For investors seeking momentum, Calamos S&P 500 Structured Alt Protection ETF- March (CPSR Quick QuoteCPSR - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up 6.4% from its 52-week low price of $24.47 per share.

But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.

CPSR in Focus

It is an active fund that matches the positive price return of the S&P 500 up to a defined cap while protecting against 100% of losses over one year before fees and expenses. The product charges 69 basis points (bps) in annual fees (See: All Derivative-Based ETFs here).

What Led to the Rise?

Because CPSR tracks S&P 500 gains up to a cap while offering full downside protection, steady equity market rallies allow this fund to capture capital appreciation safely. Additionally, heightened market volatility and historically elevated stock valuations are likely to have led investors to pour capital into structured protection products, driving sustained buying pressure and pushing the fund’s net asset value to a new 52-week peak.

More Gains Ahead?

CPRS may continue its strong performance in the near term, with a positive weighted alpha of 6.15 (as per Barchart.com), which suggests a further rally.