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Launched

Calamos Russell 2000 Structured Alt Protection ETF – July

CPRJNYSE ArcaCalamosA

$27.48+0.03 (+0.10%)

As of Nov 2, 2026, 3:59 PM ET

A71/ 100

Rank 4 of 24 in Other Floor Protected

A71/100Rank 4 of 24inOther Floor Protected
Intraday session: up, 78 prints from 27.45 to 27.48. Range 27.45 to 27.54. Use the arrow keys to read each point.27.5027.5227.5410 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$43M
1Y total return
+3.5%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
14.4K sh
52W range
low $26.19high $27.89
Launched

The ETF.net CPRJ Grade

Based on 4 of 6 pillars

A

Score 71 out of 100

Category
Other Floor Protected⁠
Rank
4 of 24
Six-pillar profile for CPRJ. Scores out of 100: Cost 78, Risk 71, Mission not scored, Tradability 57, Holdings not scored, Durability 74. Strongest: Cost (78). Weakest: Tradability (57). Based on 4 of 6 pillars.

Score 71 of 100 falls in the A 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.
    A78 out of 100
    Rank 2 of 24

  • 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.
    A71 out of 100
    Rank 8 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 10 of 24

  • 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.
    A74 out of 100
    Rank 3 of 24

Our read on CPRJ

ETF.net Research

In short

ASmall caps with a hard floor. CPRJ tracks the Russell 2000 through IWM and aims to absorb 100% of its losses over a one-year outcome period, before fees, in exchange for a cap on gains that resets every July.

Stated mandate

The Fund seeks participation in gains of the iShares Russell 2000 ETF up to a stated cap while protecting against 100% of its losses over the one-year outcome period, before fees and expenses.

Why people hold it

  • Not a slice of the downside, all of it: the structure aims to protect against 100% of the reference ETF's losses over the one-year outcome period, before fees and expenses.calamos.com
  • A floor on small caps is the rare part. The reference asset is the iShares Russell 2000 ETF (IWM), not the large-cap index most protected-outcome funds lean on.calamos.com
  • 0.69% a year sits under the typical fee in its protected-outcome peer group, and it is the same rate as the January and October siblings (CPRY, CPRO).
  • It renews itself: a fresh outcome period starts each July 1 with a newly struck cap, so the protection resets on a calendar you can plan around.calamos.com

Worth knowing

  • The floor is paid for with a ceiling. Gains stop at the cap struck for that outcome period, so a blistering small-cap year gets clipped.calamos.com
  • Protection is stated before fees and expenses and applies over a full July-to-June period. Buy mid-period and your terms are whatever cap and cushion remain.
  • One of the smaller, more thinly traded funds in the category, and it has not been paying distributions, so spreads deserve attention and nothing shows up as income.

CPRJ Holdings

Asset class
Stocks
Holdings
3
Top-10 weight
102%
Largest holding
iShares Russell 2000 ETF (IWM) Long Call Option93.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataiShares Russell 2000 ETF (IWM) Long Call Option93.46%1,426$40M4
2No dataiShares Russell 2000 ETF (IWM) Long Put Option7.73%1,426$3.31M4
3No dataUs Dollar0.59%254,232$254K228

Showing 1–3 of 3 holdings

CPRJ Performance

Launched Jun 30, 2024

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.
CPRJ$10,347
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. CPRJ $10,347. 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 CPRJ. Periods over one year show the average yearly return.
PeriodCPRJ
Year to date+2.5%
1 month+0.4%
3 months−0.6%
1 year+3.5%
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 CPRJ
YearReturn barCPRJ
2026 YTD+2.5%
2025+5.0%
2024+4.7%

History from Jul 1, 2024

CPRJ in the news

CPRJ Dividends

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

No distributions in the last 12 months.

CPRJ Risk

Risk pillarA71 out of 100Rank 8 of 24 in Other Floor Protected
How much the fund’s monthly returns vary, scaled to a year.
4.2%
Annualised · 27 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.
0.02
vs 3-month T-bills · 27 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.
−6.3%
27 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.
0.27
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.

CPRJ Cost

Compare CPRJ and ISWN

Overpaying vs ISWN, cheapest in Other Floor Protected

$3,637

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

  • CPRJ 0.69%

    $13,429

  • ISWN 0.49% Cheapest

    $9,792

$10,000
30 years

Cost over time

  • CPRJ 0.69%
  • ISWN 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CPRJ $13,429ISWN $9,792

Year by year

YearCPRJISWNOverpaying
10$1,232$883$349
20$4,697$3,394$1,303
30$13,429$9,792$3,637

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