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CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July

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$27.46
+0.1% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Since Jul 1, 2026, CPRJ lost 0.7%, against IWM's −6.0% price return. 94.0% of its 100.0% buffer is left.

Why did CPRJ return +10.6% against IWM’s +32.6%?How much of CPRJ’s cap and buffer is left?What do CPRJ’s net flows of +$31.8m over the since Jul 2024 mean?
Absorbs the whole loss on IWM and caps the gain at 9.3%, over a period ending Jun 30, 2027Calamos ↗Expense ratio 0.69%Fund assets $43m on Oct 28, 2026Benchmark IWMFund page at the issuer ↗SEC filings ↗Every Calamos fund ETFIQ covers

Promise check: Not measuredNo outcome period of its has finished in ETFIQ's record (snapshots from Sep 4, 2026).

Compare with…Trading costsPut to the committeeaskIQ about CPRJAdd to portfolioFlowsAlerts

CPRJ risk and return scorecard

vs IWM · Jul 2024 to Oct 2026 · 119 weekly returns · dividend-adjusted

Short history · 27 months
CPRJ +10.6%, IWM +32.6%, Jul 2024 to Oct 2026, distributions reinvested.
Return
MeasureCPRJIWMEdge
Total return+10.6%+32.6%IWM
Annualized+4.5%+13.1%IWM
Price return+10.6%+29.4%IWM
Risk
MeasureCPRJIWMEdge
Volatility4.5%19.7%CPRJ
Max drawdown−5.7%−24.7%CPRJ
Upside capture13.0%100.0%IWM
Downside capture25.8%100.0%CPRJ
Risk-adjusted
MeasureCPRJIWMEdge
Sharpe ratio0.080.51IWM
Sortino ratio0.120.75IWM
Alpha vs IWM
MeasureCPRJIWMEdge
Alpha, a year−1.6%Not significant
Alpha t-stat−1.07
Beta to IWM0.201.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jul 31, 2026
12 months to Jul 31, 2026
−$17.4m
Since Jul 2024
+$31.8m
askIQ: what do these flows mean? ↗

What you earned

CPRJ +0.3%, IWM price return +0.5%: total return over one month to Oct 28, 2026.
CPRJ+0.3%
IWM+0.5%
CPRJ −0.4%, IWM price return −2.5%: total return over three months to Oct 28, 2026.
CPRJ−0.4%
IWM−2.5%
CPRJ +0.3%, IWM price return +3.4%: total return over six months to Oct 28, 2026.
CPRJ+0.3%
IWM+3.4%
CPRJ +2.6%, IWM price return +14.3%: total return over the year to Oct 28, 2026.
CPRJ+2.6%
IWM+14.3%
CPRJ +3.4%, IWM price return +13.0%: total return over one year to Oct 28, 2026.
CPRJ+3.4%
IWM+13.0%
CPRJ +12.8%, IWM price return +39.8%: total return since launch to Oct 28, 2026.
CPRJ+12.8%
IWM+39.8%
askIQ: why did CPRJ return +3.4% against IWM’s +13.0%? ↗

Where does it stand in this outcome period?

Outcome period Jul 1, 2026 to Jun 30, 2027
not published
Can still gain from today’s fund price
0.0%
Fall before the buffer from today’s fund price
Report
94.0%
Protection left, index points
Report
245
Days to reset
Report
askIQ: how much of CPRJ’s cap and buffer is left? ↗

More on CPRJ

Every number below is on this page. Open what you need.

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Price, 1 year

$27.46+0.1%1 day, priceClose, Oct 28, 2026

Price only. No distribution was paid over these days, so total return is the same. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

CPRJ returns by window: total return, cash paid and price change
WindowTotal returnIWM price returnGap to IWM
1M Sep 28 – Oct 28, 2026+0.3%+0.5%−0.2 pts
3M Jul 29 – Oct 28, 2026−0.4%−2.5%+2.1 pts
6M Apr 29 – Oct 28, 2026+0.3%+3.4%−3.1 pts
YTD Dec 31, 2025 – Oct 28, 2026+2.6%+14.3%−11.7 pts
1Y Oct 28, 2025 – Oct 28, 2026+3.4%+13.0%−9.6 pts
Since launch Jul 1, 2024 – Oct 28, 2026+12.8%+39.8%−27.0 pts
Since launch, annualised Jul 1, 2024 – Oct 28, 2026+5.3%––

Total returns, distributions reinvested. IWM's column is its price return, dividends left out: the basis the outcome period uses. Listed Jul 2024: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Email me when CPRJ's outcome period resets.

