CPRY vs KPRO

CPRYACalamos Russell 2000 Structured Alt Protection ETF – January

KPROFKraneShares 100% 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.

KPRO Buffered ETFs almost always wrap the S&P 500. KPRO points the same machinery at China internet stocks, tracking that basket's price move to a January 2027 finish line with a 100% downside buffer and a capped upside.

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.

KPRO KPRO seeks to match the price return of KWEB during its defined outcome period, subject to a 20.01% cap and a 100% 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.

• KPRO The buffer is the full 100%, not a 9% or 15% slice. Held from the start of the outcome period to its January 2027 end, the structure is built to absorb reference-price losses, before fees.kraneshares.com
• Defined-outcome wrappers cluster around US large caps and small caps. A stated cap and floor bolted onto a China internet basket is a genuinely unusual thing to find in this corner of the market.
• One decision, one date. The cap and buffer are fixed for the outcome period, so there is no monthly reset or option roll to babysit.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.

• KPRO It charges 1.00% a year, above the typical fee among protected-outcome funds, and that comes out of a return that is capped on the upside by design.
• The mandate follows KWEB's price return, so dividends and distributions from the underlying basket are not part of the payoff.kraneshares.com
• Small and thinly traded, so spreads can widen. Sell mid-period and you get whatever the options package is worth that day, not the stated outcome.

Full CPRY profile⁠

Full KPRO profile⁠