Skip to content
etf.net

CPRJ vs CPRO

Calamos Russell 2000 Structured Alt Protection ETF – July

CPRJANYSE Arca

Calamos Russell 2000 Structured Alt Protection ETF – October

CPROANYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

CPRJ0.69%CPRO0.69%

Avg volume · 30D

CPRJ 2.9×the volume

CPRJ14.4KCPRO5.02K

CPRJ vs CPRO Performance

Oct 31, 2025 – Oct 30, 2026

+3.5%CPRJ+7.3%CPRO

Oct 31, 2025 to Oct 30, 2026. CPRJ +3.5%. CPRO +7.3%. Use the arrow keys to read each point.0%2%6%Oct 2025May 2026Oct 2026
Expense ratio
CPRJ 0.69%
CPRO 0.69%
Fund size
CPRJ $43M
CPRO $27M
1Y total return
CPRJ +3.5%
CPRO +7.3%, better
Holdings
CPRJ 3
CPRO 3
Avg volume (30D)
CPRJ 14.4K sh, better
CPRO 5.02K sh
NAV per share
CPRJ $27.54
CPRO $28.89
52W range

ETF.net Grade

CPRJ: Cost 78, Risk 71, Mission not scored, Tradability 57, Holdings not scored, Durability 74. CPRO: Cost 78, Risk 86, Mission 88, Tradability 70, Holdings not scored, Durability 63.
Pillar letters and Scores for CPRJ, CPRO, with each pillar’s weight
PillarCPRJCPRO
Cost30% weightA78A78
Mission25% weightNot scoredA88
Risk15% weightA71A86Higher
Tradability15% weightB57A70Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA74HigherB63

Rank among Other Floor Protected funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CPRJ and CPRO are both graded against the same 18 Other Floor Protected funds, so their Grades compare head to head.

Other Floor Protected⁠

Category · 18 funds
See all 18 ›

CPRO ranks 2nd and CPRJ 4th of 18 funds in the Other Floor Protected Category.

  1. Rank 1ACPRYCalamos Russell 2000 Structured Alt Protection ETF – JanuaryScore 78
  2. Rank 2ACPROCalamos Russell 2000 Structured Alt Protection ETF – OctoberScore 76
  3. Rank 3AISWNAmplify BlackSwan ISWN ETF (International)Score 74
  4. Rank 4ACPNSCalamos Nasdaq-100 Structured Alt Protection ETF – SeptemberScore 71
  5. Rank 4ACPRJCalamos Russell 2000 Structured Alt Protection ETF – JulyScore 71
  6. Rank 6BCPNJCalamos Nasdaq-100 Structured Alt Protection ETF – JuneScore 68

Our read on each fund

ETF.net Research

CPRJACalamos Russell 2000 Structured Alt Protection ETF – July

CPROACalamos Russell 2000 Structured Alt Protection ETF – October

In short

CPRJ Small 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.

CPRO Small-cap exposure without small-cap drawdowns: CPRO tracks the Russell 2000 and aims to shield 100% of capital across each one-year outcome period, trading away upside above a preset cap.

Stated mandate

CPRJ 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.

CPRO The ETF seeks to provide Russell 2000 exposure with defined upside participation while protecting 100% of capital from losses over the one-year outcome period.

Why people hold it

  • CPRJ 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
  • CPRO Full armor, not a partial buffer: the design targets 100% downside protection over the one-year outcome period, versus the 9% or 15% slices typical of buffer funds.calamos.com
  • At 0.69%, it undercuts the typical fee in its downside-protection peer group, including RFLR, the other fund built on the same Russell 2000 floor idea.
  • Calamos brought the first 100% one-year protected Russell 2000 ETF to market, and CPRO is the October vintage; CPRY and CPRJ start their years in January and July.calamos.comprnewswire.com
  • A plain 1940 Act ETF you trade in a brokerage account, not a structured note bought through a bank.calamos.com

Worth knowing

  • CPRJ 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.
  • CPRO The cap is the price of the floor. It resets each October, applies before the 0.69% fee, and a big small-cap year gets trimmed to that ceiling.calamos.com
  • The math is built around holding the full October-to-September period. Buy mid-period and you inherit whatever cap and protection level remain.calamos.com
  • Small and thinly traded, so use limit orders. The options structure also isn't designed to produce an income stream.

Full CPRJ profile⁠

Full CPRO profile⁠

CPRJ vs CPRO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CPRJ vs CPRO Cost

Same expense ratio

$13,429

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

  • CPRJ 0.69%

    $13,429

  • CPRO 0.69%

    $13,429

$10,000
30 years

Cost over time

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

Year by year

YearCPRJCPRO
10$1,232$1,232
20$4,697$4,697
30$13,429$13,429

Expense ratio

  • 0.69%CPRJ
  • 0.69%CPRO
  • Middle half of Other Floor Protected funds
  • Median 0.79%

CPRJ 2nd cheapest of 18 funds

CPRO 2nd cheapest of 18 funds

CPRJ vs CPRO Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
CPRJ None
CPRO None

Distribution history

CPRJAll CPRJ payments⁠

No distribution history available.

CPROAll CPRO payments⁠

No distribution history available.

CPRJ vs CPRO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CPRJ 4.2%since Aug 2024CPRO 3.8%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
CPRJ 0.02since Aug 2024CPRO 0.94since Nov 2024
Worst fallMax drawdown, 5 years
CPRJ −6.3%since Jul 2024CPRO −3.3%since Oct 2024
Market sensitivityBeta, 5 years
CPRJ 0.27CPRO 0.21

Popular comparisons

  • CPRJAvsCPRYA

    Calamos Russell 2000 Structured Alt Protection ETF – July · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPROAvsCPRYA

    Calamos Russell 2000 Structured Alt Protection ETF – October · Calamos Russell 2000 Structured Alt Protection ETF – January

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPRJAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – July · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.69% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPROAvsISWNA

    Calamos Russell 2000 Structured Alt Protection ETF – October · Amplify BlackSwan ISWN ETF (International)

    Expense ratio
    0.69% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPRJAvsCPNSA

    Calamos Russell 2000 Structured Alt Protection ETF – July · Calamos Nasdaq-100 Structured Alt Protection ETF – September

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • CPROAvsCPNSA

    Calamos Russell 2000 Structured Alt Protection ETF – October · Calamos Nasdaq-100 Structured Alt Protection ETF – September

    Expense ratio
    0.69% · 0.69%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.