At a glance
CPRJ charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $37.4M in assets, the 8th largest of that group. Over the past year it returned +3.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos Russell 2000 Structured Alt Protection ETF July (CPRJ) holds FLEX options on the iShares Russell 2000 ETF, which tracks small US companies. For shares held through each one-year outcome period starting July 1, it seeks to protect against 100% of that ETF's price losses, before fees, while capping gains (8.10% for the period ended June 30, 2026). Its 0.69% expense ratio was the lowest of eight buffer funds compared.
Price history
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CPRJ +3.3% 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 | |
|---|---|---|---|---|---|---|
| CPRJ price data to Oct 27, 2026 | +2.5% | +3.3% | — | — | — | +5.3% |
- Over the year to Oct 27, 2026, CPRJ returned +3.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.0%); its best was 2025 (+5.0%).
- The deepest fall in its price history was 6.3% (Feb 5, 2025 to Apr 8, 2025), recovered by Jul 9, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.5% |
| 2025 | +5.0% |
| 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 $13.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.44%, +0.29%, +0.14%.
How it works
CPRJ is an actively managed ETF from Calamos. It puts substantially all of its assets in FLEX Options on the iShares Russell 2000 ETF. FLEX Options are exchange-traded option contracts with custom strike prices and expiration dates. The Russell 2000 Index, which that ETF tracks, is a float-adjusted, market-value-weighted index of about 1,945 of the smallest companies in the Russell 3000 Index. It is reconstituted once a year. CPRJ owns options, not the stocks, so its returns do not include the dividends those companies pay.
As of July 31, 2026, the fund held three options, all expiring in June 2027, with Goldman Sachs & Co. LLC listed on each. A deep in-the-money call, about 95% of assets, tracks the ETF's price. A put, about 8%, pays off if the ETF falls. A sold call, about −4%, gives away gains above the cap.
The targets apply to an outcome period of about one year, measured from the fund's net asset value on the first day. For July 1, 2025 to June 30, 2026, the cap was 8.10% and the protection 100%. After fees, those figures were 7.41% and 99.31%. Each July 1 the fund buys new options. The protection level stays the same, but the cap resets based on market conditions. Investors who buy after the start or sell early may get very different results.
What it really costs
- CPRJ 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 |
|---|---|---|---|---|
| CPRJ | $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 seeks to protect against 100% of small-cap price losses over each one-year period, before fees, in exchange for capped gains; its one-year volatility was 2.6% as of October 27, 2026.
CPRJ gives up most of the upside in small-company stocks to protect the starting value of each July-to-June outcome period, before fees. It launched in July 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 5.04%. Its deepest drop was 6.3%, from February 5 to April 8, 2025, and it recovered by July 9, 2025, about three months later. That dip shows the protection applies at the end of a period, not along the way. A retiree forced to sell mid-period could lock in a loss.
The fund pays no distributions, so it does not provide income. It costs 0.69% a year, or $70 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want small-cap stock exposure with protection against 100% of price losses, before fees, when held through each July-to-June outcome period.
- Cautious savers willing to give up gains above a cap (8.10% for the period ended June 30, 2026) in exchange for downside protection.
- Cost-conscious users of defined-outcome funds: its 0.69% expense ratio compares with a 0.86% average among similar buffer funds.
Look elsewhere if
- Investors who need income: the fund recorded no distributions, and its returns exclude the dividends paid by Russell 2000 companies.
- Growth seekers: its 3.3% one-year return trailed all seven buffer peers, which ranged from 9.5% to 12.9%, as of October 27, 2026.
- Investors likely to trade mid-period or who prefer larger funds; net assets were about $37.4 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 |
|---|---|---|---|---|
| CPRJ this fund | 0.69% | $37.4M | +3.3% | — |
| 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
Is CPRJ really 100% downside protected?
Only under set conditions. The fund seeks to protect against 100% of the iShares Russell 2000 ETF's price losses, before fees, and only for shares held from the first day of an outcome period to its last. For July 1, 2025 to June 30, 2026, protection after fees was 99.31%. During a period the share price still moves: it fell 6.3% from February 5 to April 8, 2025. The protection is not guaranteed or FDIC-insured.
What is the cap on CPRJ?
The cap is the most the fund can gain over one outcome period. For July 1, 2025 through June 30, 2026, it was 8.10% before fees and 7.41% after fees. A new cap is set every July 1 based on market conditions, so it changes from year to year. About a week before each period ends, the fund's website posts the expected cap range for the next one. The fund gives up any gains in the Russell 2000 ETF above the cap.
Does CPRJ pay dividends?
No. The fund recorded no distributions. It holds options on the iShares Russell 2000 ETF, not the stocks themselves, and the prospectus states that its performance does not include the dividends that ETF pays. So investors give up small-cap dividends as well as gains above the cap. Anyone who wants cash from this holding has to sell shares, and selling before an outcome period ends can produce results very different from the fund's targets.
What is CPRJ's expense ratio?
CPRJ charges 0.69% a year, all of it a management fee, according to its prospectus filed November 21, 2025. That was the lowest of eight buffer funds compared, which averaged 0.86%. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs total about $70 after one year, $221 after three, $384 after five and $859 after ten. Brokerage commissions and trading costs come on top and further reduce the cap and protection.
CPRJ vs PJAN: what's the difference?
Both use options to shape returns over a one-year period, but they track different markets. CPRJ is built on the iShares Russell 2000 ETF of small US companies and aims for 100% price protection with a cap. PJAN, the Innovator U.S. Equity Power Buffer ETF – January, is built on US equities, and its own prospectus sets its buffer and cap. PJAN costs 0.79% versus 0.69%. Over the year to October 27, 2026, PJAN returned 10.5% and CPRJ returned 3.3%.