Which resets first, CPRY or QBKF?

CPRY ends its outcome period on Dec 31, 2026 and QBKF on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, CPRY or QBKF?

CPRY charges 0.69% a year and QBKF charges 0.74%, so CPRY is cheaper. Fees come from each fund's prospectus.

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CPRY vs QBKF: Cap, Buffer & Days Left

As of Oct 21, 2026 CPRY can fall 5.1% before its buffer engages and QBKF 0.3%. Net assets on Oct 21, 2026: $35m for Calamos Russell 2000 Structured Alt Protection ETF - January and $8m for AllianzIM U.S. Small Cap Buffer15 ETF - Jan.

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Answers cite the figures on this page.

CPRY costs 0.05 points a year less; CPRY is 4.2 times larger.

Points (pts) are percentage points.

CPRY vs QBKF: Cap, Buffer & Days Left
	CPRY	QBKF
Expense ratio	0.69%	0.74%
Net assets	$35m	$8m
Total return, 1 year	+7.7%	not published
What it tracks	IWM	IWM
Holdings in common	not published
Index fall to the buffer	10.0%	0.0%

No client brief for this pair: ETFIQ prints no one-year total return for QBKF.

CPRYAt its cap

CPRY: reference +11.1% since period start, fund +4.8%; buffer Floor; cap +7.5%; At its cap. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

QBKFBuffer working

QBKF: reference −0.5% since period start, fund +0.1%; buffer 0 to −15; cap +3.5%; Buffer working. Figures to Oct 21, 2026.

These are two different products. CPRY is a floor fund, which caps how far a holder can fall. QBKF is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

CPRY is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

CPRY resets first, on Dec 31, 2026, 71 days from now; QBKF runs to Dec 31, 2026, 71 days. A fall from here reaches CPRY’s buffer after 5.1% and QBKF’s after 0.3%. Both track IWM, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: CPRY vs QBKF: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	CPRY	QBKF	CPRY	QBKF
3 months	+1.0%	−0.1%	+6.8 pts	+5.8 pts
6 months	+2.5%	+1.4%	+2.5 pts	+1.4 pts
1 year	+7.7%	–	−4.2 pts	–
Since launch Not the same days: CPRY Jan 2025 · QBKF Apr 2026	+13.9%	+3.7%	−11.1 pts	−7.1 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. – means no data for this window, usually because the fund is younger than it. Open this comparison in the app →

On the same fields

CPRY

Calamos Russell 2000 Structured Alt Protection ETF - January · Absorbs the whole loss on IWM and caps the gain at 7.5%, over a period ending Dec 31, 2026

QBKF

AllianzIM U.S. Small Cap Buffer15 ETF - Jan · Absorbs the first 15% of loss on IWM and caps the gain at 3.5%, over a period ending Dec 31, 2026

Issuer Calamos AllianzIM

Reference index IWM IWM

Buffer 100% 15%

Outcome period Jan 2, 2026 to Dec 31, 2026 Oct 1, 2026 to Dec 31, 2026

Days left 71 71

Starting cap +7.5% +3.5%

Can still gain not published 3.2%

Fall before buffer 5.1% 0.3%

Protection left, index points 100.0% of 100.0% 14.5% of 15.0%

Index return this period +11.1% −0.5%

Fund return this period +4.8% +0.1%

State today At cap Buffer working

Expense ratio 0.69% 0.74%

Net assets $35m $8m

As of Oct 21, 2026. Source: ETFIQ.

About CPRY

IWM had already risen past this fund's cap of +7.5% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's price can fall 5.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IWM can fall 10.0% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's IWM level. 71 days remained on Oct 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About QBKF

From its price on Oct 21, 2026, the fund can gain about 3.2% more before it reaches its cap. The fund's price can fall 0.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, IWM can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 14.5% of the 15.0% buffer still sits below today's IWM level.

Questions people ask

Which resets first, CPRY or QBKF?: CPRY ends its outcome period on Dec 31, 2026 and QBKF on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, CPRY or QBKF?: CPRY charges 0.69% a year and QBKF charges 0.74%, so CPRY is cheaper. Fees come from each fund's prospectus.

Other comparisons

CPRY vs KJAN CPRY vs QBKV CPRY vs KFEB CPRY vs RBUF QBKF vs RBUF QBKF vs QBKV QBKF vs KOCT QBKF vs KJAN

Russell 2000 (IWM) →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →CPRY on its own →QBKF on its own →How every figure is computed →Standards and sources →

Where these figures came from

CPRY filings on SEC EDGAR ↗Calamos website ↗QBKF filings on SEC EDGAR ↗AllianzIM page for QBKF ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, CPRY against QBKF, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/cpry-vs-qbkf

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.