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Buffer working
Buffer workingCPRJ: reference −6.0% since period start, fund −0.7%; buffer Floor; cap +9.3%; Buffer working. Data to Oct 28, 2026.full floor beneath+9.3% to capfull floor0% period start+9.3% capTODAY · IWM −6.0%Buffer workingCPRJ: reference −6.0% since period start, fund −0.7%; buffer Floor; cap +9.3%; Buffer working. Data to Oct 28, 2026.full floor beneathfull floor0% start+9.3% cap+9.3% more to the capTODAY · IWM −6.0%

CPRJ: reference −6.0% since period start, fund −0.7%; buffer Floor; cap +9.3%; Buffer working. Data to Oct 28, 2026.

Money in and out

Monthly data · as of Jul 31, 2026

CPRJ: in the month to Jul 31, 2026, net $14.5m came in, by its SEC filing.

12 months
−$17.4m
−33.3% of $52.3m on Jul 31, 2025
Aug 1, 2025 to Jul 31, 2026
monthly, from SEC filings
Since Jul 2024
+$31.8m
Jul 1, 2024 to Jul 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions CPRJ files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jul 2026. Every day and month ETFIQ holds for CPRJ, back to Jul 2024, is in its flows file. Flows across every fund · How these flows are computed · Compare CPRJ with other funds in the flows tool

Month by month, money in and money outJul 2024 to Jul 2026

CPRJ, money in and money out each month from Jul 2024 to Jul 2026: two bars a month, money in above the line and money out below. Every bar is from CPRJ’s SEC filings (N-PORT item B.6). Of the 25 months listed, money came in on net in 5 and went out in 14.

Every bar is from CPRJ’s SEC filings (N-PORT item B.6). Of the 25 months listed, money came in on net in 5 and went out in 14.

MonthInOutNet
Jul 2026 SEC Form N-PORT+$14.5m$0+$14.5m
Jun 2026 SEC Form N-PORT+$690k−$690k−$43
May 2026 SEC Form N-PORT$0−$687k−$687k
Apr 2026 SEC Form N-PORT$0$0$0
Mar 2026 SEC Form N-PORT$0$0$0
Feb 2026 SEC Form N-PORT$0−$1.4m−$1.4m
Jan 2026 SEC Form N-PORT$0−$2.0m−$2.0m
Dec 2025 SEC Form N-PORT$0$0$0
Nov 2025 SEC Form N-PORT$0$0$0
Oct 2025 SEC Form N-PORT$0−$28.5m−$28.5m
Sep 2025 SEC Form N-PORT$0$0$0
Aug 2025 SEC Form N-PORT+$2.0m−$1.3m+$660k
Jul 2025 SEC Form N-PORT+$3.9m$0+$3.9m
Jun 2025 SEC Form N-PORT+$640k−$1.3m−$636k
May 2025 SEC Form N-PORT$0−$630k−$630k
Apr 2025 SEC Form N-PORT$0−$612k−$612k
Mar 2025 SEC Form N-PORT$0−$628k−$628k
Feb 2025 SEC Form N-PORT$0$0$0
Jan 2025 SEC Form N-PORT$0−$1.3m−$1.3m
Dec 2024 SEC Form N-PORT$0−$1.9m−$1.9m
Nov 2024 SEC Form N-PORT$0−$1.9m−$1.9m
Oct 2024 SEC Form N-PORT$0−$3.8m−$3.8m
Sep 2024 SEC Form N-PORT+$624k−$625k−$361
Aug 2024 SEC Form N-PORT+$2.5m$0+$2.5m
Jul 2024 SEC Form N-PORT+$54.3m$0+$54.3m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jul 31, 2026. Updated when the fund files its next report.

