% instead: FLEX options on the SPDR S&P 500 ETF Trust, downside limited beyond 5%, upside capped, terms reset every six months.

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.

FLJJ The Fund uses FLEX Options referencing the SPDR® S&P 500® ETF Trust to seek matching returns through an outcome period, subject to an upside cap and protection against losses beyond 5%.

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
  • FLJJ Floor, not buffer. The option package is built so losses past 5% don't reach you over the outcome period, instead of soaking up only the first slice of a drop.
  • Six-month outcome periods reset each January and July, so the terms get repriced twice a year rather than locked in for a full twelve months.
  • At 0.74%, it runs below the median fee in its protected-outcome group and under Innovator's SFLR at 0.89%, though the Calamos CPRJ/CPRY line sits at 0.69%.
  • Among the floor-style funds tracked here, this one lands in the upper half of the group on build quality and cost.

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.
  • FLJJ The cap is set by option pricing when each period begins, so the next one is not knowable ahead of time.
  • Small and lightly traded, so spreads can run wider than in mainstream index ETFs. Limit orders are the sane way in and out.
  • Floor and cap are engineered for a period held start to finish. Step in mid-period and your effective protection and upside differ from the headline terms.

Full CPRO profile⁠

Full FLJJ profile⁠

CPRO vs FLJJ 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 FLJJ Cost

Overpaying FLJJ vs CPRO

$878

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

  • CPRO 0.69%

    $13,429

  • FLJJ 0.74%

    $14,307

$10,000
30 years

Cost over time

  • CPRO 0.69%
  • FLJJ 0.74%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530FLJJ $14,307CPRO $13,429

Year by year

YearCPROFLJJOverpaying
10$1,232$1,319$87
20$4,697$5,015$318
30$13,429$14,307$878

Expense ratio

  • 0.69%CPRO, cheaper
  • 0.74%FLJJ
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPRO 2nd cheapest of 18 funds

FLJJ 8th cheapest of 18 funds

CPRO vs FLJJ Dividends

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

Distribution history

CPROAll CPRO payments⁠

No distribution history available.

FLJJAll FLJJ payments⁠

No distribution history available.

CPRO vs FLJJ 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 2024FLJJ 6.0%since Mar 2024
Return per unit of riskSharpe ratio, 3 years
CPRO 0.94since Nov 2024FLJJ 1.09since Mar 2024
Worst fallMax drawdown, 5 years
CPRO −3.3%since Oct 2024FLJJ −6.9%since Feb 2024
Market sensitivityBeta, 5 years
CPRO 0.21FLJJ 0.48

Popular comparisons

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    Expense ratio
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