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Upturn AI Summary
Calamos Russell 2000 Structured Alt Protection ETF - April(CPRA)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for CPRA
10/13/2026: CPRA (1-star) is currently NOT-A-BUY. Pass it for now.
CPRA is a defined-outcome ETF that tracks the Russell 2000 Index, providing a buffer against the first 10% of index losses while capping upside potential over a one-year period. It is a useful tool for risk-conscious investors who wish to maintain small-cap exposure with a defined safety net. The main strengths lie in its structured risk mitigation and the expertise of Calamos in managing such products. However, investors must be aware of the upside cap and the potential for losses if the market drops significantly beyond the 10% buffer. It is best suited for investors who hold through the designated outcome period and prioritize downside protection over market-beating returns.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
ETF holdings, costs, diversification, valuation, risks, and market conditions provide supporting context about the fund.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | The capped upside potential limits the growth capture compared to a standard index fund. |
| Momentum investor | Weak fit | The defined-outcome structure is designed for protection rather than capturing high-momentum moves. |
| Value investor | Strong fit while signal remains positive | It appeals to value-oriented investors looking to maintain small-cap exposure with built-in risk mitigation. |
| Dividend/Income investor | Weak fit | The fund's primary focus is on price-return outcomes rather than generating consistent yield. |
| Low-risk investor | Strong fit | The 10% buffer provides a cushion that is highly attractive for investors seeking to reduce portfolio variance. |
Investor Profile
Ideal Investor Profile
The ideal investor is one seeking exposure to small-cap equities but who has a lower tolerance for market drawdowns and is willing to trade uncapped upside for partial downside protection.
Suitability
Best suited for long-term investors who can commit to holding the fund through the entire one-year outcome period.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer significantly dampens the impact of moderate market volatility on the investor's portfolio. |
| Market risk | Medium / high | The fund remains fully exposed to market losses beyond the 10% buffer threshold. |
| Concentration | High | The fund is concentrated entirely on the Russell 2000 Index through an options-based strategy. |
| Tracking/expense | Medium | The cost of the option strategy is reflected in the expense ratio and the potential for a lower cap. |
| Liquidity | Medium | Low trading volume in these niche products can lead to wider bid-ask spreads during market stress. |
| Business/sector quality | Medium | Exposure to the small-cap sector inherently carries risks related to the sensitivity of smaller firms to economic cycles. |
Risk Analysis
Volatility
CPRA effectively manages volatility by capping the downside to 10% and capping upside returns, leading to lower realized volatility compared to the underlying index.
Market Risk
Investors face significant market risk if the Russell 2000 index drops more than 10%, as the protection only covers the first 10% of losses.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | Russell 2000 Index (RUT) FLEX Options | 95 | These options contracts are the core components that create the fund's capped-gain and buffered-loss payoff structure. |
| Cash/collateral | Cash and Cash Equivalents | 5 | Cash holdings serve as collateral to support the options strategy and manage daily liquidity needs. |
Price Behavior
Steady Uptrend
The stock demonstrates consistent and steady upward price momentum.
Very Smooth
The stock has followed a highly orderly price path with minimal short-term disruption.
Analysis of Past Performance
Type ETF | Historic Profit 8.08% | Avg. Invested days 133 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  5.0 | ETF Returns Performance  3.0 |
| Profits based on simulation | Last Close 10/13/2026 |
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