At a glance
CPRY charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $36.6M in assets, the 8th largest of that group. Over the past year it returned +7.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos Russell 2000 Structured Alt Protection ETF January (CPRY) holds FLEX options on the iShares Russell 2000 ETF. It aims to match that fund's price gains up to a cap while protecting against 100% of its price losses over each January-to-December period, before fees. In return for full protection, gains are capped (9.59% before fees for 2025) and no dividends are paid. Its 0.69% fee was the lowest of eight buffer funds compared.
Price history
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CPRY +7.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CPRY price data to Oct 27, 2026 | +5.1% | +7.5% | — | — | — | +7.6% |
- Over the year to Oct 27, 2026, CPRY returned +7.5%, 8th of 8 among similar funds.
- The deepest fall in its price history was 3.2% (Feb 5, 2025 to Apr 4, 2025), recovered by Jul 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.0% |
| 2025 | +8.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $14.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.69%, +0.68%, +0.18%.
How it works
CPRY is an actively managed ETF from Calamos. It does not own stocks directly. Instead, it puts substantially all of its assets in FLEX options, which are exchange-traded option contracts with custom strike prices and expiration dates. All of them are tied to the iShares Russell 2000 ETF, which tracks the roughly 1,945 smallest companies in the Russell 3000 Index, weighted by market value. As of July 31, 2026, the fund held three option positions, all expiring December 31, 2026. A deep in-the-money call option, worth about 112% of assets, moves almost one-for-one with the ETF. A put option guards against price declines. A call option the fund sold, worth about -13.7% of assets, sets the cap on gains.
Each outcome period runs about one year, from January 1 to December 31. For 2025, the cap was 9.59% and the protection was 100%. After fees, those figures were 8.90% and 99.31%. On the first day of each new period, the fund buys a new set of options. The cap then resets based on market conditions, while the 100% protection level stays the same. About one week before a period ends, the fund's website posts the expected cap range for the next one.
Results are measured from the fund's net asset value on the first day of the period. Investors who buy after that day or sell before the period ends may get very different results. Returns reflect price changes only, not the Russell 2000 ETF's dividends. The protection is not guaranteed.
What it really costs
- CPRY charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CPRY | $70 | $221 | $384 | $859 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to limit each calendar year's price loss on small-company stocks to zero before fees, in exchange for a capped gain.
CPRY could give a portfolio some small-company stock exposure with a floor under each year's price return. It launched in January 2025, so it has no record during the 2008, 2020 or 2022 sell-offs, and it has no full losing year to judge. Its deepest drop was 3.2%, from February 5 to April 4, 2025. It recovered by July 2, 2025, about three months later. It returned 8.68% in 2025, close to that year's after-fee cap. The protection applies only at the end of the period, so someone forced to sell in the middle of a bad year could still lose money. The fund made no distributions, so it does not provide income. It costs 0.69% a year, or $70 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Russell 2000 small-company exposure while aiming for full protection against price losses over each January-to-December outcome period.
- Buyers who can invest near January 1 and hold through December 31, the window in which the cap and protection are measured.
- Cost-conscious shoppers of buffer funds: its 0.69% expense ratio was the lowest of eight defined-outcome funds compared, against a 0.86% average.
Look elsewhere if
- Anyone who needs income: CPRY recorded no distributions, and its returns leave out the dividends paid by the Russell 2000 ETF.
- Investors chasing bigger gains: the 2025 cap was 9.59% before fees, and its 7.5% one-year return trailed all seven compared funds.
- People who may sell mid-year or want a large fund: protection applies only at period end, and net assets were about $36.6 million.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPRY this fund | 0.69% | $36.6M | +7.5% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is CPRY good for retirement?
CPRY can play a defensive role, with limits. It aims to protect against 100% of the Russell 2000 ETF's price losses each calendar year, before fees, in exchange for a capped gain. Its deepest drop was 3.2% in early 2025. It pays no income, though, and the protection holds only for shares owned from January 1 through December 31. A retiree who may need to sell in the middle of the year could get a different result.
Does CPRY pay dividends?
No. The fund has no recorded distributions. It holds FLEX options rather than the stocks themselves, and its returns are based only on price changes in the iShares Russell 2000 ETF. The dividends paid by that ETF are not passed through. Investors who rely on regular income from their holdings would need to look to other funds.
What is the cap on CPRY?
For the outcome period from January 1 to December 31, 2025, the cap was 9.59% before fees and 8.90% after fees. The cap resets every January 1 based on market conditions, so it will likely change from year to year. About one week before each period ends, Calamos posts the expected cap range for the next period on the fund's website. The 100% protection level does not change.
Can you lose money in CPRY?
Yes. After fees, the protection was 99.31% for the 2025 period, so a full-year loss of up to about 0.69% is possible even if the protection works as designed. Buying after January 1 or selling before December 31 can lead to larger losses, because the option values move with the market. The protection is not guaranteed, and the fund is not FDIC-insured.
CPRY vs PJAN: what's the difference?
Both funds reset each January, but they are tied to different assets. CPRY tracks the Russell 2000 small-company ETF, while PJAN, the Innovator U.S. Equity Power Buffer ETF – January, is described as a U.S. equity buffer fund. CPRY is cheaper, at 0.69% a year versus 0.79%. PJAN returned 10.5% over one year, compared with 7.5% for CPRY, as of October 27, 2026. PJAN is also far larger, at about $1.4 billion versus $36.6 million.