CPRY vs KBUF

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

KBUFFKraneShares 90% KWEB Defined Outcome January 2027 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.

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

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.

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

• 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.

• 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

• 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.

• 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 CPRY profile⁠

Full KBUF profile⁠