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CPRO vs SNTH

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

MRP SynthEquity ETF

SNTHDNYSE Arca

Overlap

Expense ratio

CPRO −0.27pt a year

CPRO0.69%SNTH0.96%

Avg volume · 30D

SNTH 16.1×the volume

CPRO5.02KSNTH80.7K

CPRO vs SNTH Performance

Oct 31, 2025 – Nov 2, 2026

+7.4%CPRO+3.9%SNTH

Oct 31, 2025 to Nov 2, 2026. CPRO +7.4%. SNTH +3.9%. Use the arrow keys to read each point.−5%0%10%Oct 2025May 2026Nov 2026
Expense ratio
CPRO 0.69%, better
SNTH 0.96%
Fund size
CPRO $27M
SNTH $252M
1Y total return
CPRO +7.4%, better
SNTH +3.9%
Holdings
CPRO 3
SNTH 11
Avg volume (30D)
CPRO 5.02K sh
SNTH 80.7K sh, better
NAV per share
CPRO $28.83
SNTH $29.05
52W range

ETF.net Grade

CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 65. SNTH: Cost 13, Risk 46, Mission 81, Tradability 70, Holdings not scored, Durability 64.
Pillar letters and Scores for CPRO, SNTH, with each pillar’s weight
PillarCPROSNTH
Cost30% weightA78HigherF13
Mission25% weightA88HigherA81
Risk15% weightA86HigherC46
Tradability15% weightA70A70
Holdings10% weightNot scoredNot scored
Durability5% weightB65HigherB64

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 SNTH 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 SNTH 11th 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 10CFLAOAllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETFScore 51
  5. Rank 11DSNTHMRP SynthEquity ETFScore 37
  6. Rank 12DBFOCFT Vest Bitcoin Strategy Floor15 ETF - OctoberScore 32

Our read on each fund

ETF.net Research

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

SNTHDMRP SynthEquity 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.

SNTH Most funds in this corner hand you a fixed buffer and a reset date. SNTH skips the calendar: an actively managed mix of S&P 500 index options and Treasuries aiming for equity-like exposure while mitigating losses, at 0.96%.

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.

SNTH The Fund seeks long-term capital appreciation through an actively managed combination of options on the S&P 500 Index and U.S. Treasuries. The strategy is designed to provide synthetic equity exposure while mitigating losses.

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
  • SNTH Equity-like exposure assembled from S&P 500 index options sitting on a Treasury base, run actively, with no fixed outcome period or reset date to time your entry around.
  • The portfolio does what the filings describe: US focus, S&P 500 options plus Treasuries, active management. No style drift to decode.
  • Has gathered hundreds of millions since its 2025 launch, trades at moderate volume, and pays a distribution quarterly.

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.
  • SNTH At 0.96% with no waiver, it prices above the category median. The Calamos structured protection funds (CPRY, CPRO, CPRJ) run 0.69%, and ISWN runs 0.49%.
  • Loss mitigation here is the manager's call, not a stated buffer percentage, so how much cushion is in place shifts with the options book.
  • Launched March 2025, so the risk record is still short, and an options-plus-Treasuries build can diverge from the S&P 500 in either direction.

Full CPRO profile⁠

Full SNTH profile⁠

CPRO vs SNTH 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 SNTH Cost

Overpaying SNTH vs CPRO

$4,605

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

  • CPRO 0.69%

    $13,429

  • SNTH 0.96%

    $18,034

$10,000
30 years

Cost over time

  • CPRO 0.69%
  • SNTH 0.96%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SNTH $18,034CPRO $13,429

Year by year

YearCPROSNTHOverpaying
10$1,232$1,695$463
20$4,697$6,383$1,686
30$13,429$18,034$4,605

Expense ratio

  • 0.69%CPRO, cheaper
  • 0.96%SNTH
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPRO 2nd cheapest of 18 funds

SNTH 15th cheapest of 18 funds

CPRO vs SNTH Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
CPRO None
SNTH No data
Last payment
CPRO No data
SNTH $0.17
Ex-dividend
CPRO No data
SNTH Sep 29, 2026
Paid on
CPRO No data
SNTH Sep 30, 2026
Frequency
CPRO No data
SNTH Quarterly

Distribution history

Per share, 2025 to 2026, same scale for both

CPROAll CPRO payments⁠

No distribution history available.

SNTHQuarterly · 4 paymentsAll SNTH payments⁠
One bar per payment. 4 payments from 2025 to 2026 YTD. Dec 23, 2025 $3.20; Mar 30, 2026 $0.12; Jun 29, 2026 $0.13; Sep 29, 2026 $0.17. Use the arrow keys to read each point.$0$2.502026YTD

CPRO vs SNTH 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 2024SNTH 12.8%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
CPRO 0.94since Nov 2024SNTH 1.22since Apr 2025
Worst fallMax drawdown, 5 years
CPRO −3.3%since Oct 2024SNTH −9.8%since Mar 2025
Market sensitivityBeta, 5 years
CPRO 0.21SNTH 1.17

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.

  • SNTHDvsCPRYA

    MRP SynthEquity ETF · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.96% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • 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.

  • SNTHDvsISWNA

    MRP SynthEquity ETF · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.96% · 0.49%
    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.

  • SNTHDvsCPRJA

    MRP SynthEquity ETF · Calamos Russell 2000 Structured Alt Protection ETF – July

    Expense ratio
    0.96% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.