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Calamos Nasdaq-100 Structured Alt Protection ETF - June(CPNJ)
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 CPNJ
10/02/2026: CPNJ (1-star) has a low Upturn Star Rating. Not recommended to BUY.
The Calamos Nasdaq-100 Structured Alt Protection ETF (CPNJ) provides a defined-outcome strategy that tracks the Nasdaq-100 index with a 10% downside buffer and a capped upside. It is an excellent tool for investors seeking equity exposure while actively managing downside risk, provided they accept the cap on potential gains. Strengths include the issuer's strong management capability and the specific protection parameters, though it carries risks such as capped upside, full exposure to losses exceeding the buffer, and lower liquidity. It is best suited for risk-conscious growth investors who intend to hold the position for the full annual outcome period. Investors should monitor market volatility and the fund's cap levels relative to current Nasdaq-100 performance.
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 | While it offers Nasdaq-100 exposure, the capped upside may limit total growth potential in a strong bull market. |
| Momentum investor | Weak fit | The capped return structure is counterintuitive to pure momentum strategies seeking unlimited upside. |
| Value investor | Mixed fit | Value investors might appreciate the risk-mitigation aspect during market corrections. |
| Dividend/Income investor | Weak fit | This fund does not provide a traditional dividend yield, as its primary goal is capital protection. |
| Low-risk investor | Strong fit | The 10% downside buffer is well-suited for investors seeking equity exposure with controlled loss parameters. |
Investor Profile
Ideal Investor Profile
The ideal investor is someone who is optimistic about the Nasdaq-100 but wants to avoid the psychological pain of the first 10% of losses in a bear market.
Suitability
Best for long-term investors who commit to holding the fund for the duration of the outcome period.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer limits the impact of volatility on the downside but does not eliminate market risk entirely. |
| Market risk | Medium / high | Investors remain exposed to significant losses if the Nasdaq-100 falls beyond the 10% buffer level. |
| Concentration | High | The fund is concentrated entirely on the Nasdaq-100, mirroring the index's tech-heavy risk profile. |
| Tracking/expense | Medium | The expense ratio and the costs associated with the options strategy can drag on performance relative to the index. |
| Liquidity | Medium | Lower trading volumes can make exiting positions before the outcome period ends more expensive due to wider spreads. |
| Business/sector quality | Medium | Performance is tethered to the quality and long-term viability of the top Nasdaq-100 constituents. |
Risk Analysis
Volatility
CPNJ exhibits lower realized volatility than the underlying index due to the protective buffer, though options-based strategies can be sensitive to rapid changes in market implied volatility.
Market Risk
The fund is inherently tied to the Nasdaq-100; if the index drops significantly, the investor faces full exposure for any loss beyond the 10% buffer.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | Nasdaq-100 Index FLEX Options (Calls/Puts) | 95 | These options contracts are used to create the specific capped return and buffered downside profile relative to the Nasdaq-100. |
| Fixed-income type | US Treasury Securities / Cash Equivalents | 5 | Collateralized assets held to back the derivative positions and maintain liquidity. |
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 8.91% | Avg. Invested days 79 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Advisory Rating  | Upturn Advisory Performance  5.0 | ETF Returns Performance  3.0 |
| Profits based on simulation | Last Close 10/02/2026 |
ETF Fundamentals 
Source: EOD Historical Data • Updated Oct 2, 2026
Fund Basics
| Metric | Value |
|---|---|
| Fund Size (AUM) | $44.76M |
| Issuer | Calamos |
| Expense Ratio | 0.69% |
| Distribution Yield | 0% |
| Inception | May 31, 2024 |
Performance
| Period | Total Return |
|---|---|
| YTD | +3.36% |
| 1 Year | +4.58% |
Risk Metrics
| Metric | Value |
|---|---|
| 1Y Volatility | 1.89% |
| 3Y Volatility | 0% |
| 3Y Sharpe Ratio | 0 |
Top Sectors
| Sector | Weight |
|---|---|
| Basic Materials | 0.00% |
| Consumer Cyclicals | 0.00% |
| Financial Services | 0.00% |
| Real Estate | 0.00% |
Asset Allocation
Portfolio Characteristics
| Metric | Value |
|---|---|
| Distribution Yield | 0% |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
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