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Upturn AI Summary
Calamos Nasdaq-100 Structured Alt Protection ETF - December(CPNQ)
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 CPNQ
10/14/2026: CPNQ (1-star) has a low Upturn Star Rating. Not recommended to BUY.
CPNQ is an actively managed ETF that provides a buffer against the first 10% of Nasdaq-100 Index losses in exchange for capping potential gains. It utilizes FLEX options to manage risk, making it a suitable choice for investors who want tech-sector exposure with built-in downside protection. While it offers a structured safety net, it does not protect against severe market crashes and limits total return potential. Investors should monitor the reset dates and the relationship between the index level and the cap. It is best suited for risk-conscious investors who prioritize stability over maximizing absolute index 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 | The cap on upside performance may limit growth potential during strong bull markets. |
| Momentum investor | Weak fit | The structured nature of the fund is designed to dampen the effects of large market moves. |
| Value investor | Strong fit while signal remains positive | Investors seeking protection while maintaining exposure to large-cap tech may find this attractive. |
| Dividend/Income investor | Weak fit | This fund is focused on capital outcome management rather than yield generation. |
| Low-risk investor | Strong fit | The 10% buffer offers significant protection against moderate market declines. |
Investor Profile
Ideal Investor Profile
Conservative-leaning growth investors seeking Nasdaq-100 exposure but desiring a safety net for market volatility.
Suitability
Best for long-term investors comfortable with a defined, capped outcome over the specified period.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | The buffer strategy is specifically designed to reduce the impact of index volatility. |
| Market risk | Medium / high | Investors remain exposed to index losses beyond the 10% buffer. |
| Concentration | High | The fund is heavily concentrated in the Nasdaq-100, which is top-heavy in large-cap technology stocks. |
| Tracking/expense | Medium | The expense ratio and option costs create a drag on pure index performance. |
| Liquidity | Medium | Options-based ETFs may experience wider spreads during periods of market stress. |
| Business/sector quality | Medium | The fund's success is tied to the long-term performance of the Nasdaq-100 sector. |
Risk Analysis
Volatility
CPNQ is designed to exhibit lower volatility than the underlying Nasdaq-100 by capping both potential losses and gains.
Market Risk
Investors face the risk of the Nasdaq-100 index declining by more than the 10% buffer, leaving them fully exposed to excess losses.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Derivatives | Nasdaq-100 Index Options (FLEX) | 95 | These options contracts are the primary mechanism used to define the cap and buffer levels for the investment. |
| Cash/collateral | Cash and Cash Equivalents | 5 | This portion of the portfolio provides liquidity for operational needs and collateral for derivatives positions. |
Price Behavior
Steady Uptrend
The stock demonstrates consistent and steady upward price momentum.
Smooth
The stock has moved along a generally orderly path with only modest fluctuations.
Analysis of Past Performance
Type ETF | Historic Profit 10.31% | Avg. Invested days 114 | 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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