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Upturn AI Summary
Calamos Russell 2000 Structured Alt Protection ETF - July(CPRJ)
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 CPRJ
10/13/2026: CPRJ (1-star) is currently NOT-A-BUY. Pass it for now.
CPRJ provides exposure to the Russell 2000 Index with a defined outcome that buffers against the first 10% of losses while capping the maximum potential upside return. This strategy is managed by Calamos, a firm with significant expertise in derivatives, making it a strong tool for risk-conscious investors. It is best suited for those wanting to participate in small-cap markets while maintaining a safety net, rather than those seeking unlimited growth. Investors should monitor market volatility and the impact of the cap during bull markets, as the fund is designed for specific risk-management use cases rather than pure index tracking.
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 upside cap limits the total growth potential during strong bull markets. |
| Momentum investor | Weak fit | The cap on upside returns conflicts with momentum strategies that seek unlimited upside participation. |
| Value investor | Strong fit while signal remains positive | It provides a mechanism to maintain small-cap exposure while mitigating downside risk. |
| Dividend/Income investor | Weak fit | The fund does not focus on generating yield for income-oriented investors. |
| Low-risk investor | Strong fit | The buffer offers a defined level of protection against market declines. |
Investor Profile
Ideal Investor Profile
Investors seeking small-cap exposure who are concerned about downside risk and willing to trade potential upside for protection.
Suitability
Best for long-term investors willing to hold the ETF for the full one-year outcome period.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer mitigates some volatility, but the underlying index remains inherently volatile. |
| Market risk | Medium / high | Investors remain exposed to market losses beyond the 10% buffer. |
| Concentration | Medium | The fund is concentrated in the small-cap Russell 2000 Index. |
| Tracking/expense | Low | The fund is designed to meet its outcome, not perfectly track the benchmark. |
| Liquidity | Medium | Lower trading volumes can lead to higher trading costs for investors. |
| Business/sector quality | Medium | Small-cap companies often have higher sensitivity to economic cycles. |
Risk Analysis
Volatility
Historical volatility is dampened compared to the unhedged Russell 2000 Index during down markets.
Market Risk
Primary risk is the loss exposure beyond the 10% buffer and the opportunity cost of the upside cap.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | Russell 2000 Index FLEX Options | 95 | These options are used to define the cap and buffer levels relative to the Russell 2000 Index performance. |
| Cash/collateral | Cash and Cash Equivalents | 5 | This portion of the portfolio serves as collateral to support the derivative strategy. |
Price Behavior
Flat / Range-Bound
The stock price has been trading within a narrow range with minimal directional movement.
Very Smooth
The stock has followed a highly orderly price path with minimal short-term disruption.
Analysis of Past Performance
Type ETF | Historic Profit 4.24% | Avg. Invested days 62 | Today’s Advisory PASS |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | ETF Returns Performance  1.0 |
| Profits based on simulation | Last Close 10/13/2026 |
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