At a glance
CPRA charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $13.2M in assets, the 8th largest of that group. Over the past year it returned +6.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) holds FLEX options (customized exchange-traded options) on the iShares Russell 2000 ETF. Over each April-to-March period, it aims to match that fund's price gains up to a cap while absorbing 100% of its price losses, before fees. Its 0.69% expense ratio is below the 0.86% average of similar buffer funds, but protection applies only to full-period holders, and it has paid no distributions.
Price history
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CPRA +6.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CPRA price data to Oct 27, 2026 | +5.2% | +6.3% | — | — | — | +7.7% |
- Over the year to Oct 27, 2026, CPRA returned +6.3%, 8th of 8 among similar funds.
- The deepest fall in its price history was 1.7% (Apr 2, 2025 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +5.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $2.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.66%, +0.58%, +0.14%.
How it works
CPRA is an actively managed ETF that owns no stocks. It invests almost entirely in FLEX options (customized exchange-traded options) on the iShares Russell 2000 ETF, which tracks the Russell 2000 Index: roughly the 1,945 smallest companies in the Russell 3000. As of July 31, 2026, it held three options expiring March 31, 2027: a call with a near-zero exercise price that moves with the ETF, a put that pays off if the ETF ends below $248.00, providing the protection, and a sold call that gives up gains above $267.67, setting the cap.
The protection and cap work over an outcome period of about one year. For April 1, 2025 through March 31, 2026, the cap was 9.42% and protection covered 100% of price losses before fees; after the 0.69% fee, they were 8.73% and 99.31%. They're measured from the fund's per-share value on day one, and only investors holding the full period get them. Getting in late or out early can mean very different results.
At each period's end, the fund cashes in its options and invests in new ones lasting about a year. Protection stays at 100%, but the cap resets with market conditions; the fund's website posts the expected range about a week ahead. Returns follow the ETF's price only, leaving out its dividends.
What it really costs
- CPRA charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CPRA | $70 | $221 | $384 | $859 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to absorb 100% of the iShares Russell 2000 ETF's price losses, before fees, over each outcome period, and its one-year volatility was 2% as of October 27, 2026.
CPRA could add a steadier link to small-company stocks, but it launched on April 1, 2025, so it has no record from the 2008, 2020 or 2022 downturns and no full calendar year of results. Its deepest drop, 1.7% in early April 2025, was made up by May 2. If small-company stocks fall over a period, it aims to lose nothing, before fees, by its March 31 end, but shares cashed in earlier could be worth less. It has paid no distributions, so drawing income means cashing in shares. Gains are capped, and its 6.3% one-year return to October 27, 2026, trailed the 9.5% to 12.9% of other buffer funds compared. It costs 0.69% a year: $70 on $10,000 in year one, per the SEC's standard example. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Russell 2000 small-company price exposure with 100% downside protection, before fees, and can hold each full April-to-March period.
- Investors comparing defined-outcome funds on cost: its 0.69% expense ratio is below the 0.79% to 0.95% of the other buffer funds compared.
- Investors prizing steadiness: one-year price swings (volatility) measured 2%, and its deepest drop since launch was 1.7%, as of October 27, 2026.
Look elsewhere if
- Anyone seeking income: it has paid no distributions, and its returns exclude the iShares Russell 2000 ETF's dividends.
- Those wanting full small-company upside: gains above the cap, 9.42% before fees for the period ending March 31, 2026, are given up.
- Investors likely to enter or exit mid-period, or who prefer larger funds; net assets were about $13.2 million as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPRA this fund | 0.69% | $13.2M | +6.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Can you lose money in CPRA?
Yes, though the fund is built to limit losses. Its 100% protection against the iShares Russell 2000 ETF's price losses applies before fees and only to investors who hold for a full outcome period. After the 0.69% fee, protection for April 1, 2025 through March 31, 2026 was 99.31%. Getting in after the start or out before the end can mean losses beyond that, the protection isn't guaranteed, and the fund isn't a bank deposit or FDIC insured. Its deepest drop through October 27, 2026, was 1.7%.
Does CPRA pay dividends?
No. The fund had made no distributions through October 27, 2026. It holds FLEX options rather than stocks, and its returns follow only the price of the iShares Russell 2000 ETF, so that ETF's dividends are neither passed on nor counted. Anyone relying on it for income would need to cash in shares, and shares cashed in before a period ends may not get the full protection.
What happens when CPRA's outcome period ends?
It doesn't close; it resets. When an outcome period ends, the fund receives the cash value of its expiring FLEX options and invests in a new set lasting about a year. Protection stays at 100% before fees, but the cap is reset based on market conditions; the first period's cap, through March 31, 2026, was 9.42% before fees. As of July 31, 2026, its options were set to expire March 31, 2027. About a week before each period ends, the fund's website posts the expected cap range.
What's the difference between CPRA and BUFR?
Both are defined-outcome ETFs, but they differ in cost, size and design. CPRA charges 0.69% versus 0.95% for FT Vest Laddered Buffer ETF (BUFR), and targets 100% protection on the iShares Russell 2000 ETF over each April-to-March period. BUFR spreads money across buffer periods with staggered start dates, so there's no single date to time. In the year to October 27, 2026, BUFR returned 11.6% and CPRA 6.3%. Net assets were about $10.5 billion for BUFR (August 31, 2026) and $13.2 million for CPRA (July 31, 2026).
What is CPRA's expense ratio?
CPRA's expense ratio is 0.69% a year, per its prospectus filed November 21, 2025, and all of it is management fee. That's the lowest of the eight buffer funds compared; the other seven averaged 0.86%. In the SEC's standard example, $10,000 earning 5% a year would incur about $70 in costs over one year, $221 over three, $384 over five and $859 over ten. The fee also trims the targets: for April 2025 to March 2026, it lowered the 9.42% cap to 8.73% and protection to 99.31%.