Calamos Russell 2000 Structured Alt Protection ETF - January (CPRY Quick QuoteCPRY - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and jumped 10.2% from its 52-week low price of $25.70 per share.  

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook to get a better idea of where it might head.

CPRY in Focus

This fund is designed to match the positive price return of the Russell 2000 index up to a defined cap while protecting against 100% of losses over one year. The product charges 69 basis points in annual fees (You can see all Derivative-Based ETFs here).

Why the Move?

The fund recently touched a new 52-week high, primarily because of its direct exposure to small-cap equity rallies through the Russell 2000 Index up to its capped return limit. Combined with its 100% downside hedge via FLEX options, investors are likely to have gained confident upside exposure with virtually zero downside risk during market volatility. Furthermore, CPRY’s low beta and structured buffer mechanics enable consistent, low-volatility compound growth, which is likely to have driven steady capital inflows into the fund as it approaches its annual outcome cap.

More Gains Ahead?

CPRY might continue its strong performance in the near term, with a positive weighted alpha of 7.10 (per Barchart.com), which hints at a rally.