CPRJ vs FLAO

CPRJACalamos Russell 2000 Structured Alt Protection ETF – July

FLAOCAllianzIM U.S. Equity 6 Month Floor5 Apr/Oct ETF

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.

FLAO Six-month defined-outcome exposure to the SPDR S&P 500 ETF Trust: a cap on the upside, 5 points of loss protection under it, and a fresh reset every April and October, at a fee below the protected-outcome median.

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.

FLAO The Fund seeks to match the share-price return of the SPDR S&P 500 ETF Trust during the outcome period, subject to an upside cap and protection against losses of up to 5%.

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

• FLAO At 0.74% a year it sits under the median fee in its protected-outcome cohort, and below Innovator's managed-floor rival SFLR at 0.89%.
• The outcome window runs six months (April through September, then October through March), so the cap gets re-struck twice a year instead of once.
• The yardstick is the share-price return of the SPDR S&P 500 ETF Trust, a live market quote you can watch, not a model index.
• AllianzIM runs a Jan/Jul twin, FLJJ, on the same 5% protection design, so the two together cover the calendar.

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.

• FLAO The upside is capped, and the cap is set at the start of each six-month period, so the ceiling isn't known in advance and strong rallies get clipped.
• The terms apply across a full outcome period. Step in or out mid-window and your effective cap and protection differ from the stated ones.
• A smaller, thinly traded fund launched in 2024, and built around price outcomes rather than payouts, so spreads and timing matter more than yield here.

Full CPRJ profile⁠

Full FLAO profile⁠