Calamos Russell 2000 Structured Alt Protection ETF – April
$27.81−0.05 (−0.18%)
- 0.69%
- $13M
- +6.8%
- 0M sh
- $27.93
- low $26.03high $27.96
The ETF.net CPRA Grade
C
Score 52 out of 100
- 6 of 9
Score 52 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.B62 out of 100Rank 4 of 9Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A91 out of 100Rank 1 of 9Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F7 out of 100Rank 9 of 9Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F16 out of 100Rank 9 of 9
Our read on CPRA
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.
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
- Stocks
- 3
- 110%
- iShares Russell 2000 ETF (IWM) Long Call Option
CPRA Performance
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$10,683
Returns run to the Oct 12, 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.
| Period | CPRA |
|---|---|
| Year to date | +5.0% |
| 1 month | 0.0% |
| 3 months | +0.6% |
| 1 year | +6.8% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CPRA |
|---|---|---|
| 2026 YTD | +5.0% | |
| 2025 | +6.9% |
CPRA in the news
Category Review
Index option income was not one bet this year
CPRA Dividends
No distributions in the last 12 months.
CPRA Risk
- 1.6%
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.
- 2.52
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.
- −1.7%
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.
- 0.09
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CPRA Cost
0.69%
CPRA0.69%
- The middle half of Russell 2000 Option Income funds
- Median 0.76%
3 of the 9 Russell 2000 Option Income funds charge less.
Other funds in Russell 2000 Option Income
- BFTKIFirst Trust Small Cap BuyWrite Income ETFExpense ratio 0.86%1 year return +22.3%
- BIWMINEOS Russell 2000 High Income ETFExpense ratio 0.76%1 year return +18.2%
- CRDTERoundhill Investments - Russell 2000 0DTE Covered Call Strategy ETFExpense ratio 0.97%1 year return +18.1%
- DIWMYR2000 Weekly Distribution ETFExpense ratio 1.05%1 year return +6.0%
- DRDTYYieldMax R2000 0DTE Covered Call Strategy ETFExpense ratio 1.73%1 year return +17.5%