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CPRO vs KBUF

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

KraneShares 90% KWEB Defined Outcome January 2027 ETF

KBUFFNYSE Arca

Overlap

Expense ratio

CPRO −0.28pt a year

CPRO0.69%KBUF0.97%

Avg volume · 30D

CPRO 1.1×the volume

CPRO5.02KKBUF4.52K

CPRO vs KBUF Performance

Oct 31, 2025 – Oct 30, 2026

+7.3%CPRO−20.0%KBUF

Oct 31, 2025 to Oct 30, 2026. CPRO +7.3%. KBUF −20.0%. Use the arrow keys to read each point.−15%−10%−5%0%Oct 2025Apr 2026Oct 2026
Expense ratio
CPRO 0.69%, better
KBUF 0.97%
Fund size
CPRO $27M
KBUF $6M
1Y total return
CPRO +7.3%, better
KBUF −20.0%
Yield (12M)
CPRO No data
KBUF 9.14%
Holdings
CPRO 3
KBUF 3
Avg volume (30D)
CPRO 5.02K sh, better
KBUF 4.52K sh
NAV per share
CPRO $28.89
KBUF $25.08
52W range

ETF.net Grade

CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 63. KBUF: Cost 9, Risk 14, Mission not scored, Tradability 52, Holdings 38, Durability 61.
Pillar letters and Scores for CPRO, KBUF, with each pillar’s weight
PillarCPROKBUF
Cost30% weightA78HigherF9
Mission25% weightA88Not scored
Risk15% weightA86HigherF14
Tradability15% weightA70HigherC52
Holdings10% weightNot scoredD38
Durability5% weightB63HigherB61

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 KBUF 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 KBUF 15th 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 14DBFAPFT Vest Bitcoin Strategy Floor15 ETF - AprilScore 25
  5. Rank 15FKBUFKraneShares 90% KWEB Defined Outcome January 2027 ETFScore 24
  6. Rank 16FBFJAFT Vest Bitcoin Strategy Floor15 ETF - JanuaryScore 20

Our read on each fund

ETF.net Research

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

KBUFFKraneShares 90% KWEB Defined Outcome January 2027 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.

KBUF Buffer ETFs almost always wrap a US index. This one wraps KWEB, KraneShares' China internet basket, with a 90% protection level running to January 2027. A wild reference asset, put inside defined guardrails.

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.

KBUF The fund seeks to track the price return of KWEB during a defined outcome period, subject to a 40.01% cap and a 90% downside buffer.

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
  • KBUF A defined-outcome structure pointed at China internet stocks instead of the usual US large-cap index: it targets KWEB's price return with a 90% protection level over the outcome period.kraneshares.com
  • The reference basket swings hard, and those rich option premiums are what let the structure pair a defined upside cap with the downside protection.kraneshares.com
  • The options work happens inside a standard 1940 Act fund. One ticket, no options account, no rolling positions, no margin calls to manage.kraneshares.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.
  • KBUF At 0.97% a year it runs above the defined-outcome median. The Calamos structured protection funds (CPRY, CPRJ, CPRO) charge 0.69%.
  • The outcomes are engineered for the full period ending January 15, 2027. Buy in partway through and your effective cap and protection differ from the headline terms.kraneshares.com
  • Small and lightly traded next to mainstream buffer funds, so spreads can be wider and limit orders matter more at the open and close.

Full CPRO profile⁠

Full KBUF profile⁠

CPRO vs KBUF 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 KBUF Cost

Overpaying KBUF vs CPRO

$4,769

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

  • CPRO 0.69%

    $13,429

  • KBUF 0.97%

    $18,198

$10,000
30 years

Cost over time

  • CPRO 0.69%
  • KBUF 0.97%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KBUF $18,198CPRO $13,429

Year by year

YearCPROKBUFOverpaying
10$1,232$1,712$480
20$4,697$6,443$1,746
30$13,429$18,198$4,769

Expense ratio

  • 0.69%CPRO, cheaper
  • 0.97%KBUF
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPRO 2nd cheapest of 18 funds

KBUF 16th cheapest of 18 funds

CPRO vs KBUF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CPRO No data
KBUF 9.14%
Payout (12M)
CPRO None
KBUF $2.30
Last payment
CPRO No data
KBUF $2.30
Ex-dividend
CPRO No data
KBUF Dec 30, 2025
Paid on
CPRO No data
KBUF Dec 31, 2025
Frequency
CPRO No data
KBUF Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

CPROAll CPRO payments⁠

No distribution history available.

KBUFIrregular · 2 paymentsAll KBUF payments⁠
One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 30, 2024 $0.98; Dec 30, 2025 $2.30. Use the arrow keys to read each point.$0$2.502026YTD

CPRO vs KBUF 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 2024KBUF 13.0%since Mar 2024
Return per unit of riskSharpe ratio, 3 years
CPRO 0.94since Nov 2024KBUF 0.02since Mar 2024
Worst fallMax drawdown, 5 years
CPRO −3.3%since Oct 2024KBUF −22.9%since Feb 2024
Market sensitivityBeta, 5 years
CPRO 0.21KBUF 0.18

Popular comparisons

  • CPROAvsCPRYA

    Calamos Russell 2000 Structured Alt Protection ETF – October · Calamos Russell 2000 Structured Alt Protection ETF – January

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

  • KBUFFvsCPRYA

    KraneShares 90% KWEB Defined Outcome January 2027 ETF · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.97% · 0.69%
    Category
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  • CPROAvsISWNA

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    Expense ratio
    0.69% · 0.49%
    Category
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  • KBUFFvsISWNA

    KraneShares 90% KWEB Defined Outcome January 2027 ETF · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.97% · 0.49%
    Category
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  • CPROAvsCPNSA

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    Expense ratio
    0.69% · 0.69%
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  • KBUFFvsCPNSA

    KraneShares 90% KWEB Defined Outcome January 2027 ETF · Calamos Nasdaq-100 Structured Alt Protection ETF – September

    Expense ratio
    0.97% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.