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CPRA

GradeCNew York Stock Exchange Arca

Calamos Russell 2000 Structured Alt Protection ETF – April

Option Income · Calamos · Inception 2025-04-01

$27.83−0.07 (−0.25%)

As of Sep 23, 2026, 10:46 AM EDT

History starts Apr 1, 2025.
Intraday session: down, 5 prints from 27.90 to 27.83. Range 27.83 to 27.90. Use the arrow keys to read each point.$27.84$27.86$27.88$27.9010 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$13M
1Y return
+6.7%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$27.98
52W range
low $26.03high $27.96

The ETF.net CPRA Grade

C

52/ 100

Rank 6 of 9 in Russell 2000 Option Income⁠

Confidence Medium

Six-pillar profile for CPRA. Scores out of 100: Cost 62, Risk 92, Mission not scored, Tradability 7, Holdings not scored, Durability 16. Strongest: Risk (92). Weakest: Tradability (7). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 52 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 62
    Category rank4/9 · top 44%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 92
    Category rank1/9 · top 11%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 7
    Category rank9/9 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 16
    Category rank9/9 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on CPRA

ETF.net Research

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

  1. 01The 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
  2. 02Costs 0.69% a year, under the median for Russell 2000 options funds it competes with.
  3. 03A 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.
  4. 04The reference is IWM's price return, the small-cap benchmark most investors already know, not a bespoke back-tested index.

Worth knowing

  1. 01The 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.
  2. 02No income stream. Russell 2000 dividends sit outside the options structure, and the fund has not been making distributions.
  3. 03Young, small and thinly traded since its 2025 launch, so wider spreads are more likely than with the category's giants.

CPRA Holdings

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
112%
Largest holding
iShares Russell 2000 ETF (IWM) Long Call Option109.8%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—iShares Russell 2000 ETF (IWM) Long Call Option109.77%515$15M4
002—iShares Russell 2000 ETF (IWM) Long Put Option1.72%515$228K4
003—US DOLLAR0.61%80,413$80K231

Showing 1–3 of 3 holdings

CPRA Performance

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

CPRA$10,666
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CPRA $10,666. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+5.0%
1 month−0.1%
3 months+0.9%
1 year+6.7%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+5.0%
2025+6.9%

Since listing, Apr 1, 2025

CPRA in the news

ETF.net Research hasn’t filed on CPRA yet — coverage lands here as it’s written.

CPRA Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

CPRA Risk

How much the fund’s monthly returns vary, scaled to a year.
1.4%
Annualised · 16 months to Aug 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.
3.43
vs 3-month T-bills · 16 months to Aug 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%
17 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.

CPRA Cost

Expense ratio0.69%
  • The middle half of Russell 2000 Option Income funds
  • Median 0.76%

3 of the 9 Russell 2000 Option Income funds charge less.

CPRA costs $69.00 a year on $10,000. The median Russell 2000 Option Income fund costs $76.00.