ETF Evaluator: Calamos Russell 2000 Str Alt Prt ETF-Oct () Follow This ETF

Calamos Russell 2000 Str Alt Prt ETF-Oct Overview

Calamos Russell 2000 Str Alt Prt ETF-Oct (CPRO) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Calamos launched the ETF in 2024.

The investment seeks to provide investment results that, before taking fees and expenses into account, match the positive price return of the iShares®​Russell2000®​ ETF ("Underlying ETF") up to a cap of [%] (the "Cap"), while protecting against 100% of negative price return of the Underlying ETF (before fees and expenses), for the period from October 1, 2024 through September 30, 2025. Under normal market conditions, the fund will invest substantially all of its assets in FLexible EXchange Options ("FLEX Options") that reference the price performance of the iShares®​Russell 2000®​ ETF. The fund is non-diversified.

About Calamos Russell 2000 Str Alt Prt ETF-Oct (CPRO)

There are 6 members of the management team with an average tenure of 1.64 years: Eli Pars (2024), Jason Hill (2024), David O’Donohue (2024), Jimmy Young (2024), Jordan Rosenfeld (2025) and Anthony Vecchiolla (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.

Calamos Russell 2000 Str Alt Prt ETF-Oct has 4 securities in its portfolio. The top 10 holdings constitute 128.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Calamos Russell 2000 Str Alt Prt ETF-Oct is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Calamos Russell 2000 Str Alt Prt ETF-Oct has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.6% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Calamos Russell 2000 Str Alt Prt ETF-Oct has 0.4% of the portfolio in cash.

Assets Under Management

The fund has $29 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

CPRO Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calamos Russell 2000 Str Alt Prt ETF-Oct expense ratio is above average compared to funds in the Defined Outcome category. Calamos Russell 2000 Str Alt Prt ETF-Oct has an expense ratio of 0.69%, which is 4% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Calamos Russell 2000 Str Alt Prt ETF-Oct has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.

Recently, in the month of July 2026, Calamos Russell 2000 Str Alt Prt ETF-Oct returned 0.3%, which earned it a grade of D, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Calamos Russell 2000 Str Alt Prt ETF-Oct has a trailing yield of 0.00%, which is below the 0.48% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Calamos Russell 2000 Str Alt Prt ETF-Oct Grades

Year to date, the ETF has returned 4.8%, 1.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.7% over the past year (grade of B).

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