Calamos Russell 2000 Structured Alt Protection ETF – July
$27.34−0.01 (−0.05%)
- 0.69%
- $42M
- +3.6%
- 0M sh
- $27.45
- low $26.19high $27.89
The ETF.net CPRJ Grade
A
Score 70 out of 100
- 5 of 24
Score 70 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 100Rank 2 of 24Mission
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.B69 out of 100Rank 9 of 24Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B55 out of 100Rank 11 of 24Holdings
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.A74 out of 100Rank 3 of 24
Our read on CPRJ
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.
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
- Stocks
- 3
- 102%
- iShares Russell 2000 ETF (IWM) Long Call Option
CPRJ 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.
CPRJ$10,360
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 | CPRJ |
|---|---|
| Year to date | +2.2% |
| 1 month | −0.8% |
| 3 months | −1.0% |
| 1 year | +3.6% |
| 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 | CPRJ |
|---|---|---|
| 2026 YTD | +2.2% | |
| 2025 | +5.0% | |
| 2024 | +4.7% |
CPRJ in the news
Category Review
Index option income was not one bet this year
CPRJ Dividends
No distributions in the last 12 months.
CPRJ Risk
- 4.2%
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.
- 0.01
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.
- −6.3%
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.
- 0.27
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
0.69%
CPRJ0.69%
- The middle half of Other Floor Protected funds
- Median 0.79%
1 of the 18 Other Floor Protected funds charge less.
Other funds in Other Floor Protected
- ACPRYCalamos Russell 2000 Structured Alt Protection ETF – JanuaryExpense ratio 0.69%1 year return +8.9%
- ACPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneExpense ratio 0.69%1 year return +4.8%
- BCPNMCalamos Nasdaq-100 Structured Alt Protection ETF – MarchExpense ratio 0.69%1 year return +6.5%
- BXIJNFirst Trust Exchange-Traded Fund VIII - FT Vest U.S. Equity Buffer & Premium Income ETF - JuneExpense ratio 0.85%1 year return +7.0%
- BFLJJAllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETFExpense ratio 0.74%1 year return +12.0%