At a glance
CPRO charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $29.0M in assets, the 8th largest of that group. Over the past year it returned +7.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Calamos Russell 2000 Structured Alt Protection ETF - October (CPRO) holds options on the iShares Russell 2000 ETF, a fund of U.S. small-company stocks. Over each one-year period starting October 1, it seeks that ETF's price gains up to a preset cap while protecting against 100% of its losses, before fees. Its 0.69% expense ratio was lowest in a group of eight defined-outcome funds, though holders give up dividends and gains above the cap.
Price history
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CPRO +7.0% 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 | |
|---|---|---|---|---|---|---|
| CPRO price data to Oct 27, 2026 | +6.7% | +7.0% | — | — | — | +7.5% |
- Over the year to Oct 27, 2026, CPRO returned +7.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.3%); its best was 2025 (+8.3%).
- The deepest fall in its price history was 3.4% (Dec 2, 2024 to Apr 8, 2025), recovered by Jul 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.7% |
| 2025 | +8.3% |
| 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 withdrew a net $2.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.83%, +0.75%, +0.28%.
How it works
CPRO is an actively managed ETF that owns no stocks. Nearly all its assets sit in FLEX options, exchange-traded option contracts with customized terms, on the iShares Russell 2000 ETF. That ETF tracks the Russell 2000 Index of about 1,945 small U.S. companies, weighted by market value and reconstituted yearly. As of July 31, 2026, CPRO held three options expiring September 30, 2026: one that moves almost in step with the ETF, one that pays if the ETF falls below $241.96, and one it wrote at $260.98, which gives up gains above that price.
Results are measured over an outcome period of about one year, from the fund's net asset value per share on its first day. For October 1, 2025 through September 30, 2026, the cap was 7.86% and protection covered 100% of the ETF's price losses, before fees; after the 0.69% fee, they were 7.17% and 99.31%. Protection applies only at the period's end, so investors who join late or exit early may see very different results.
The fund doesn't end with a period. Each October 1 it rolls into new options with a fresh cap based on market conditions; protection stays at 100%. Returns exclude the ETF's dividends. The Options Clearing Corporation guarantees the options' settlement, but the strategy itself carries no guarantee.
What it really costs
- CPRO 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 |
|---|---|---|---|---|
| CPRO | $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 absorb 100% of the iShares Russell 2000 ETF's price losses over each one-year period, before fees, in exchange for capped gains.
CPRO could add small-company stock exposure with a loss floor, at the cost of capped gains. Launched October 1, 2024, it did not exist during the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 8.3%. Its deepest drop, 3.4% from December 2, 2024 to April 8, 2025, was recovered by July 2, 2025, 2.8 months after the low. Protection applies only at the end of each one-year outcome period, so someone needing cash during a bad year could get back less than the starting value.
It pays no income, and its returns exclude the iShares Russell 2000 ETF's dividends. Costs are 0.69% a year, below the 0.86% peer average; the SEC's standard example puts them at $859 over 10 years on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting Russell 2000 small-company exposure with 100% price-loss protection, before fees, over a full one-year period, in exchange for capped gains.
- Holders who can enter on October 1 and stay until September 30, the only window in which the stated cap and protection apply.
- Cost-conscious investors: its 0.69% expense ratio was lowest in a group of eight defined-outcome funds; the other seven averaged 0.86%.
Look elsewhere if
- Income seekers: no distributions are on record, and returns exclude the iShares Russell 2000 ETF's dividends.
- Growth-focused investors: its 7.0% one-year return to October 27, 2026 ranked last of eight similar funds; the others returned 9.5% to 12.9%.
- Anyone likely to need cash mid-period, since protection applies only at the end of each October-to-September outcome period.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPRO this fund | 0.69% | $29.0M | +7.0% | — |
| 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 CPRO?
Yes, though over a full one-year outcome period it aims to limit losses to roughly its fees and other costs. For October 1, 2025 through September 30, 2026, CPRO sought to absorb 100% of the iShares Russell 2000 ETF's price losses before fees, or 99.31% after its 0.69% fee. Investors who enter after the period starts or exit before it ends can lose more, because protection applies only at the end. The prospectus warns the strategy may not succeed, and the fund is not FDIC-insured.
What is the cap on CPRO?
It was 7.86% before fees, or 7.17% after fees, for the outcome period from October 1, 2025 through September 30, 2026. If the iShares Russell 2000 ETF's share price rises more than the cap over a period, CPRO's gain stops there. A new cap is set each October 1 based on market conditions, so it changes from period to period; the fund's website posts the anticipated range about a week before each period ends.
Does CPRO pay dividends?
No. The fund has no distributions on record. It holds FLEX options, customized exchange-traded option contracts, rather than stocks, and its returns are based only on the share price of the iShares Russell 2000 ETF, so it does not pass along that ETF's dividends. Its appeal is protection against price losses over each one-year outcome period, not regular cash payouts, which makes it a poor fit for anyone relying on a fund for income.
What's the difference between CPRO and PJAN?
CPRO costs less and focuses on small companies; PJAN is far larger and earned more over the year to October 27, 2026. CPRO charges 0.69% versus 0.79% for Innovator U.S. Equity Power Buffer ETF - January (PJAN), and it aims to absorb 100% of the iShares Russell 2000 ETF's price losses each period, before fees. PJAN is a U.S. equity buffer fund with its own terms. PJAN returned 10.5% to CPRO's 7.0%, and its net assets were $1.4 billion versus $29.0 million as of July 31, 2026.
Is CPRO good for retirees?
It may suit retirees who value stability over growth, with caveats. Its returns have been steady: volatility, a measure of how much returns swing, was 2.7% over the year to October 27, 2026, and its deepest drop since its October 1, 2024 launch was 3.4%. But it pays no income, caps gains, protects only at each period's end and did not exist during the 2008, 2020 or 2022 downturns. Its 0.69% fee was lowest in a group of eight similar funds.