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CPRO vs ISWN

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

Amplify BlackSwan ISWN ETF (International)

ISWNANYSE Arca

Overlap

Expense ratio

ISWN −0.20pt a year

CPRO0.69%ISWN0.49%

Avg volume · 30D

CPRO 2.5×the volume

CPRO5.02KISWN1.97K

CPRO vs ISWN Performance

Oct 31, 2025 – Oct 30, 2026

+7.3%CPRO+2.4%ISWN

Oct 31, 2025 to Oct 30, 2026. CPRO +7.3%. ISWN +2.4%. Use the arrow keys to read each point.−2.5%0%5%10%Oct 2025Apr 2026Oct 2026
Expense ratio
CPRO 0.69%
ISWN 0.49%, better
Fund size
CPRO $27M
ISWN $35M
1Y total return
CPRO +7.3%, better
ISWN +2.4%
Yield (12M)
CPRO No data
ISWN 3.09%
Holdings
CPRO 3
ISWN 14
Avg volume (30D)
CPRO 5.02K sh, better
ISWN 1.97K sh
NAV per share
CPRO $28.89
ISWN $21.22
52W range

ETF.net Grade

CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 63. ISWN: Cost 100, Risk 39, Mission not scored, Tradability 58, Holdings 53, Durability 81.
Pillar letters and Scores for CPRO, ISWN, with each pillar’s weight
PillarCPROISWN
Cost30% weightA78A100Higher
Mission25% weightA88Not scored
Risk15% weightA86HigherD39
Tradability15% weightA70HigherB58
Holdings10% weightNot scoredC53
Durability5% weightB63A81Higher

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 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 ›

CPRO ranks 2nd and ISWN 3rd 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

Our read on each fund

ETF.net Research

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

ISWNAAmplify BlackSwan ISWN ETF (International)

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.

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

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.

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

  • 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
  • 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

  • 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.
  • 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 CPRO profile⁠

Full ISWN profile⁠

CPRO 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.

CPRO vs ISWN Cost

Overpaying CPRO vs ISWN

$3,637

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

  • CPRO 0.69%

    $13,429

  • ISWN 0.49%

    $9,792

$10,000
30 years

Cost over time

  • CPRO 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$15K051015202530CPRO $13,429ISWN $9,792

Year by year

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

Expense ratio

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

ISWN cheapest of 18 funds

CPRO 2nd cheapest of 18 funds

CPRO vs ISWN Dividends

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

Distribution history

Per share, 2021 to 2026, same scale for both

CPROAll CPRO 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

CPRO vs ISWN 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 2024ISWN 12.1%
Return per unit of riskSharpe ratio, 3 years
CPRO 0.94since Nov 2024ISWN 0.54
Worst fallMax drawdown, 5 years
CPRO −3.3%since Oct 2024ISWN −31.7%
Market sensitivityBeta, 5 years
CPRO 0.21ISWN 0.58

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