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CPRJ

GradeANew York Stock Exchange Arca

Calamos Russell 2000 Structured Alt Protection ETF – July

Floor Protected · Calamos · Inception 2024-07-01

$27.40−0.10 (−0.35%)

As of Sep 23, 2026, 2:55 PM EDT

History starts Jul 1, 2024.
Intraday session: down, 43 prints from 27.50 to 27.40. Range 27.39 to 27.50. Use the arrow keys to read each point.$27.43$27.45$27.48$27.5010 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$42M
1Y return
+4.0%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
0M sh
NAV per share
$27.62
52W range
low $26.19high $27.89

The ETF.net CPRJ Grade

A

72/ 100

Rank 5 of 24 in Other Floor Protected⁠

Confidence Medium

Six-pillar profile for CPRJ. Scores out of 100: Cost 78, Risk 73, Mission not scored, Tradability 59, Holdings not scored, Durability 74. Strongest: Cost (78). Weakest: Tradability (59). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 72 of 100 sits in the A 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.
    AScore 78
    Category rank8/24 · top 33%

  • 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 73
    Category rank8/23 · top 35%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank10/24 · top 42%

  • 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.
    AScore 74
    Category rank3/24 · top 13%

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

Our read on CPRJ

ETF.net Research

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

  1. 01Not 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
  2. 02A 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
  3. 030.69% 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).
  4. 04It 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

  1. 01The 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
  2. 02Protection 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.
  3. 03One 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

As of Sep 20, 2026, 9:03 AM
Asset class
Stocks
Holdings
5
Top-10 weight
102%
Largest holding
iShares Russell 2000 ETF (IWM) Long Call Option94.1%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—iShares Russell 2000 ETF (IWM) Long Call Option94.12%1,403$40M4
002—iShares Russell 2000 ETF (IWM) Long Put Option7.57%1,403$3M4
003—US DOLLAR0.75%315,439$315K231

Showing 1–3 of 3 holdings

CPRJ Performance

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

CPRJ$10,397
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. CPRJ $10,397. 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 CPRJ. Periods over one year show the average yearly return.
PeriodCPRJ
Year to date+2.7%
1 month−1.2%
3 months−0.5%
1 year+4.0%
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 CPRJ
YearReturn barCPRJ
2026 YTD+2.7%
2025+5.0%
2024+4.7%

Since listing, Jul 1, 2024

CPRJ in the news

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

CPRJ Dividends

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

No distributions in the last 12 months.

CPRJ Risk

How much the fund’s monthly returns vary, scaled to a year.
4.2%
Annualised · 25 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.
0.19
vs 3-month T-bills · 25 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.
−6.3%
26 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.

CPRJ Cost

Expense ratio0.69%
  • The middle half of Other Floor Protected funds
  • Median 0.79%

1 of the 18 Other Floor Protected funds charge less.

CPRJ costs $69.00 a year on $10,000. The median Other Floor Protected fund costs $79.50.