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Launched

Calamos Russell 2000 Structured Alt Protection ETF – April

CPRANYSE ArcaCalamosC

$27.93−0.02 (−0.09%)

As of Nov 2, 2026, 3:46 PM ET

C47/ 100

Rank 6 of 9 in Russell 2000 Option Income

C47/100Rank 6 of 9inRussell 2000 Option Income
Intraday session: down, 70 prints from 27.95 to 27.93. Range 27.93 to 27.97. Use the arrow keys to read each point.27.9427.9527.9627.9710 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$13M
1Y total return
+6.6%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
1.31K sh
52W range
low $26.03high $28.04
Launched

The ETF.net CPRA Grade

Based on 4 of 6 pillars

C

Score 47 out of 100

Category
Russell 2000 Option Income⁠
Rank
6 of 9
Six-pillar profile for CPRA. Scores out of 100: Cost 52, Risk 91, Mission not scored, Tradability 7, Holdings not scored, Durability 16. Strongest: Risk (91). Weakest: Tradability (7). Based on 4 of 6 pillars.

Score 47 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C52 out of 100
    Rank 5 of 9

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A91 out of 100
    Rank 1 of 9

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F7 out of 100
    Rank 9 of 9

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F16 out of 100
    Rank 9 of 9

Our read on CPRA

ETF.net Research

In short

CSmall caps without the trapdoor. CPRA uses options on IWM to aim for zero downside across a one-year April-to-April period, and pays for it with a hard ceiling on gains that Calamos resets each spring.

Stated mandate

The fund seeks to participate in the positive price return of the Russell 2000 up to a defined cap while protecting against all losses during a one-year outcome period, before fees and expenses.

Why people hold it

  • The bargain is spelled out in the prospectus: shield against all losses over the full outcome period (before fees), upside stopped at a cap reset every April 1.calamos.com
  • Costs 0.69% a year, under the median for Russell 2000 options funds it competes with.
  • A different bet than the covered-call crowd. RYLD and IWMW sell calls for income and still ride small caps down. CPRA skips the income and puts the chips on protection.
  • The reference is IWM's price return, the small-cap benchmark most investors already know, not a bespoke back-tested index.

Worth knowing

  • The protection math is stated before fees and expenses and runs start to finish of the outcome period. Step in or out mid-period and your cap and cushion differ from the headline terms.
  • No income stream. Russell 2000 dividends sit outside the options structure, and the fund has not been making distributions.
  • Young, small and thinly traded since its 2025 launch, so wider spreads are more likely than with the category's giants.

CPRA Holdings

Asset class
Stocks
Holdings
3
Top-10 weight
111%
Largest holding
iShares Russell 2000 ETF (IWM) Long Call Option108.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataiShares Russell 2000 ETF (IWM) Long Call Option108.63%515$14.5M4
2No dataiShares Russell 2000 ETF (IWM) Long Put Option1.48%515$197K4
3No dataUs Dollar0.43%57,611$57.6K228

Showing 1–3 of 3 holdings

CPRA Performance

Launched Mar 31, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
CPRA$10,656
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CPRA $10,656. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CPRA. Periods over one year show the average yearly return.
PeriodCPRA
Year to date+5.3%
1 month+0.5%
3 months+0.7%
1 year+6.6%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CPRA
YearReturn barCPRA
2026 YTD+5.3%
2025+6.9%

History from Apr 1, 2025

CPRA in the news

CPRA Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

CPRA Risk

Risk pillarA91 out of 100Rank 1 of 9 in Russell 2000 Option Income
How much the fund’s monthly returns vary, scaled to a year.
1.6%
Annualised · 18 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
2.51
vs 3-month T-bills · 18 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−1.7%
18 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.09
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CPRA Cost

Compare CPRA and RYLG

Overpaying vs RYLG, cheapest in Russell 2000 Option Income

$6,303

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CPRA 0.69%

    $13,429

  • RYLG 0.35% Cheapest

    $7,126

$10,000
30 years

Cost over time

  • CPRA 0.69%
  • RYLG 0.35%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPRA $13,429RYLG $7,126

Year by year

YearCPRARYLGOverpaying
10$1,232$634$598
20$4,697$2,454$2,243
30$13,429$7,126$6,303

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