CPRY vs FLAO

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

FLAOCAllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF

In short

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.

FLAO Six-month defined-outcome exposure to the SPDR S&P 500 ETF Trust: a cap on the upside, 5 points of loss protection under it, and a fresh reset every April and October, at a fee below the protected-outcome median.

Stated mandate

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.

FLAO The Fund seeks to match the share-price return of the SPDR S&P 500 ETF Trust during the outcome period, subject to an upside cap and protection against losses of up to 5%.

Why people hold it

• 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.

• FLAO At 0.74% a year it sits under the median fee in its protected-outcome cohort, and below Innovator's managed-floor rival SFLR at 0.89%.
• The outcome window runs six months (April through September, then October through March), so the cap gets re-struck twice a year instead of once.
• The yardstick is the share-price return of the SPDR S&P 500 ETF Trust, a live market quote you can watch, not a model index.
• AllianzIM runs a Jan/Jul twin, FLJJ, on the same 5% protection design, so the two together cover the calendar.

Worth knowing

• 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.

• FLAO The upside is capped, and the cap is set at the start of each six-month period, so the ceiling isn't known in advance and strong rallies get clipped.
• The terms apply across a full outcome period. Step in or out mid-window and your effective cap and protection differ from the stated ones.
• A smaller, thinly traded fund launched in 2024, and built around price outcomes rather than payouts, so spreads and timing matter more than yield here.

Full CPRY profile⁠

Full FLAO profile⁠