CPRJ key stats

52-week high, daily closes to Oct 28, 2026 (ETFIQ)$27.89 on Aug 14, 2026
52-week low, daily closes to Oct 28, 2026 (ETFIQ)$26.29 on Nov 20, 2025
Close on Oct 28, 2026, within that range (ETFIQ)$27.46, 73% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Oct 14, 2025
Trading · CPRJas of Oct 14, 2025
·
Not scored1 of 6 measured · Oct 14, 2025
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

About CPRJ

Reference indexIWMReport
Buffer100%
Outcome periodJul 1, 2026 to Jun 30, 2027
Starting cap+9.3%
IWM return since period start−6.0%
Fund return since period start−0.7%
Net assets (issuer page, as of Oct 28, 2026)$43mReport
Band state today (ETFIQ)Buffer working
Can still gain (issuer, fund price)not published
Fall before buffer (issuer, fund price)0.0%
Fall to the buffer in index terms (ETFIQ)0.0%
Protection left in index points (ETFIQ)94.0% of 100.0%
Days left in period245
Expense ratio (issuer page, Oct 28, 2026)0.69%Report
How we measure
Issuer-published data as of the date shown; ETFIQ calculations marked. Definitions on the learn page. Method
IQ Investment Committee on CPRJ

12 seats on CPRJ, as of Oct 28, 2026: 2 Challenges, 7 Not enough data, 3 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianDoes not apply
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingDoes not apply
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put CPRJ to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about CPRJ

How far can CPRJ fall before the buffer helps?
0.0% in fund-price terms on Oct 28, 2026, by the issuer's number. In index terms IWM can fall 0.0% from that level before the buffer begins. Losses until that point are the holder's.
How much of the CPRJ buffer is left?
94.0% of the 100.0% buffer sat below the IWM level on Oct 28, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
When does CPRJ reset?
The outcome period ends on Jun 30, 2027, 245 days from the data on Oct 28, 2026. A new cap is set the next day and the buffer starts again.
What does CPRJ cost?
The prospectus expense ratio is 0.69% a year.
Sources and dates
Prices, CPRJ and IWM price returnTiingo end-of-day · Oct 28, 2026
Fee, 0.69%Issuer page · Oct 28, 2026
Net assets, $43mIssuer page · Oct 28, 2026
IssuerCalamos page for CPRJ ↗
IssuerCalamos product table ↗
All fund filingsProspectus filings on SEC EDGAR ↗
IssuerCalamos website ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, CPRJ, buffer ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/cprj

The outcome band for CPRJ, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Buffer
The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
Cap
The most the fund can return over the period if held from the first day to the last. Quoted gross and net of fees. Set by the option market on day one, so the same fund can have a different cap each year.
Outcome period
The window, usually twelve months and sometimes six or three, over which the buffer and, where there is one, the cap apply. On its last day the options expire, the fund resets, and fresh terms are struck from that day’s option prices.
Reset
The day one outcome period ends and the next begins, with a fresh buffer and fresh terms struck at that day’s level.
Protection left
How much of the buffer still sits below today’s index level. All of it when the index is above its starting level; less once the index is inside the buffer range.
Full definitions: buffer ETFs vocabulary page. →
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Free to use with the credit link. Paste this where the chart should go; it updates every trading night.

CPRJ: CPRJ: reference −6.0% since period start, fund −0.7%; buffer Floor; cap +9.3%; Buffer working. Data to Oct 28, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/cprj"><img src="https://etfiq.com/assistant/api/embed/buffer/cprj.svg" alt="CPRJ: CPRJ: reference −6.0% since period start, fund −0.7%; buffer Floor; cap +9.3%; Buffer working. Data to Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">CPRJ: CPRJ: reference −6.0% since period start, fund −0.7%; buffer Floor; cap +9.3%; Buffer working. Data to Oct 28, 2026. Data: <a href="https://etfiq.com/funds/cprj">ETFIQ</a></figcaption>
</figure>

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Snapshot, Oct 28, 2026. More on the tabs above.