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Upturn AI Summary
Calamos Nasdaq-100 Structured Alt Protection ETF - March(CPNM)
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 CPNM
10/14/2026: CPNM (1-star) has a low Upturn Star Rating. Not recommended to BUY.
CPNM provides investors with exposure to the Nasdaq-100 while incorporating a protective buffer against the first 10% of losses over a one-year period. By utilizing FLEX options, the fund effectively defines the potential range of outcomes, making it a useful tool for risk-aware investors looking to manage downside. Its primary strengths lie in this structured risk management, though it does trade potential upside for this protection. The most significant risks include market drops exceeding the 10% threshold and the opportunity cost of an upside cap during strong bull markets. It is best suited for investors who want to participate in technology growth with a pre-defined safety net.
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 potential for extreme growth during parabolic market rallies. |
| Momentum investor | Strong fit while signal remains positive | The fund allows participation in positive momentum while protecting against minor pullbacks. |
| Value investor | Weak fit | The focus on Nasdaq-100 growth assets typically clashes with a pure value investment philosophy. |
| Dividend/Income investor | Weak fit | The fund focuses on capital appreciation and risk mitigation rather than providing regular dividend income. |
| Low-risk investor | Mixed fit | While it offers a 10% buffer, it remains exposed to significant losses beyond that threshold. |
Investor Profile
Ideal Investor Profile
The ideal investor is a conservative growth-seeker who wants technology exposure but fears significant short-term market declines.
Suitability
Best suited for long-term investors who hold the fund for the full one-year outcome period.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer protects against moderate volatility, but high-volatility events can still impact the fund. |
| Market risk | Medium / high | Investors remain exposed to market declines greater than 10%. |
| Concentration | High | The fund is heavily concentrated in the performance of the Nasdaq-100 Index. |
| Tracking/expense | Medium | Management fees and option costs create a drag on total return relative to the raw index. |
| Liquidity | Medium | FLEX options have lower liquidity than standard exchange-traded options, which can affect trading costs. |
| Business/sector quality | Medium | Exposure to the tech-heavy Nasdaq-100 carries specific sector-related risks. |
Risk Analysis
Volatility
The fund mitigates volatility by capping returns and providing a floor, dampening the impact of market swings.
Market Risk
The primary risk is the loss of principal if the Nasdaq-100 declines beyond the initial 10% buffer.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | Nasdaq-100 Index Options (FLEX Options) | 95 | These options are used to construct the specific 10% downside buffer and capped upside return profile. |
| Cash/collateral | U.S. Treasury Bills and Cash | 5 | Cash and short-term Treasuries serve as collateral to support the options strategy and provide liquidity. |
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 8.49% | Avg. Invested days 82 | 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 10/14/2026 |
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